Absurd Vancouver Property of the Week (August 9, 2012)
This week I’m getting back to pricing that is not necessarily absurd…but don’t hold your breath.
$500K seems like a reasonable amount to spend if you were wanting to buy a decent family home, right?
Sure…in Scottsdale, Arizona (where the sun is always shining) you could buy this house:
This new home has 3 bedrooms and 4 bathrooms (2 ensuites) plus a sparkling pool, above ground spa and amazing views as far as the eye can see.
Maybe Scottsdale is too hot for you, or maybe too many “Snow Birds” are there for your liking. On the other side of the continent, how about this?
5 bedrooms and 2 bathrooms located in Dartmouth, Halifax. The home is situated on an “exquisite and mature acre and a half of land with…300 feet of waterfrontage.” But, perhaps, this is too far away from an “urban” setting for you…how about Portland, Oregon?
Wow. Just. Wow. $500K in Portland buys you 3 bedrooms and 3 bathrooms that span over 2500 square feet. This house looks like it came straight out of a design magazine. Nothing to do here…just move on in.
And…back in the Land of Absurd, half a million dollars can buy you this (and I am ashamed to say I was surprised at what a bargain this beauty is):
Sold “as is, where is.” No kidding. Someone is actually paying $1500/month to rent this house right now, and you are advised to “not walk on the property.” Don’t worry…I won’t.
Vancouver…are you f*%#ing kidding me??
wow just WOW… lol I fing love these!
Grow op. Only way to pay the bills in this city.
almost makes me want to move, oh dear, but I love it here – oh how I love it here…
talk about gorgeous houses (okay maybe not the last one!)
After seeing that last doghouse I feel the bubble bursting can’t come soon enough. Who would pay that amount of money for a place like that to live in. Even grow-oppers would have to close their eyes and hold their noses.
Did you look at the Google streetview of that property? Two lonely left over houses side by side sandwiched between auto body shops and a metal working shop across the street. The price almost seemed reasonable until you consider it’s smack dab in the middle of an industrial park.
Not to be facetious, but where do the poor people live in Vancouver?
Being able to afford 1.85k rent means they have decent employment even if it means scraping to get by.
Rental yields for some seem good while for others seem crap like that several million dollar home renting out for 1.5k elsewhere.
Obviously that one was not purchased with bank loans.
Look at the situation in Japan in the 1980s/90s. Banks introduced generational loans (3 generations to pay off) and yields on rental were not enough to pay off mortgages.
Who is buying these houses?
[...] 6. August 9th, 2012 [...]