Crazy Housing Prices

written by John Chow on March 24th, 2006

Today I get this envelope at my doorsteps from a realtor of Macdonald Realty. Turns out he listed a property in the complex I’m in. My complex, known as Bridge Garden, was built about a year ago and is made up of 22 town homes. I really didn’t expect any units to go back on the market so soon but Vancouver real estate is on fire right now.

I call up the realtor to ask for information about the unit. I don’t plan to buy it, I just wanted to see how much the owner was asking so I can get an idea on the value of my unit. The asking price was $528,000. That just about made my eyes popped out because the owner paid just $448,000 for his unit less than one year ago. Crazy huh?

Rosie said on March 26th, 2006 at 3:28 pm

I think I could make a $50K profit on my place right now!!

Reply to this comment

John Chow said on March 26th, 2006 at 4:03 pm

Ya, but if you sell then what? You have to live somewhere and your place isn’t the only place the went up in price.

Reply to this comment

Thomas Czaszynski said on March 26th, 2006 at 4:40 pm

John I dont get why you got so many properties. You already got a huge fortune with them, why dont you sell all them and finally use the money to buy yourself a 1mill + home, and ferrari and live off your web money month to month peacefully?

At some point, you need to use the money buy butter and no more guns.

Reply to this comment

John Chow said on March 26th, 2006 at 5:01 pm

Yes, at some point. But that point hasn’t been reached yet.

Reply to this comment

adrian said on January 12th, 2007 at 9:44 pm