“I just looked at a beautiful 580 sq foot first floor studio in Seattle’s Capitol Hill, about a 10 minute walk to downtown, for $179,000 dollars.
Here in Seattle there is Boeing, Microsoft, Amazon, Costco, Jones Soda, Starbucks and a company that every real estate board in Canada would prefer that you never ever ever know exists, namely zillow.com.
All of these companies were founded in Seattle. There are dozens of others that have their US base here like Nintendo, Expedia and Holland America Line.
How is it Seattle, just 3 hours away from Vancouver, can produce the people and capital to create and run such great engines of capitalism and in Vancouver its like greedy rats flipping their homes and telling themselves its the best place on Earth?
My reading of the situation is simply that the level of cognitive dissonance and delusion is just absolutely beyond comprehension.
Please Vancouver, explain yourself. Actually, never mind: the market and its natural forces will deliver the explanation to you in a hurricane like catastrophe soon enough.”
- Bob at VREAA 6 Oct 2012 at 5:59pm and 6:07pm
It is fair to compare Vancouver RE with that in Seattle, and we come up sorely overpriced.
Posted in 08. Overextended Buyers, 12. Effects of Development, 15. Misallocation of Resources
Tagged Anecdotes, British Columbia, Bubble, Canada, Housing, Real Estate, Seattle, US, Vancouver
“I have reached my goal, I landed a great job in Seattle working for Microsoft and we will be moving there November 1. Seattle is a much much larger metro than Vancouver and it has more to offer. It is definitely underrated but the world is catching on to it quickly. They are building so many new public works projects that the city will be in constant change over the next 10-15 years. Also housing is considered affordable when compared to Vancouver. The neighbourhoods in Seattle trump any of those compared to Vancouver, they are amazingly clean and very unique with great architecture to boot. I know Vancouver has some nice spots as we live in Kits, but when you compare it to the Seattle equivalents none of our areas really measure up. We will be able to actually afford a nice house in a nice area at around $800,000-$1,000,000 depending on the area. (Maybe I should say this is in a nice middle class to upper middle class area. If we want to live in a nicer area than this then we would be spending $1,250,000-sky is the limit. My point is homes there are going for what feels like half the amount.) We are all just so excited to be a part of such a wonderful place while surrounding ourselves by highly educated people. We think it is a tremendous service to our children to have this experience. We’ll even have sufficient funds to provide our children private schooling if we choose to go that route and the schools there are quite nice. We are doing our part as parents and we are teaching them that putting all your money in a single asset is just plain stupid. Here is why we are not going to miss Vancouver. Yes we like Vancouver but the affordability is out of control and we own our place. The cost/benefit analysis does not add up and there are places on this planet that are just as nice if not nicer that we can live and be happy while being able to save sufficiently for our retirements. We could not be more pleased.”
- Brad in Van, greaterfool.ca, 13 Sep 2011, 10:21am and 10:24am
Ok, ok, Seattle’s nice, we get the picture.
As the comedian said to his toddler son, eager to see his Dad at day’s end: “Okay, okay… you’ve got the job!”
An interesting story for its eagerness, and the quality of emotional relief (which we suspect is partly related to housing issues, but partly related to the new job). – vreaa
Chart from seattlebubble.com 28 April 2011.
Now at 4% p.a. since 1990.
CPI 3% over same period.
Will likely ‘undershoot’ inflation before this is all over.
[Hat-tip to 'commenter-with-many-names' for shouting this chart out.]
Down 29.6% since 2007 peak; prices back to Sept 2004 levels.
[from seattlebubble.com, hat-tip Don]
Our run up has been greater and our fall will be greater. – vreaa