Realty prices and assessments

[arff]

Ridiculous here as well, neighbours house sold for a $135,000 over asking....new owners gutted it.
A single bedroom apartment, basement or above a store in town is $1000 to $1300 a month.
I live in a small town, 4000 people, 29 years, this past spring there was a farm sold to build 70 houses starting at $700,000. ...all sold in two days!

Over asking price happens a lot now.

Land prices are going up.

Somehow people are getting approved and purchasing.

 

[Chump]

This is a downward spiral. Pierre did a good job explaining what's going on. We are in a mad housing bubble caused by the non stop printing of fake money. This is not going to end well for anyone borrowing on there new found equity.

 

[Scrambled]

It's absolutely crazy here in the mid island, everyone seems to want to retire here so an older single family home on city lot is a million. Most are selling without any stipulations or inspections, if you don't have cash and have to mortgage your not getting the house you want because the bank wants all this stuff so it's gone by then. Unless it's a dump you better be prepared to go at least 10 percent over asking . There building like crazy and selling fast but all to people from somewhere else . Rent is rediclious to , 1000 or more for a 1 bedroom apartment . The problem also stems alot from vacation rentals that is the big thing here now so instead of renting your house now you rent buy the week which are eating up a lot of rental markets inventory . Even bare land is nuts, just down the road from me 5 acre unserviced lots are asking 600 thousand , good luck living around here if you're just starting out.

 

[lilduke]

I cant find any starter homes in Monaco either, 1000 sq ft apartment's they are asking like 6million euros

 

[Flapjack]

This is a downward spiral. Pierre did a good job explaining what's going on. We are in a mad housing bubble caused by the non stop printing of fake money. This is not going to end well for anyone borrowing on there new found equity.

I did not expect all that fake money to go into the fake stock market either...I think we're hooped

 

[lilduke]

Whats real money look like, so i can stay away from the fake stuff?

 

[NoBrakes!]

Lol love the comparison to Monaco. The richest man I know was there a few years back for a euro farming conference. He said he’s never felt so poor... quite a place, love watching the F1 race and the boats/yachts in the bay. That’s what real money looks like. A yacht, with a chopper on it, in Monaco. Period.

 

[lilduke]

Lol love the comparison to Monaco. The richest man I know was there a few years back for a euro farming conference. He said he’s never felt so poor... quite a place, love watching the F1 race and the boats/yachts in the bay. That’s what real money looks like. A yacht, with a chopper on it, in Monaco. Period.

You know you made it when you have a membership at the Monaco yacht club.

 

[lilduke]

Popular areas in Europe there is no such thing as a "starter home"
There is 100year mortgages though.

 

[Flapjack]

I cant find any starter homes in Monaco either, 1000 sq ft apartment's they asking like 6million euros

I'm sure you would fit right in

Whats real money look like, so i can stay away from the fake stuff?

1m $ house equity in Revy is fake and most of the stock market is fake.

 

[lilduke]

I'm sure you would fit right in


1m $ house equity in Revy is fake and most of the stock market is fake.

So if someone sells said house, or stocks does it become real?

 

[Flapjack]

There is 100year mortgages though.

Makes sense, generational wealth, generational trust funds and all for intrest payments a fraction of what their wealth grows and never paying income tax....ahhh sign me up.

 

[Flapjack]

So if someone sells said house, or stocks does it become real?

Yep, just not for everyone

I've been waiting for the shoe to drop...maybe I'm wrong.

 

[lilduke]

Yep, just not for everyone

I've been waiting for the shoe to drop...maybe I'm wrong.

If youre waiting for cheap deals in Revy think ur going to be waiting a while..

 

[lilduke]

Revy is still way cheaper than Whistler or Banff....

 

[tejay]

If youre waiting for cheap deals in Revy think ur going to be waiting a while..

http://list.thestoke.ca/posts/556731. There ya go Right downtown on Mackenzie ave.

 

[lilduke]

http://list.thestoke.ca/posts/556731. There ya go Right downtown on Mackenzie ave.

If i was doing anything in Revelstoke it would be building.

 

[tejay]

If i was doing anything in Revelstoke it would be building.

If you decide to do that a heads up - big bucks for lots ( you know that I’m sure ) and city hall is painfully slow with a constant turnover of staff. plan early!! Regional district (CSRD) may be an option

You should be here sledding - 12” ish overnight

 

[adamg]

The sad part is that the solution isn't even that complicated. Just build more houses. Like they did in the 50s. And any reason for not building more houses, like red tape, or zoning, gets targeted and fixed by someone with some power.

 

[lilduke]

If you decide to do that a heads up - big bucks for lots ( you know that I’m sure ) and city hall is painfully slow with a constant turnover of staff. plan early!! Regional district (CSRD) may be an option

You should be here sledding - 12” ish overnight

Yeah today would be good, got a delivery of steaks today, so gotta stay home for that.

Maybe get out later this week if it stays warmer.