Mancouver – “I just spent a week in Manhattan and there are a load of gorgeous studios and 1 bedrooms in the $300K to $440K price range.”

“I just spent a week in Manhattan and there are a crap load of gorgeous studios and 1 bedrooms in the $300,000 to $440,000 price range, and I’m not talking crap neighbourhoods in Manhattan, I’m talking about some very cool hoods. The condo fees are definitely higher, but include heat and air conditioning……and seriously we’re talking about N.Y, not to mention that the actual apartments are waaaaaay cooler than Vancouver’s ugly crap boxes with 8′ ceilings and “granite counters”.
So much for that stupid argument “Vancouver is cheap compared to New York and London”.

vangrl at VCI 12 May 2012 11:04am

15 responses to “Mancouver – “I just spent a week in Manhattan and there are a load of gorgeous studios and 1 bedrooms in the $300K to $440K price range.”

  1. Craig Sterling

    been saying this since I started reading here a year ago. I lived in London for 10 years, never seen prices like YVR in London. Sure, there are CDN4m homes in Central London – in Belgravia. 100 metres from the Kings Road. Where the world’s corrupt rich store their money… so different from the way I’d imagined things were in W Van where I grew up.

  2. How about links to some examples?

  3. Dimitri Tishchenko

    The people who tell you to “buy now or be priced out forever” acknowledge the fact that as prices on real estate increase, there will come a time when the entry level purchaser will be priced out of the market. Availability of credit allows people to move up in the real estate game. However, they need to sell their own properties first. This cannot happen with first time home buyers buying at the bottom of the market.

    • Those buyers will just have to get smaller condos and eventually, coffins stacked in a pile.

    • Yes Dimitri, I agree. The suggestion that buyers will be priced out is a tacit acknowledgment that prices have broken from fundamentals and leaves the obvious suggestion open that a bubble is forming.

  4. Speaking of CrapLoads… It’s only fair to point out that Mayor Bloomberg will soon be banning the sale of SuperSized soft beverages. In YVR however, we are still at liberty to enjoy as many BigGulps™ as it takes to achieve terminal morbid obesity. Take that, Manhattan!

  5. 1 guy says he spent a week in NY and claims to be the authority. Anyone who listens is foolish… because I’ve been there twice, so believe me!! LOL!!
    Here are the numbers (actual reported stats, heard of ’em?):

    NYC condos March 2012 average $775K
    ( http://www.bloomberg.com/news/2012-04-03/manhattan-apartment-prices-decline.html )

    Vancouver condos May 2012 average $627K
    ( http://www.vancouverreflections.com/vancouver-condo-prices-flat-in-may-but-house-prices-continue-to-decline/ )

    (And do not forget that NYC, along with some luxury units, is dominated by very old and very small, often run-down and infested walk-ups, without parking or laundry, with ancient plumbing and crumbling walls. These are what my 3 NYC friends live in for over $2K p/mo. anyway.)

    • Stuart — I don’t think your friends are necessarily a better representative sample. I lived on the East Coast of the US for many years, have family and friends in Manhattan, and there are much better deals there than here. Unless, of course, you think Vancouver has more to offer than Manhattan — which some legitimately do, especially if they like the closeness to nature and the clean air here.

      I must say that your description of NY apartments as often “small, often run-down and infested, without parking or laundry, with ancient plumbing and crumbling walls” brought to mind…. some of the housing stock I’ve seen in Vancouver.

      Finally, in my experience this website (VREAA) is an ample source of accurate statistics. So yes, a lot of us have heard of them. Many of us (not me, incidentally) know how to interpret and wield them.

  6. West Hampstead, nice area, 3 BR terraced mansion flat about 1200sqft, £600K.

    • Mark from London (UK)

      That’s probably not a nice area. You’d be looking at £800k-£1 million for a nice terraced mansion flat of that size. Or the nearest schools might all be failing, which is common in West Hampstead.

  7. San Francisco is even cheaper.

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