Jim at greaterfool.ca 15 Apr 2011 8:04pm – “I’m in Vancouver. I just sold my west side house. 9 bidders. 7 Asians. Sold to a white entrepreneur and his wife. I think the Asian Invasion is driving the market frenzy for detached West Side and Richmond homes. But Chinese are buying specific properties right now. Typically lot value properties or new construction. They are buying “place holders” for a future retirement here, or a nest egg if needed. I think the frenzy is real, but I think the actual number of Asian buyers, except in those specific property types, is small.”
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Further to that:
Realtor Mike Gradecack (the guy) has said the market ,while hot. has slowed. Instead of 9 offerrs. Westside homes are getiting 3 offers That being said, only a fool trys to time any housing market with their principle residence. Buying Vancouver Westside real estate right now is not like buying Nortel at the peak. Its more like buying IBM at one of its MANY peaks.
Jim, with respect, we disagree. We’d say there’s only a 5% chance that the IBM comparison is valid, and that there is a far higher chance that Vancouver is Nortel in the vicinity of it’s peak. Not precisely at; in the vicinity of.
And we suppose that when you say “only a fool trys to time any housing market with their principle residence” means that you’d advise prospective buyers to buy now, right? We’d disagree strongly with that advice.
White guy was probably a ghost. We all know no living Caucasian man can buy West Side real estate. Just ask Ladner.