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    1. #26
      Member 2.0T_Convert's Avatar
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      I really should get into the business of tear down & rebuild. Buy old walk-ups, rip down, rebuild, and instant profit. This rendered image is an example right on my block, still just a hole but already listed with units starting at $700K.

      Sent from my tablet while sipping weak drinks over fancy brunch with a view

    2. #27
      Member BetterByDesign's Avatar
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      Quote Originally Posted by Bladecatcher View Post
      It's those damn Property Brothers' fault.

      No doubt there are lot of scumbags in the cookie jar profiting and fueling the notion that's its an investment when it's also simply a place where you live.
      ______________________________________________

    3. #28
      Member Jimmy Russells's Avatar
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      Quote Originally Posted by 2.0T_Convert View Post
      I really should get into the business of tear down & rebuild. Buy old walk-ups, rip down, rebuild, and instant profit. This rendered image is an example right on my block, still just a hole but already listed with units starting at $700K.

      Two gas stations in the downtown core of Vancouver just sold, one for 55 million and one for 70 million. That should tell you the profitability of building high rises.
      The OG Russells is back!

      Quote Originally Posted by Sump View Post
      I'm sure a lot of these guys went home after the carwash and played a little hans solo.

    4. #29
      Member 2.0T_Convert's Avatar
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      Quote Originally Posted by Jimmy Russells View Post
      Two gas stations in the downtown core of Vancouver just sold, one for 55 million and one for 70 million. That should tell you the profitability of building high rises.
      Two stations along 10th ave in NY were bought out recently with plans to build a residential buildings and a Target. Zoning laws might have to change to allow indoor or underground pumps.
      Sent from my tablet while sipping weak drinks over fancy brunch with a view

    5. #30
      Member vwtool's Avatar
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      Quote Originally Posted by spockcat View Post
      That Miami house is crap for $1.2 million unless the location is what is driving the price. Kitchen is really vintage 2000 ugly.


      Jeez. It looks like Don Johnson married Barbie and built her a dream kitchen.

    6. #31
      Senior Member WineBasket2.0t's Avatar
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      'median income' doesn't really work in these places. Median household income in Palo Alto is like $150k and the houses routinely go for $2.5m++
      I'm just a regular Joe, with a regular job. I'm your average white, suburbanite slob.

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    7. #32
      Member vwtool's Avatar
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      Quote Originally Posted by BetterByDesign View Post
      ...fueling the notion that's its an investment when it's also simply a place where you live.
      Exactly. It has to be that, first. Housing in any desirable location is too speculative for too many bad reasons. This isn't going to be pretty when it collapses.

    8. #33
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    9. #34
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      Quote Originally Posted by 2.0T_Convert View Post
      I really should get into the business of tear down & rebuild. Buy old walk-ups, rip down, rebuild, and instant profit. This rendered image is an example right on my block, still just a hole but already listed with units starting at $700K.

      Looks so out of place.

    10. #35
      Member Jimmy Russells's Avatar
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      Quote Originally Posted by DMoceri View Post
      Looks so out of place.
      Agree, there's no way that BMW would have stopped for that pedestrian IRL.
      The OG Russells is back!

      Quote Originally Posted by Sump View Post
      I'm sure a lot of these guys went home after the carwash and played a little hans solo.

    11. #36
      Senior Member AZGolf's Avatar
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      Quote Originally Posted by vwtool View Post
      Exactly. It has to be that, first. Housing in any desirable location is too speculative for too many bad reasons. This isn't going to be pretty when it collapses.
      What is driving Canadian housing prices, aside from Chinese investors? For that matter, how does anyone afford to live anywhere close to the big cities in Canada? I've seen people compare it to San Francisco or NYC, but those areas both have dramatically cheaper housing a not unreasonable distance from downtown, plus they only make up a tiny portion of the population. Meanwhile, Toronto & Vancouver metro areas make up fully 25% of Canada's population.

    12. #37
      Member Cousin Eddie's Avatar
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      Quote Originally Posted by AZGolf View Post
      What is driving Canadian housing prices, aside from Chinese investors? For that matter, how does anyone afford to live anywhere close to the big cities in Canada? I've seen people compare it to San Francisco or NYC, but those areas both have dramatically cheaper housing a not unreasonable distance from downtown, plus they only make up a tiny portion of the population. Meanwhile, Toronto & Vancouver metro areas make up fully 25% of Canada's population.
      In some cases (obviously not the majority) immigrant families are sharing the home together (same bloodline, aunts/uncles/grandparents etc. all under one roof).

      Other cases they have to be mortgaged until the day they die. Because they pay 4 or 5 times as much as I would for a home but they'd be hard pressed to even double my annual income for the average person.

      I don't understand it either, it isn't sustainable.
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    13. #38
      Member 2.0T_Convert's Avatar
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      Quote Originally Posted by AZGolf View Post
      What is driving Canadian housing prices, aside from Chinese investors? For that matter, how does anyone afford to live anywhere close to the big cities in Canada? I've seen people compare it to San Francisco or NYC, but those areas both have dramatically cheaper housing a not unreasonable distance from downtown, plus they only make up a tiny portion of the population. Meanwhile, Toronto & Vancouver metro areas make up fully 25% of Canada's population.
      Housing on the outskirts of NYC is only dramatically cheaper if comparing directly vs downtown living. Out in the suburbs a 3-4 bedroom home with garage, good schools, and easy commute is still going to be $500K or more. Desirable towns like have homes costing well north of $1M.

      I don't know anything about SF real estate but judging from the other SFbay thread the whole bay area is expensive.

      Also these metro areas hold millions or tens of millions so these are not just fractional slices of the population. The northeast megalopolis from Boston to DC alone is about 50 million people which is 18% or so of the US population.

      Toronto is not alone in being outrageously expensive.
      Last edited by 2.0T_Convert; 04-20-2017 at 05:13 PM.
      Sent from my tablet while sipping weak drinks over fancy brunch with a view

    14. #39
      Member Jimmy Russells's Avatar
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      Quote Originally Posted by AZGolf View Post
      What is driving Canadian housing prices, aside from Chinese investors? For that matter, how does anyone afford to live anywhere close to the big cities in Canada? I've seen people compare it to San Francisco or NYC, but those areas both have dramatically cheaper housing a not unreasonable distance from downtown, plus they only make up a tiny portion of the population. Meanwhile, Toronto & Vancouver metro areas make up fully 25% of Canada's population.
      Truth be told most people can't afford it unless as stated there are a lot of people living there, either in the form of large families, or a smaller family having renters which is extremely common. A lot of people are doing it based on family money too, whether through inheritance or simply being given funds from their parents who already have benefited from the increases and recognise they need to get the kids in the market. I can't speak about Toronto but in the GVRD there is not much space to spread out, it is surrounded by water and border and mountains. Couple that with low inventory and prices are staying high.
      Last edited by Jimmy Russells; 04-20-2017 at 06:25 PM.
      The OG Russells is back!

      Quote Originally Posted by Sump View Post
      I'm sure a lot of these guys went home after the carwash and played a little hans solo.

    15. #40
      Member SAV912's Avatar
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      $1.5M will buy you a serious piece of history here. 4600 sqft, 129 years old and counting.





      Or $1.5M also gets you something built much more recently, on the river.





      GeorgiaBulldawgs!
      Quote Originally Posted by @McMike View Post
      Good point. I look like that when I lose my place in line at the grocery store. Can't imagine what would happen to my face if I lost $64M.

    16. #41
      Member LT1M21Stingray's Avatar
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      Quote Originally Posted by SAV912 View Post
      Oh Gawd...
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    17. #42
      Member SAV912's Avatar
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      Quote Originally Posted by LT1M21Stingray View Post
      Oh Gawd...
      Yup. Old Southern money. A lot of the vintage houses around here have this sort of style to the decor, although this one is admittedly pretty extreme. I'm not a huge fan of it, but it's what they do to try and match up a house's build date to the times.
      GeorgiaBulldawgs!
      Quote Originally Posted by @McMike View Post
      Good point. I look like that when I lose my place in line at the grocery store. Can't imagine what would happen to my face if I lost $64M.

    18. #43
      Senior Member NoDubJustYet's Avatar
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      How's rent on a decent place in Toronto? Something on the west side of the city? Good sized family dwelling?

      Just curious as I checked our housing allowance for Toronto and it's roughly $5000CAD a month.

    19. #44
      Member NeverEnoughCars's Avatar
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      Quick search for $1.5 million here and I found this.

      http://www.austinhomesearch.com/home...25-194682400#_



      3 car attached garage with a 9 car detached garage with casita.
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    20. #45
      Member J2G's Avatar
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      The term "bubble" is starting to show up more and more often these days.

      The government only today released a plan to try and rein in the housing market - link here: http://business.financialpost.com/ne...housing-market
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    21. #46
      Member BetterByDesign's Avatar
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      Quote Originally Posted by AZGolf View Post
      What is driving Canadian housing prices, aside from Chinese investors?
      Considering current global markets, Canada is seen as pretty stable place to park your money; so while a large number of buyers are from China, I think it's money from everywhere and that's part of the problem.

      People that actually live and work there (or any similar situation) are getting caught up this "business" when the majority of people simply want a decent place to live and raise a family.

      I don't think the government is really going to do much about it since their hands are also in the cookie jar. The skeptical side of me would say government might even have an incentive to artificially keep this train going.
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    22. #47
      Member CaleDeRoo's Avatar
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      There's only 2 places listen for $1MM+ in my area

      And one is a ****ing light house






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      #FREEPATRIKMAN

    23. #48
      Senior Member A.Wilder's Avatar
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      Quote Originally Posted by 2.0T_Convert View Post
      I really should get into the business of tear down & rebuild. Buy old walk-ups, rip down, rebuild, and instant profit. This rendered image is an example right on my block, still just a hole but already listed with units starting at $700K.

      We looked at some 1200-1500 sq ft condos in downtown Durham. They start at 800k. Durham is turning into a decent place but it isn't 800k decent, imo. I'm sure in 20 years these places could double or possibly triple in value.

      Sent from my Nexus 6P using Tapatalk
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    24. #49
      Member bubuski's Avatar
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      Yup, its insane in the Greater Toronto Area. Interest rates on mortgages are in the 2-3% range over 30-40 years for a good credit applicant.

      I was lucky to get into this home ownership fiasco when I did. 10 yrs ago we bought a townhouse fresh out of university...newly married too. We painted it neutral colours, put new carpets and flipped it after three years with 100k profit. Then we went hunting for a detached 4 bedroom which were in the $450-550K range. We registered offers for 5 places...5 bidding wars. it's nice to see my house double in price in just a few years but I can't touch the sweet equity. Its a forever home so I'm here for the long haul.

    25. #50
      Member Cousin Eddie's Avatar
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      Quote Originally Posted by bubuski View Post

      I was lucky to get into this home ownership fiasco when I did. 10 yrs ago we bought a townhouse fresh out of university...newly married too. We painted it neutral colours, put new carpets and flipped it after three years with 100k profit. Then we went hunting for a detached 4 bedroom which were in the $450-550K range. We registered offers for 5 places...5 bidding wars. it's nice to see my house double in price in just a few years but I can't touch the sweet equity. Its a forever home so I'm here for the long haul.
      I think that's the most annoying thing when people say "YOU SHOULD TOTALLY SELL AND DOUBLE YOUR MONEY!!!!"

      Well, it's not doubling my money if I have to go out and buy in the same ****ing market y'idiot....
      Quote Originally Posted by cockerpunk View Post
      yes, i am bored by FWD driving dynamics, and anyone who doesn't drive there cars to the limits and the beyond.

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