Compare and Despair

Here’s a couple of million dollar houses.

This first one is in West Palm Beach. It’s a modest 6,898 sq. foot 5 bedroom home on 2.5 acres with a guest house and five car garage:

But for just $50k more you can get this beauty in South East Vancouver, conveniently close to Burnaby. It’s a 1958 sq. foot old timer with a basement and all windows are double glazed:

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fixie guy
fixie guy
9 years ago

37 Troll Says: "I get it now, WPB is more desirable because it’s SUNNY there. Is that your argument?"

No, you don't get it. The argument is that debt loads and your house are also factors in quality of life. It's only the staggering, jaw-dropping arrogance of those like you who can't conceive of any other place than Vancouver as worthy to call home that blocks comprehending that simple equation.

Li Kai Shing
Li Kai Shing
9 years ago

Surrey slogan ? The future lives here?

No..

" Future shares a bong with the past"

or

" Future is shacked up with present"

" Future is a 1978 Ford 150 with no brakes"

" Future is in court with support payments for present"

"Future has knocked up past opportunity"

" Meth man for mayor"

Stuff like that….

AKJ
AKJ
9 years ago

@Girlbear: That house is in Magnolia, which is roughly equivalent to Point Grey. The Killarney house is a real joke…

bubba
bubba
9 years ago

Keiser Report: Peak Everything (E169)

http://www.youtube.com/watch?v=VvqaumuXkXQ&fe

Max is red hot…..

Best place on meth
Best place on meth
9 years ago

@WFT?:

>>>Surrey’s slogan, which I think is true is, “the future lives here.”<<<

That's so much better than Rennie's slogan.

http://www.hoodsurf.com/wp-content/uploads/2010/0

jesse
9 years ago

September 2011 data Average Sales 104 Total Sales 731 Average Listings 279 Total Listings 1955 Average sell/list 38% Days in month 21 Days elapsed 7 % days elapsed 33% Expected sales 2,193 Expected listings 5,865 Max daily sales 141 Min daily sales 83 Max daily listings 356 Min daily listings 216 September 2010 data at same point in month Average Sales 98 Total Sales 685 Average Listings 231 Total Listings 1614 Average sell/list 42% Days in month 21 Days elapsed 7 % days elapsed 33% Expected sales 2,055 Expected listings 4,842 Max daily sales 115 Min daily sales 69 Max daily listings 274 Min daily listings 189 September 2010 month end data Average Sales 106 Total Sales 2226 Average Listings 226 Total Listings 4737 Average sell/list 48% Days in month 21 Days elapsed 21 % days elapsed 100% Expected sales… Read more »

WFT?
WFT?
9 years ago

@ReadyToPop:

Jobs are already leaving Vancouver for surrey. Surrey's slogan, which I think is true is, "the future lives here."

jesse
9 years ago

Things are getting fun down under. World Housing Bubble has some great articles.

– Realtors threatening to boycott papers who don't run stories that encourage people to use Realtors.

– Realtors firing sellers because their listing prices are too unrealistic.

– 50K inventory in Melbourne going into the springtime, but don't worry, most of the sellers don't really need to sell, so inventory isn't as bad as it looks.

Vancouver is downright boring these days. Tonight I'm cracking a cold one for Australia.

bubba
bubba
9 years ago

Banks and Finance

Spanish bank fields Ronaldo as collateral

http://www.telegraph.co.uk/finance/newsbysector/b

=============================================================

Apple has more cash than U.S. Treasury – GlobalPost

http://www.globalpost.com/dispatch/news/regions/a

As the U.S. government attempts to reach a deal on raising the debt ceiling, the Treasury's operating cash balance dropped to $74 billion this week, less than the $76 billion that the tech company Apple had in cash as of June 25, when it released its most-recent financial results.

jesse
9 years ago

@patriotz: re gov't guarantees: did Australia have guarantees? I thought their mortgage insurance market was private. Anyways it's moot — Australia's market is falling, but I'm sure they can just lower rates and it will all be good.

paulb
9 years ago

New Listings 294

Price Changes 132

Sold Listings 89

TI:16389

http://www.laurenandpaul.ca

Inventory
Inventory
9 years ago

Sept 12, 2011 Richmond New Listings 32 Price Changes 18 Solds 14 Vancouver West New Listings 64 Price Changes 20 Solds 11 Vancouver East New Listings 29 Price Changes 15 Solds 5 North Vancouver New Listings 35 Price Changes 3 Solds 6 Burnaby New Listings 41 Price Changes 9 Solds 11 Coquitlam New Listings 21 Price Changes 13 Solds 11 West Vancouver New Listings 17 Price Changes 4 Solds 5 Ladner New Listings 2 Price Changes 1 Solds 2 Port Coquitlam New Listings 11 Price Changes 4 Solds 7 Maple Ridge New Listings 13 Price Changes 18 Solds 6 New Westminster New Listings 12 Price Changes 10 Solds 3 Pitt Meadows New Listings 0 Price Changes 1 Solds 1 Port Moody New Listings 3 Price Changes 1 Solds 0 Squamish New Listings 3 Price Changes 1 Solds 0 Tsawwassen New… Read more »

VMD
VMD
9 years ago

Oops! [Leak under Vancouver Shell gas station contaminates 78 properties around 41st & Granville] That's bad news for the multiple 2.388M – 5.36M houses on MLS in that area "At least 78 properties in Vancouver's Kerrisdale neighbourhood have been contaminated by a historic gas leak under a Shell gas station, the company said Monday. Of those, all but six are homes on streets around Granville Street and 41st Avenue, according to Jeff Gabert, Shell's senior communications manager. The rest are commercial properties and the city's roads. News of the contaminated sites leaked out Monday after Shell scheduled a private meeting with all the affected owners at the Arbutus Club to update them on the company's investigation. Staff from the provincial Ministry of Environment and city of Vancouver are also attending the meeting. Gabert said the leak was first discovered in… Read more »

Get Serious
Get Serious
9 years ago

@Troll:

"So you can easily pull in $3500/month."

You wouldn't get anywhere close to $3500 for that place no matter what you did.

Here is what $3500 gets you in a much nicer area close by in Burnaby. That is asking rent BTW. You could probably get it for $3000 per month. The place is listed for 2.65 million.

http://vancouver.en.craigslist.ca/bnc/apa/2588304

http://www.realtor.ca/propertyDetails.aspx?proper

Get Serious
Get Serious
9 years ago

@Bally:

"What do you think? I say 40%."

Then you think the East Van dump is worth $575,000? That is what it would be with 40% off.

Get serious. This place is worth maybe $200,000. It is an old POS house in a crappy area. If you lived there and wanted to go out for dinner where is the nicest restaurant around? Will it be Quiznos or Subway?

ReadyToPop
ReadyToPop
9 years ago

I agree with you 100%

Keeping rates artificially low for an extended time is not healthy for the overall economy in my opinion.

It causes imbalances which will be painful to correct down the road. Both normalizing of rates and financing reform are perhaps the answer in the long run.

Girlbear
Girlbear
9 years ago

Seattle comp vis a vis East Van dump…similiar precipitation, location is similiar distance to city core, and similiar price. Also no giant yard for possible insane upkeep costs. Let's see what you get !!

http://www.trulia.com/property/9970982-3700-W-Ful

I pick the Seattle house!!!!!! 🙂

Anonymous
Anonymous
9 years ago

@Troll: ….So you can easily pull in $3500/month. Take into account the $8K annual difference in taxes and you are almost square with WPB. How you like them oranges?…..

Unless you do the comparison with 35 lane-way houses on the property in FL.

I'd like my oranges freshly squeezed with a touch of club soda. I assume your barista training will guide you in the preparation.

patriotz
9 years ago

@ReadyToPop:

"Mr Carney are you taking notes?"

Raising interest rates would drive jobs out of the whole country.

The solution to inflated RE prices is simple – take away government guarantees for financing.

Girlbear
Girlbear
9 years ago

@WFT?: True, but that house in WPB would be more akin to a monster house in Langley…not Vancouver proper. Just saying 🙂

ReadyToPop
ReadyToPop
9 years ago

With the uncompetitive housing prices and cost of living in Vancouver, the next great sucking sound will be jobs leaving Vancouver (if they aren't already) for more economically friendly places in the US and elsewhere. Mr Carney are you taking notes?

WFT?
WFT?
9 years ago

@Girlbear:

Yeah, but the vancouver dump is also "not in the good part" of Vancouver.

Li Kai Shing
Li Kai Shing
9 years ago

Not sure why Greece concerns everyone…Greeks have many gods they can call on.

http://en.wikipedia.org/wiki/List_of_Greek_mythol

" When I hold my gut in, I look like a Greek God….

When I let it out, I look like a god-dam Greek "

patriotz
9 years ago

@Troll:

"I only take exception to the bearthink(tm) that somehow WPB is a good investment"

We're claiming it's a good investment compared to the Vancouver house – any way you look at it – not a good investment period. Many of us (including myself) are still bearish on the US, even places like Florida which have already taken a big hit. And we've said so many times, so put that straw man away.

If it indeed isn't a good investment, that means the Vancouver house is a really really bad investment. Right?

I certainly wouldn't pay a price/rent of over 150 in Florida. Lots of properties for way less than that.

jesse
9 years ago

CBC: TSX falls on Greek Debt Woes

The Toronto stock market closed down nearly two per cent Monday as investors worried about a potential default by the Greek government on its loans.

In other news the Dow was… up 69… Bravo old chaps. Nailed that one.