Crappy Old House On Market For $7 Million

[Economy 52,842]

https://www.bnn.ca/anybody-can-ask-anything-check-out-what-6-98m-gets-you-in-vancouver-1.1033580

 

A crappy old house in Downtown Vancouver with little over 2000sq feet is listed for just under $7 Million

 

The house has reportedly been on the market for nearly 2 months without going sold

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Has the owner not gotten the memo that after 18 years of housing boom and Canada's Real Estate finally started falling last year? 

 

 

U can't ask for crazy prices anymore and still expect bidding wars

 

[PunkTheFunk 125,703]

It's the land that's probably so expensive 

[Economy 52,842]

14 minutes ago, PunkTheFunk said:

It's the land that's probably so expensive 

It would be cuz Land in Vancouver in crazy expensive due to no space and on top of that this is near downtown

 

Buts still $7M?

 

My grandparents house near Downtown Toronto was in a neighborhood selling around $1.5M last year. This year probably $1.3M with the price drops

 

There's no way Vancouver is over triple the value of Toronto I think that owner is wack

 

[Andreu 37,216]

I've always wondered this bc of movies and stuff but now I have the opportunity to ask lol

Can someone explain me why are houses in North America so extremely expensive?

Edit, to make it clear I know that this is obviously not the usual price but still when I've seen it in wherever I've been under this impression.

E

[Economy 52,842]

10 minutes ago, Andreu said:

I've always wondered this bc of movies and stuff but now I have the opportunity to ask lol

Can someone explain me why are houses in North America so extremely expensive?

Well in the case of Canada we had a housing boom that started in the year 2000 and never ended

 

In 2009 because our banks didn't fail and kept lending but because rates were low, prices shot up even faster...

 

Then ppl feared never being able to afford a house if they didn't buy ASAP so that forced even more demand

 

Canada has also increased annual immigration last few years putting additional strain on home supply. Some parts of Canada have Vacancy rates as low as 1 unit for every 300. Entire buildings are full without a single available room

 

Prices have started falling last 6-12 months finally but that's not because supply problems have improved it's because rates have started climbing and also Government has put in some real tough new regulations to qualify for credit to prevent any further heating so people now can only qualify for loans so high. By most measures our prices are more out of wack than in the US before their real estate collapse

 

As for the US some of their cities are very sought after and have limited space so they too will be expensive

 

Its not just North America tho. Cities like London, Dubai, Hong Kong, Tokyo region etc are expensive AF also

[RAMROD 117,008]

Just now, Andreu said:

I've always wondered this bc of movies and stuff but now I have the opportunity to ask lol

Can someone explain me why are houses in North America so extremely expensive?

Edit, to make it clear I know that this is obviously not the usual price but still when I've seen it in wherever I've been under this impression.

E

 

I depends on the states and cities just like in Europe 

Values of property sold in centre of London or Paris will be different from those sold in Grimsby, Country Durham, or Lyon or Normandy for example. That is the same in NA. If you want to live in Hawaii, New York, Los Angeles, San Fransisco, Toronto, Vancouver and other popular big cities like that, prepare to pay big for even the smallest space.

[Retron 2,605]

17 minutes ago, Andreu said:

I've always wondered this bc of movies and stuff but now I have the opportunity to ask lol

Can someone explain me why are houses in North America so extremely expensive?

Edit, to make it clear I know that this is obviously not the usual price but still when I've seen it in wherever I've been under this impression.

It totally depends on where you live. The more dense the population, the more expensive housing is. Around me, typical price of a three bedroom home is $200,000, but there are places in the US where that could get you a palace on three acres of land.

[Eggsy 8,280]

What is the land value? the house may be trash but depending on location the land itself would have value.. My uncle bought .25 aches on Kiawah island for just over 5 mil about 8 years ago, just land so its possible. 

[Economy 52,842]

On 27/03/2018 at 12:57 PM, Eggsy said:

What is the land value? the house may be trash but depending on location the land itself would have value.. My uncle bought .25 aches on Kiawah island for just over 5 mil about 8 years ago, just land so its possible. 

What's an ache?

[gagzus 22,966]

Is this anything to do with gentrification as well though? Out of interest

 

[malazam 15,710]

Here you buy a house like that for like 40k.

[Eggsy 8,280]

1 hour ago, Economy said:

What's an ache?

i cant spell.. 1 Acre = 43560 Square feet.