The last time we published a snapshot from the future, we playfully disguised it as history. This time, we’ll declare up front that we’re simply guesstimating that scenarios like the one below will play out in Vancouver:
Doggystyle at RE Talks, 29 Aug 2010 8:48pm writes – “My long time friend in Florida, a part time real estate investor, call me last night to sadly inform me that he has lost his six figure job of 20 years. He is 46.
Here’s the story:
Owned six condos and a townhouse, was able to rent all of them [in the past], except the townhouse which is his principal residence. Sold two condos in late 2008 at a loss but not so significant. The remaining three condo will now fetch him only 67K each, and only one is currently rented. He paid over 200K each. His realtor told him that his town house might just be sold for to cover what he owes. He is living there for the last 10 years. The only rented condo [is negative cash flow and] requires $10,000 per year on top of the rent. Then the conversation turn into words of encouragement and my own stories of losses and failures and finally ended with blaming Bush and Obama for all the mess.”