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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pipewrench
Member
pipewrench

lol, perfect.

markets are getting hammered and europe is in trouble. Major banking crisis in the cards. Watch the Canadian dollar people.

http://www.bloomberg.com/news/2011-09-11/europe-b

Investments are going to get hammered. Stay liquid in Cash and keep out of debt.

registered
Member
registered

The Van-Bur home has a basement suitable for an income suite? The choice is obvious.

AKJ
Guest
AKJ
In the discussion on the other topic, someone was asking about the cost of title searches. Through BCOnline, it's about $10 for a title search, plus about $15 to pull a mortgage document found through the title search. The mortgage documents can be very interesting, though, as they will give you not only the names of the mortgagors, but also the amount initially secured by the mortgage. If the mortgage document is 20 years old, it's hard to know how much of that amount is still outstanding. Still, it can be very insightful if the mortgage is relatively new. If you have an extra couple hundred dollars, do some searches on recently sold properties in Shaughnessy and elsewhere on the west side. You will see that the story of rich mainland Chinese with suitcases of cash is nearly a total… Read more »
specialfx3000
Member
specialfx3000

I think the guest house in WPB is better than that East Van dump.

Patiently Waiting
Member
Patiently Waiting

What ten years of emergency rates will do:

"more than one-in-three Canadians between the ages of 30 and 39 think today's interest rates are about average or high. But in reality, they are sitting at historic lows."

http://www.news1130.com/news/local/article/276385

Patiently Waiting
Member
Patiently Waiting

I know this is off-topic but OMG:

Günther Oettinger, Germany’s representative on the European Commission, said last week that Europe should send United Nations soldiers to Greece to liquidate its assets and force tax collection, according to the Daily Telegraph. This resulted in headlines in Greece denouncing the “Fourth Reich” and “terrorism against the Greeks.”

http://www.theglobeandmail.com/news/world/europe/

Jocko homo
Guest
Jocko homo

@fixie guy: the discerning investor knows that a basement suite is more desirable than a guest house.

Guess Again
Guest
Guess Again

If you have an extra couple hundred dollars, do some searches on recently sold properties in Shaughnessy and elsewhere on the west side. You will see that the story of rich mainland Chinese with suitcases of cash is nearly a total myth. Judging from names, there are few mainland Chinese, and they take enormous mortgages, just like everyone else.

_______

They only take the large mortgages because they can – we offer them the means to buy places. They keep their cash liquid and in the event they want to go back to China, or in the event the market collapses, we are left holding the bag, Either way its a win win for the mainland Chinese.

Troll
Guest
Troll

Apples to Oranges. I expect more from this blog.

Anonymous
Guest
Anonymous

@Troll: Which on is the apple?

I expect more from this troll.

space889
Member
space889

Well, let's count the disadvantage of the West Palm Beach mansion with the Vancouver mansion.

First, it's not in the Vancouver.

Ok well, I think that's all we need to know why it's selling at such a discount to Vancouver house. Any other disadvantages are just icing on the cake.

🙂

reasonfirst
Guest
reasonfirst

@Troll:

You mean crab apple to a California navel orange? I'd take the orange.

Vansanity
Guest
Vansanity

It always rains in Florida.

bubba
Guest
bubba

Asain myth denialists

Those are Mexicans squinting in the sun.

PS Shaugnessy is a bad example: Too many WASPS.

Didn't they organize several years ago and successfully lobbied the City to approve architectural design guidelines for their area?

Apparently there is a lot of red tape to build in the area.

One builder I knew found a niche building $10 Million+ spec homes for the wealthy , as many didn't want to go through the development hassle.

pricedoutfornow
Guest
pricedoutfornow

Vancouverites are delusional. That's all I have to say.

Yalie
Guest
Yalie

Let's not forget that as of today, the US has the lowest mortgage rates in its history:

http://blogs.wsj.com/developments/2011/09/09/real

Americans can now get a mortgage for 4.1%, guaranteed to never go up for 30 years. In Canada, on the other hand, your rate is secure for a whopping 5 years.

Apples to oranges indeed.

Anonymous
Guest
Anonymous

@Yalie: And the mortgage interest is tax deductible.

Mansur al-Hallaj
Member

Re pictures in the post: Price comparison is crystal clear, thank you. How about closing taxes and carrying costs?

Anonymouse
Guest
Anonymouse

@Yalie:

"your rate is secure for a whopping 5 years."

I think 10yr fixed mortgages are available.

Sheesh
Guest
Sheesh

The Palm Beach house is 7,000 sq ft which must be filled with expensive furniture. The East Van house can be filled with all the furniture from a 2-bedroom apartment, representing significant cost savings for the buyer (INVESTOR ALERT!). The reduced acreage is also a selling point as there is far less yard work involved.

Most of all, buyers will enjoy health benefits as the more northerly location and rain shadow phenomenon significantly cut down on the risk of skin cancer.

HURRY! This one won't last.

real_professional
Member

BC below national average economic growth.

Keep in mind: RBC are Canada Cheerleaders

Despite the uncertainty, RBC said it still believes the outlook for Canada is optimistic and that the global economy will avoid another downturn. It said growth here is likely to pick up next year, helped by a prolonged period of low interest rates.

http://www.torontosun.com/2011/09/12/saskatchewan

"After Saskatchewan, Alberta and Newfoundland and Labrador will be the next best performers, the bank said.

Ontario, British Columbia and Prince Edward Island will see growth below the national average, while Quebec and the other Atlantic provinces will come at the bottom of the pack.

Madashell
Guest
Madashell

I have just submitted my application for a Green Card.

jesse
Member
Michael Pettis: Japan's Lost Decade likely applies more to China than the US In the past two years a lot of analysts have been warning that the US and/or Europe are about to turn “Japanese”. By this I guess they mean that very high levels of debt are going to set the stage for one or two decades of economic stagnation and zero growth. I am not sure I agree. I think these kinds of comparisons seriously miss the point about what went wrong in Japan in the 1980s. Except at a very superficial levels Japan’s imbalances before 1990 were very different from the imbalances from which Europe and the US suffer today, and the resolutions in each case are likely to be very different… The problem with Japan – and indeed with every other country I can think of… Read more »
Limey_
Guest
Limey_

It looks like there's a real sh*tstorm on the horizon. It looks like we may be heading for the second dip on the 'W'. This won't be pretty. I'm sure the markets I'm concerned with (NZ, Australia, and Vancouver) will not dodge the bullet this time. I'm seriously considering selling the house in NZ this summer and staying liquid for a few years. You Van renters will soon have your time.

Best place on meth
Member
Active Member
Best place on meth

Jesus Christ that Killarney house is sweet.

Is that real laminate flooring?

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