Page 1 of 1 [ 3 posts ] 

goldfish21
Veteran
Veteran

User avatar

Joined: 17 Feb 2013
Age: 39
Gender: Male
Posts: 15,292
Location: Vancouver, BC, Canada

04 Nov 2021, 12:07 pm

That was the offer my father just received over the phone in ~20 seconds for his house if he'd be willing to sell and move right now.

Realtors and their marketing ppl have been calling for years. I always tell them $10M in cash in a hockey bag by Noon and we'll be out by Midnight.

But these people are actually serious. An unsolicited phone call offer of $1.5M to sell -> I assumed that number would be a little high in terms of actual FMV at the moment, buuut, maaaybe not ? Maybe that's about where the market is on this block rn and what they need to offer to obtain safety deposit boxes for their clients' cash.

Weird. All of it. That this is normal here where the average Household income Province wide is $84,850. (Hint: That's not enough to even dream of buying the average house. Maaaaybe squeak into a suburban condo somewhere.)

But anyways, just thought it was worthy of a random post.. having coffee with my dad.. phone rings, very brief small talk and he hangs up and says "One and a half Million." That's a new all time high for an instant offer over the phone for a house that's not listed for sale. Mmmmaaaybe one day this insanity will stop - but, probably not. There's insatiable demand from legions of Multi-millionaires who are keen to own property here seen as safe investments, and then send their kids here to school to make roots, and eventually move their families over. Very strange times for many born and raised locals that have to dramatically reduce their lifestyle expectations from the ones they grew up with. I'm fortunate to be insulated from all of this via cheap rent from family.. but man o' man the struggle is real for almost everyone.


_________________
No :heart: for supporting trump. Because doing so is deplorable.


naturalplastic
Veteran
Veteran

User avatar

Joined: 26 Aug 2010
Age: 67
Gender: Male
Posts: 27,925
Location: temperate zone

05 Nov 2021, 5:55 pm

So foreign tycoons from Asia are bidding up the price of real estate in Vancouver BC so they can move their kids to Canada- and eventually moving themselves as well?

Maybe you can make money by ...buying a dumpster truck load of...dirt.

Drop the dirt in the water in front of the Vancouver water front somewhere. Tamp it down. And then claim that its "new land". And then you could sell that new land for millions, making a huge profit many times the cost of digging up and shipping in the dirt. :lol:



goldfish21
Veteran
Veteran

User avatar

Joined: 17 Feb 2013
Age: 39
Gender: Male
Posts: 15,292
Location: Vancouver, BC, Canada

07 Nov 2021, 1:51 pm

^Yes, there’s a lot of that. Also a lot of money laundering and drug money. They ship precursor chemicals from China, make hardcore drugs here, sell them to locals (iirc there’s more OD deaths than covid deaths) and then wash the profits in Vancouver real estate.

Plus there’s dark dirty money flowing from many other countries, too. Desirable place to live, very loose laws surrounding finances/disclosures etc = perfect storm.

We also have a lot of collectivist cultures that have extended family living all under one roof with all the working adults on the mortgage in order to pay the bills, which has contributed to the extreme unaffordability of real estate on a single income. I only have to drive 5 mins or so from our regular 3200sf home to snap pics of Stunning 10,000-15,000+sf farmhouses. Over in Richmond they just changed zoning laws to prevent mega mansions on farmland, so one of the last ones built at 20,000sf had a pretty high price tag. Billionaire monopoly hotels on garden plots big enough to have no neighbours, basically. Well, for the Chinese. For Indian families it’s a multi-family multi-business home base and a flashy show of wealth to puff out their chests about their success.

Now a regular house in the suburbs about a 50min drive from downtown in no traffic during the early morning before rush hour starts costs $1.5M. This is Supposed to be a typical working class neighborhood - the kind of place where a Tradesman or a School Teacher or Nurse could buy a home.. well, could a couple decades ago now.

Crrrrrraaaaaazy!

Meh, as long as I have food/shelter/transportation and medicine etc and can go to the beaches and follow through on a planned return to University studies, I’m good. 8)


_________________
No :heart: for supporting trump. Because doing so is deplorable.