Comments on: Condo crack http://www.greaterfool.ca/2008/05/21/condo-crack/ Book and Weblog - Authored by Garth Turner Wed, 08 Feb 2012 18:56:14 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: littleblackduck http://www.greaterfool.ca/2008/05/21/condo-crack/comment-page-2/#comment-9410 littleblackduck Tue, 18 Nov 2008 00:46:38 +0000 http://www.greaterfool.ca/?p=227#comment-9410 " As for insane prices paid for these ‘boxes in the sky’ (aka condos), could it be that those “off-shore investors” finding a safe haven for money laundering in the Vancouver RE market?!, why not go Florida or California??? both beat B.C./vancouver weather to say the least, and an investor could buy a mega house there for same amount of $$ paid for a condo in vancouver…..just wondering. - Sphinx" The reason is because their criminal operations are in Vancouver. Even when I lived there in the early part of the decade, marijuana was a larger industry than forestry - it's in the $$Billions. Then something like 95% of all heroin coming into North America supposedly comes through Vancouver. Then there's the VSE - oops, I mean the Venture Exchange with all the shady penny-stocks and other investment scams. As for the Penthouse suites? Prostitution. There's a significant number of them that are owned by high-end escort agencies. After all, high-end hookers are the perfect match for high-end hotels and rich, but lonely 'business' travellers... ” As for insane prices paid for these ‘boxes in the sky’ (aka condos), could it be that those “off-shore investors” finding a safe haven for money laundering in the Vancouver RE market?!, why not go Florida or California??? both beat B.C./vancouver weather to say the least, and an investor could buy a mega house there for same amount of $$ paid for a condo in vancouver…..just wondering. – Sphinx”

The reason is because their criminal operations are in Vancouver. Even when I lived there in the early part of the decade, marijuana was a larger industry than forestry – it’s in the $$Billions. Then something like 95% of all heroin coming into North America supposedly comes through Vancouver. Then there’s the VSE – oops, I mean the Venture Exchange with all the shady penny-stocks and other investment scams.
As for the Penthouse suites? Prostitution. There’s a significant number of them that are owned by high-end escort agencies. After all, high-end hookers are the perfect match for high-end hotels and rich, but lonely ‘business’ travellers…

]]> By: Is Canada Heading for a Real Estate Meltdown? — Dirt Simple http://www.greaterfool.ca/2008/05/21/condo-crack/comment-page-2/#comment-1582 Is Canada Heading for a Real Estate Meltdown? — Dirt Simple Tue, 03 Jun 2008 03:54:46 +0000 http://www.greaterfool.ca/?p=227#comment-1582 [...] I am with the price of housing in some parts of Canada.  I particularly enjoyed this post, called Condo Crack, about the insane prices of condos in Vancouver. addthis_url = [...] [...] I am with the price of housing in some parts of Canada.  I particularly enjoyed this post, called Condo Crack, about the insane prices of condos in Vancouver. addthis_url = [...]

]]> By: Ryan http://www.greaterfool.ca/2008/05/21/condo-crack/comment-page-1/#comment-1572 Ryan Mon, 02 Jun 2008 18:51:25 +0000 http://www.greaterfool.ca/?p=227#comment-1572 Sell now, take a loss and save your soul while you still have one! (If you can sell still.) These "investors/dumb realtors are going to fall hard. That is what happens when too many people "get rich" when they know absolutely nothing about getting rich. They have all gotten lucky and have pushed this market past the stratosphere. Well, all realities that went up so unrealistically also fall down. Only the "true rich" who actually understand money and SAVING will survive. Sell now, take a loss and save your soul while you still have one! (If you can sell still.)

These “investors/dumb realtors are going to fall hard. That is what happens when too many people “get rich” when they know absolutely nothing about getting rich. They have all gotten lucky and have pushed this market past the stratosphere.

Well, all realities that went up so unrealistically also fall down. Only the “true rich” who actually understand money and SAVING will survive.

]]> By: Peter http://www.greaterfool.ca/2008/05/21/condo-crack/comment-page-1/#comment-1391 Peter Mon, 26 May 2008 17:03:34 +0000 http://www.greaterfool.ca/?p=227#comment-1391 I can tell you a condo worth $ 200k means you have to pay $ 1800 every month in expenses (includes mortgage, utilities, property tax, cable, home or cell phone, internet PLUS maintenance) and those are keep going up the roof with no CAP limits...If you make only $ 2000 a month (after tax) from your salary...you probably need to eat instant noodles everyday to keep your home or if you try to buy a 200K condo and try to rent it for $ 1300..good luck to you because you have to PAY the balance out from your pocket to cover NEGATIVE EQUITY...Its those who are flippers and are making money out of this country (china, russia or korea or other emerging market guys) can cover this by ripping off money from other people's pocket... I can tell you a condo worth $ 200k means you have to pay $ 1800 every month in expenses (includes mortgage, utilities, property tax, cable, home or cell phone, internet PLUS maintenance) and those are keep going up the roof with no CAP limits…If you make only $ 2000 a month (after tax) from your salary…you probably need to eat instant noodles everyday to keep your home or if you try to buy a 200K condo and try to rent it for $ 1300..good luck to you because you have to PAY the balance out from your pocket to cover NEGATIVE EQUITY…Its those who are flippers and are making money out of this country (china, russia or korea or other emerging market guys) can cover this by ripping off money from other people’s pocket…

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