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Old 10-08-2007, 12:42 PM   #21
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Originally Posted by kcowan View Post
As a fellow Canuck to Grizz, I guess I would be saying:
Where are you likely to buy?
What are the prospects for those local markets?
You are limited to roughly 180 days so are you going to rent it out?
What are the prospective rental revenues compared to all these nasty costs that have been outlined here and elsewhere (insurance, taxes, utilities, property management).
Does an 18% discount (since December) make this a compelling course of action?

ISTM that the increases in some of those costs might quickly wash out that 18% discount. If you wait another year, will the 18% become 21%, while the purchase price drops as well?
Just like lots of people, I'm waiting to see some indication that a bottom has been reached. I learned in stocks that you shouldn't try to catch a falling knife. With maintenance and rentability in mind, I'll likely be looking at a waterfront condo probably in the SW States, (although I'm intrigued by, and will definitely visit SE States prior to my decision) mainly since airfare is cheap and often non-stop from Alberta. My children are still in elementary school, and snowbirding isn't going to happen for at least 7 yrs.

I expect a much less volatile and a more steady rate of appreciation in real estate will occur as a result of the current mess, and as such, so as long as rent covers the utilities, taxes, management, and condo fees, I expect to earn a good return just based on the real estate market.

A little off topic, but I can't figure out why U.S. realtors aren't advertising at all in Alberta. The economy here is red hot, and lots of people have become instant multi-millionaires with their real estate holdings shooting up often 300% and more over the last 10 yrs, and business earnings are going through the roof. Finding a decent family home that doesn't need lots of upgrading here for less than $400,000 is tough, so buying a nice $250,000 getaway house for cash in the southern states looks like a bargain.
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Old 10-08-2007, 07:04 PM   #22
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In the 1980s, when the yen ruled the world, the Japanese went on a buying spree. No price too high. Loans were cheap, currency exchange rates were favorable, and in many cases competing Japanese firms were bidding against each other. Trophy properties like Rockefeller Center were especially attractive for the political & globalization impacts of being owned by "them durned furriners".
I vaguely recall tales of Japanese people knocking on doors in Hawaii and offering the owners huge amounts of cash for the property.
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Old 10-08-2007, 08:26 PM   #23
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I vaguely recall tales of Japanese people knocking on doors in Hawaii and offering the owners huge amounts of cash for the property.
Yes, billionaire Genshiro Kawamoto single-handedly raised the boom to obscene levels in the late 1980s. He drove his limo up to as many as 160 private homes, knocked on the doors, offered the owners a healthy premium over their most optimistic appraisals, and then rented back to them.

Apparently he did something similar in Sacramento. Everything went bad in early 2002:
Honolulu Star-Bulletin Business
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Recently it's gotten even weirder as he's pissed off all the Kahala millionaire homeowners giving away low-rent housing in Kahala to needy families from around the island:
starbulletin.com | Business | /2007/05/18/
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Old 10-08-2007, 09:43 PM   #24
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When the US currency situations reverses (it will happen) ...
Personally I would be loath to make such a definitive statement, especially in light of the ever-increasing trade and budget deficits.

If you have some inside information, please share it with the rest of us. :confused:
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Old 10-09-2007, 09:06 AM   #25
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Originally Posted by Grizz View Post
With maintenance and rentability in mind, I'll likely be looking at a waterfront condo probably in the SW States, (although I'm intrigued by, and will definitely visit SE States prior to my decision) mainly since airfare is cheap and often non-stop from Alberta. My children are still in elementary school, and snowbirding isn't going to happen for at least 7 yrs...
We are looking at Mexico for an investment condo (although I consider all real estate to be a lifestyle expense). We looked at California and rejected it for many reasons. We don't like the high humidity and the risk of hurricanes in the SE. Rentals should return 5% net which is not great but it enables us to personalize the place for our extended stays (1x2mos and several other shorter trips).

We expect prices to decline some more but this is a long term action and we feel that we need to get started. We are also concerned that Canucks may cause a short-term blip in demand.
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Old 10-09-2007, 09:21 AM   #26
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¿usted desea comprar mi casa?

voulez-vous acheter ma maison?

desiderate comprare la mia casa?

mochten sie mein haus kaufen?

wilt u mign huis kopen?

sorry but babelfish doesn't seem to have the canadian translation.
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Old 10-09-2007, 12:42 PM   #27
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sorry but babelfish doesn't seem to have the canadian translation.
Looks like you've already provided it ("voulex-vous acheter ma maison?").

Suggested English-Canadian version: "House for sale, cheap eh?"
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Old 10-13-2007, 09:30 AM   #28
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If you have some inside information, please share it with the rest of us.
Hmmm, no response. What a surprise.

No one know where the dollar is going, especially in the longterm.
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