Tuesday, 8 March 2011
this professional told me that 95 out of 100 of their recent sales were from mainland china. the vancouver real estate market is being traded around like high flying stocks. this is not because people want to move here , as many who buy the homes are not even moving here. the homes are being bought on speculation from mainland china and flipped out within a year or sooner for large profits . there is a house on my block , a 1960's bungalow on a 50 ft. lot , that sold for 1.6 million seven weeks ago.... the orange fence is set up around the trees - ready for demo , it has now been listed again - for 2.2 million!!!!!! hello !!! wake up out there. this is rampant speculation and it will end poorly. those of us who actually live and work in the city will be left to pick up the pieces.....hot money moves on very quickly . so many people who are buying into this market are stretching their budgets - they are going to lose everything when this pops . be careful .
Saturday, 5 March 2011
well , here we are in march 2011 and houses in vancouver , specifically west side trafalgar park area , are up a whopping 28% in just the past four months. it has gotten way past out of control and we are in the bubble of all bubbles. this is going to end terribly. for all of you out there that are feeling the pressure to 'get in' take a step back and relax. buying now will turn out to be a terrible error. houses in the trafalgar park area have been listed and sold 2 and 3 times in the past six years- that's right....the same property. 50 foot lots with nice 1950's houses on them are being bought today for $1 700 000 after being listed for only a few days. those homes are then torn down and replaced with horrible looking 4000 sq ft boxes that take up the entire property or as much as is legally possible. those 4000 sq ft homes , which will turn out to be the next ' leaky condo's ' , are then sold for $ 3 500 000!!!!!! it is 99% foreign buyers and the properties are being traded around like stocks. many of the homes sit empty all year long. that area is the bubbliest of the city and the prices set in that neighborhood have caused the rest of vancouver the shoot up in a crazy way. houses are not supposed to appreciate 300% in seven years - that my friends is not sustainable and this will not end well. for those who have all their money in their house..i'd run like the wind and for those felling like they have to get in - don't . it's not different here and it's not different 'this time' ... that's what the residents of seattle were saying just two years ago - they are down 30% now . until next time - BM