Mike Shedlock, blogger at ‘Global Economic Trend Analysis’ [3 Mar 2012 2:16pm], consistently rated one of the top financial blogs in the US, writes: “Inquiring minds seeing new data on Vancouver’s massively overpriced real estate just might be seeking new comparisons to other places. First, Let’s take a look at what $890,000+- will buy in Vancouver:”
2119 East 3rd Ave, Vancouver
MLS® Number V934050
Listing Price: $899,500
Description: “This 1 ? story home has been extensively renovated over the last few years. The spacious kitchen has birch cabinets and Soapstone counters and opens to a 20×12′ deck. On this level are 2 B/Rs and a modern 4pce bath. Upstairs has an office/den area, a 4pce bath and a big master B/R with a W/I closet and 12×8 view deck. The bsmt has a 1 B/R suite rented at $960 P.M. and the attached garage has been converted to a workshop with French doors opening to the fenced garden, with B/I bench, a patio and a kid’s sandbox.”
Mish comments “That creative listing puts a new meaning to the the word “upstairs”. Is the number of stories listed at “1?” really in question?”, and then gives two other similar Vancouver examples, one with touted “amazing views”, before continuing:
“With those bargain listings in hand, let’s consider a single property sale that just took place in Ireland. The previous price for the Sandhouse Hotel located in Donegal, Ireland sold at auction was $6 million.”
“Paul Diver has purchased a spectacular 55 bedroom hotel overlooking the Donegal coastline for a mere $860,000, down from the $6 million price the original owners sought for the Sandhouse Hotel three years ago.”- msnbc.com 2 Mar 2012
“There you have it: “amazing views” in Vancouver for $899,000 vs. “amazing views” in Donegal for $860,000.
It is indeed “different” in Canada.” (- Mish)
A comparison to make even Vancouver bears feel sheepish.