We considered Canadian real estate prices in Calgary and Vancouver as a
trifle insane even at the high of the booms. My parents considered them a
sneeze !
Consider that there are one or more streets in London where a million pounds
buys you not much more than a semi-detached / duplex property of very modest
size.
It's all relative ....... just supply and demand.
Having the government step in to regulate supply and demand, prices and
availability ....... watch out !
jh
----- Original Message -----
From: "Brian Swale" <bj@xxxxxxxxxxxxxxx>
To: <olympus@xxxxxxxxxxxxxxxxx>
Sent: Tuesday, February 16, 2010 9:02 AM
Subject: Re: [OM] (OM) offer made for new body
> Chris Crawford wrote
>>
>> OMG that tiny little house is over $350,000 ?!?! In Fort Wayne it would
>> be
>> about $90,000. Housing prices were insane like that in Santa Fe and most
>> people didn;t make enough to pay for them; I always wondered how they did
>> it.
>>
>> I grew up in a house that is TWICE the size of the house you're buying
>> and
>> its only worth $150,000 and my parents house is in a very nice middle
>> class neighborhood.
>
> It's all relative.
>
> Real estate prices in NZ rose 300%, YES 300%, from 2002 to 2008; due to
> the crazy money that was available from banks and lenders. Due to that and
> that people here need somewhere safe to invest their money. Financial
> houses, stocks and shares, industry; everthing else here has proven to be
> totally unsafe during the last 20 years. Inept management, corrupt
> management, careless risk-taking - you name it. And this competition has
> made it harder and harder for the person who wants a home to LIVE IN as
> compared with somebody who wants it as an investment, to buy one. Plus,
> Brits, 'Murricans and others come over here and settle with lots of $$$
> in
> their pockets and the locals don't have a chance.
> Until the last week that is, when the Prime Minister announced that this
> Real
> Estate caper is likely to be taxed for Capital Gains. Buying has faded
> away
> already ....
>
> After the financial crash they have come down a little but not much. I
> just
> discovered that it was listed in Sept for something closer to $NZ 400,000
> and didn't sell so they dropped the asking price.
> Dollar conversions at the moment (from XE.ucc)
>
> 350 000 NZ = 246,027 USD
>
> 400 000 NZ = 281,287 USD
>
> Two things stand in the way of us getting it:
> a) that my bank will approve giving us bridging finance of $NZ 220,000.
> (I have the remainder - just). Interest is 5.95% p.a.
> b) that the sole prior offer to buy can or can not come up with their
> offer
> (contracted) price in CASH within 3 days after our offer is approved by my
> bank.
>
> We should know a) tomorrow, and b) on Monday
>
> I made an offer of 400,000, 30,000 over asking.
>
> That house is much bigger than we need, long term, but has nearly all of
> the
> features that were on my 'must have' list. I'll look again if the dam
> height
> might be a problem. No concrete dam in NZ has given way yet AFAIK, but a
> smaller earth dam did in the last 10 years due to the overflow failing to
> cope..
>
> There was no way I could get a house like that in Christchurch on a plot
> that
> size (it's nearly 1/4 acre), for under $600,000 - $700,000NZ. But I'll
> miss my
> city and friends and such :-( I've lived here 30 years. Nearly all
> 1/4 acre
> plots in Chch have been subdivided for the capital gain ...
>
> Relative ; the son of a friend ( the smiley friend in the pics) was paying
> in
> New York $1,200 a month for a room ( bad memory here) 18 x 9 feet or
> less. Then he lost his job ... He has just started a USA first; making
> absinthe, until recently it was banned in the USA, but not now.
>
> Cheers, Brian (not holding his breath - but you've got to have a go)
>
>
> --
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