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24.67.96.184
Location: Kelowna BC Canada.
Prices here just keep on rising. When will it end (gotta be soon)? I thought it was crazy when my area hit mid 200's, now houses go for $375K and sell within 7-14 days.
I remember seeing this little house (mls link attached) for sale (fairly close to where I bought) for $89,000 which was about 5 years ago. Ouch. How can people justify (or to some degree afford) paying that much for 830 SF in a city with so much free area to develop?
Are other cities/areas seeing this kind of increase? I feel bad for new buyers.
Use 9169772 in the mls # box if you're curious, the full link won't work.
Follow Ups:
and don't be fooled into believing that any one part of the cycle will stay forvever. The DC market is moving from the part of the cycle you are in to a more normal part. Even the normal part won't last. That is why it is a cycle.
Even here in New England USA. My house that is 1200SF on a 10K sf lot was $250K usd. 3 Years ago it would have been about $160K. IT is sad, one of our salaries is reserved for the sole purpose of paying the mortgage.
Mike "use your ears" Z
....Prices at the very top of town are still growing strong as is the very arse-end of the market. Everywhere in between top & bottom is rather flat except in some specific pockets around the country where the market is still strong.In January this year an adjoining block of land (no house on it) about 20% bigger than the one in your link was sold for $375,000. The block is serviced by Electricity only – no water, no sewerage, no phone. The house being built on it I estimate will cost at least $275,000. The cost to the owner to provide water storage, approved septic system & phone will be about $25,000.
The house adjoining the new one being built is a better house, better block & has better views was offered to me about six years ago for $130,000. Needless to say I didn’t buy it. Comparable homes in the closest town are four times the price.
You need to speculate to accumulate.
Smile
The house in the cul de sac across from us just went up for sale. Modest two story, one car garage, big back lawn that backs onto the berm & fence that separates it from the major southbound artery out of town (read - really busy - all day!).
The Real Estate guy dropped a card in my mailbox with the asking price written on it.
A mere $499,999.00 Canuck dollars.
If that place is worth that much then so is mine! And I bought this place a dozen years ago for $117K. And the mortgage is paid on this one too!That's almost crazy.
jac - desperaudio
if you plan to live in the downtown area be prepared to pay an obscene amount. That is if you can find a lot to develop as the square footage is one of the most expensive in the world. Having Paris as #1 at $1,100/Sq.Ft. and Calgary is placed at #6 at $550/Sq.Ft.Last month our median single detached housing prices was up at around $377,000 up 26% from last year. However the overall average of single detached housing prices is hovering at around $450,000 up 28% from last year and there’s no sign of slowing down. It’s definitely a seller’s market if the seller is planning to leave the city otherwise it’s all relative price wise.
I consider myself lucky when I bought my house 3 years ago as the price was just beginning to trend upward. Looks like I’ll be here awhile longer than I’ve anticipated as the price of the acreages that outs skirted the city where I was planning to move has gone up as well, I’m talking about acreages with no utilities.
My house, bought for $182,000 and noiw with basement improvements and landscaping is now worth about $275,000. I should sell everything and move into a town-home...do they make townhomes where I can play The Who at 113 dB.?Oh ya, that's right, damned townhouses are selling for well over $200,000 too! Pay the same money for a glorified apartment as I would for a house? Duh!
And anyway, I couldn't get Dish TV at a townhome without approval from the co-op. If we ever get ANYONE trying to form a co-op in this neighborhood I'll break their legs off and stuff them up their noses...well, not nose...lower.
****
If I had more money I'd soon be broke...but I'd have more LPs!
over the past several years. Many areas are cooling down now. Hopefully people up there won't go nuts borrowing against all of their equity like so many did here.
...average price of a home in the Bay Area is well over $600k.In my suberb, average is about $1 million.
Prices are not falling, just rising slower.
$30k in the last few months. Still it is nothing to sneeze at given the quantum leaps upward it has jumped (over 300%).
People buying at a high, the market slows down, mortgage companies won't reapprove when they're up for remortgage time and they lose their house AND owe money. Could be ugly in a few years if houses go down. Kelowna is a major summer, tourist, foreign/oil people summer house town though, so maybe it'll all hold.
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