Garth Turner at greaterfool.ca 17 Jul 2011 -
“Talked this weekend to a westside Van guy who bought a $700,000 house four years ago and just sold it for $2.6 million. “Everybody on the street says I’m a frigging idiot,” he told me. “Why would you sell now?, they ask, cuz it’s going to four mil.”
Comment on above story by Ravishing rick 18 Jul 2011 1:45am -
“The insanity of it all… $700k turned into $2.6m… With the $2m in the tank he can make an inflation indexed annual income of say 120k.
It is disgusting, and I say that out of pure jealousy! Unfortunately, stories like this only make fools run to the party… Even though the party is over!”
The party is never over in the twilight zone.
Vancouver is the only place in the World where the “new paradigm” actually works. Wait a few more years and you won’t get a 40 year old leasehold one bedroom condo for $2.6m. The average homeowner in Vancouver will be rich like the Saudi prince.
Vancouver real estate is just so hilarious. I used to feel really upset when talking about real estate, but now the prices are just so ridiculous you can’t help but laugh. I’ve taken to driving the kids around to real shacks and saying “Look kids, if we win the lottery, we can buy THAT house!” (MLS V896107 or V900487). The kids look a bit stunned and baffled. I don’t blame them.
In other note, a friend who is visiting from a mid-sized city out east (who is a doctor) asked me “What’s up with Vancouver real estate? Is everyone so rich here they can buy these expensive houses? I don’t get it.” I told him, it’s debt, pure and simple. And it will crash.
i am having fun with photoshop at the expense of these two homes
i will put these up shortly! thank you – send me more (shameless plug for my blog)
“and I say that out of pure jealousy”!
Truth be told!
Yes, it is true that some people who have not bought into the market look with envy at those who are sitting on large windfall profits.
Would we expect anything different? – this is simply human nature.
For every Canadian who doesn’t envy $1.9M tax-free profits over 4 years, we can show you 99 who do.
Through the Vancouver RE mania, it has been very common to disregard all bearish commentary as ‘sour-grapes’.
It is the nature of speculative manias that those who see them for what they are will stay out or get out, and will thus not participate in at least some of the price run-up.
If one disregards those on the sidelines, those who are by-and-large ‘envious’, you miss the whole picture.
Jealousy leads to the dark side. I suggest meditation to alleviate ill will, though even His Holiness the Dalai Lama admits to crying every day. He obviously doesn’t own Vancouver real estate.
“i recommend you to learn do to the meditate”
I agree with bubbly. I cycle and drive around the westside of Vancouver where I live and there are so many houses being torn down and replaced with massive Disneyland houses. In my small 8 block enclave in Pt. Grey, the houses are going down like bowling pins. There is a house on the corner of Belmont that is 60,000 sq. ft and costs so far $60 million. The site manager says it takes 5 years to build. The face and the neighbourhoods of Vancouver have changed for forever. The people who own these places on Drummmond Dr. and Newton Wynd and in my neighbourhood don’t care about the economy or the interest rate. They have made their money and it is safe in Vancouver.
and all while outlawing trade unions in their country of origin!
https://downandoutinvancouver.wordpress.com/2011/07/20/million-dollar-flowers/