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Mayne Island Nightmare: Selling rec property in a collapsing market.
03-25-2014, 04:27 PM,
#11
RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
RFM, keep it up and you will be my "little huckleberry." Angry........Big Grin
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03-25-2014, 04:54 PM,
#12
RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
Seriously, if you do want to commit to island life it's not all that bad. Travel off the island is special occasion, if without car it's still plenty cheap with good transit connections, a commute is possible. With car at least you can not have to travel peak periods. Commuting with a car is utterly nuts on so many levels I shan't comment more.
You can special-order any reasonable item request through the island stores. The internet is here to stay it seems, and anything at all is now a click away. There are also Costco etc informal combined orders.

For our purposes, which based on our health, lifestyle and wants it looks like 15-20 years of a big garden, a really nice kitchen, multi-day or month trips off-island etc I believe the ferry situation is only good for us. We won't need fast easy cheap outside world access, even though non-car based travel will still be pretty cheap and easy.

But when....? And where?
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12-22-2014, 06:03 PM,
#13
RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
OK, I'm back. As 2.0 since I tried to post a single link update to this thread and got banned for life automatically. I'll be good, I promise! My public email was kinda known to every kitchen gadget, outgear gear and "enhancement" seller so I just set up new. Admin can make me truly me again if they care.

Anyway, treading carefully without a link so I don't get banned again, the unfinished nightmare that started this thread is still there at V1068693.
Now down to $439K and "For sale by Court Order, this fine property is offered at assessed value and open to all reasonable offers. " Reasonable offer = bring a bid, any bid?
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02-05-2015, 01:04 AM,
#14
RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
Hi Skook,

Very glad that it looks like you are doing well.

Want to comment on Nelson Island? I am looking a property on the island.

Thanks,

Honzi
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02-14-2015, 07:09 AM,
#15
RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
The Mayne Island nightmare? Now down to 419K, still "open to reasonable offers". Prime waterfront, services in, plenty of building materials to reclaim... The roof is on and the framing wrapped so I doubt there is too much damage if one wanted 4000 feet to clean and heat. Same MLS V1068693.
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02-15-2015, 06:12 AM,
#16
RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
wow Alex, wow. So down from $699 initial list to $400K. I thought things were bad when I tracked an ex grow-op on Bowen down from $999,000 to $628,000 - but this sounds worse given what they have put in. Please keep us posted as to what it eventually sells for, if it ever does! Jimmy
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02-15-2015, 06:55 AM,
#17
RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
Remember, in the original G&M article, they mentioned over 1 million sunk in the project, I would be surprised if a thorough audit didn't show a lot more losses than that. Any contractors stiffed in the final act? That's a loss for someone involved. All the banks costs associated with the foreclosure and ongoing attempt to get it finally sold again and off the books? A loss involving this property.

Patience, Jimmy. Events are unfolding as they should, it's up to us to correctly guess what "should" is. And buying time on the Sunshine Coast, GI's, much of Vancouver Island is rapidly approaching and will last for a while. Starting to see half-decent small waterfront under 500K (top of our chosen budget, gotta keep some money for travel and fancy food), and really nice close-to-water with views in the same range.
See MLS 14668042, 14438552, 344334 for examples. Or 332031, that'll leave a lot of budget room for nice reno's, a sailboat and an RV.

Say Jimmy, are we gonna be bidding against each other? Should I shut up?
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02-15-2015, 10:09 AM,
#18
RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
OK, all those contemplating retirement, here’s a little entertainment for your enjoyment.
It’s an homage to old age!

Just No Time At All
from Pippin

When you are as old as I, my dear
And I hope that you never are
You will woefully wonder why, my dear
Through your cataracts and catarrh
You could squander away or sequester
A drop of a precious year
For when your best days are yester
The rest'er twice as dear....

What good is a field on a fine summer night
When you sit all alone with the weeds?
Or a succulent pear if with each juicy bite
You spit out your teeth with the seeds?
Before it's too late stop trying to wait
For fortune and fame you're secure of
For there's one thing to be sure of, mate:
There's nothing to be sure of!

Oh, it's time to start livin'
Time to take a little from this world we're given
Time to take time, cause spring will turn to fall
In just no time at all....

I've never wondered if I was afraid
When there was a challenge to take
I never thought about how much I weighed
When there was still one piece of cake
Maybe it's meant the hours I've spent
Feeling broken and bent and unwell
But there's still no cure more heaven-sent
As the chance to raise some hell

Everybody....

Oh, it's time to start livin'
Time to take a little from this world we're given
Time to take time, cause spring will turn to fall
In just no time at all....

Now when the drearies do attack
And a siege of the sads begins
I just throw these noble shoulders back
And lift these noble chins
Give me a man who is handsome and strong
Someone who's stalwart and steady
Give me a night that's romantic and long
And give me a month to get ready
Now I could waylay some aging roue
And persuade him to play in some cranny
But it's hard to believe I'm being led astray
By a man who calls me granny

Oh, it's time to start livin'
Time to take a little from this world we're given
Time to take time, cause spring will turn to fall
In just no time at all....

Oh, it's time to start livin'
Time to take a little from this world we're given
Time to take time, cause spring will turn to fall
In just no time at all....

Sages tweet that age is sweet
Good deeds and good work earns you laurels
But what could make you feel more obsolete
Than being noted for your morals?

Here is a secret I never have told
Maybe you'll understand why
I believe if I refuse to grow old
I can stay young till I die
Now, I've known the fears of sixty-six years
I've had troubles and tears by the score
But the only thing I'd trade them for
Is sixty-seven more....

Oh, it's time to keep livin'
Time to keep takin' from this world we're given
You are my time, so I'll throw off my shawl
And watching your flings be flung all over
Makes me feel young all over

In just no time at all....


Here’s Irene Ryan singing in the original Broadway cast version.



Something to hum as you coast along.
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02-16-2015, 11:31 AM,
#19
Smile  RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
(02-15-2015, 06:55 AM)alexcanuck2.0 Wrote: Patience, Jimmy. Events are unfolding as they should, it's up to us to correctly guess what "should" is. And buying time on the Sunshine Coast, GI's, much of Vancouver Island is rapidly approaching and will last for a while. Starting to see half-decent small waterfront under 500K (top of our chosen budget, gotta keep some money for travel and fancy food), and really nice close-to-water with views in the same range.
See MLS 14668042, 14438552, 344334 for examples. Or 332031, that'll leave a lot of budget room for nice reno's, a sailboat and an RV.

Say Jimmy, are we gonna be bidding against each other? Should I shut up?

mmmm - I'm a GI guy (I mean Gulf Islands, not Gastro-Intestinal Tract, though if you asked my wife she;d say the latter Big Grin) , southern Gulfs to be precise, so I don't think we'll be bidding against each other. Oh and RFM, we're not retiring but we do intend to leave what Garth calls "Godless 416" so our son can grow up in Nature. Finally, I'm not sure if Duke Skook reads these pages regularly these days, but if he does, then I'm also posting to say I am gathering evidence on realtors withholding listings in the Southern Gulfs to keep prices artifically high...

Oh, and Alex, I agree - though I think if we don't see some serious listing increases and some sniff of price declines in 2015, it will take at least another couple of years...

cheers guys -


Jimmy
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02-16-2015, 05:06 PM,
#20
RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
"some sniff of price declines in 2015"

We already have more than a sniff! I'm sure you've seen this one:
<b>Property values plummet on B.C.'s Mayne and Saturna islands.
Over the last four years, Alan Watts has watched the assessed value of his Mayne Island property plummet by more than a third.
In the latest valuation from BC Assessment, his 1,000-sq-ft inland home is valued at just $188,100. That marks a drop of 12 per cent in the last year alone.</b>
http://www.vancouversun.com/business/Pro...z3RxUMxd19

I really don't think any sort of a bottom is remotely in yet, but prices have been declining in our target areas for sure. Whether it continues to drift down for years (death-by-a-thousand-cuts "soft landing") or breaks quickly depends on the bigger picture world economic problems and is yet to be seen.

Waiting, watching, checking out towns, areas and islands but not really looking at individual properties just yet. We have 10 years, if the right place shows up early we may jump, especially if it could be rented out for the interim. The idea of a two dwelling property is interesting, a larger house to be rented out at a more-than-fair "great rent for great tenants" rate and a smaller but exquisite place for us. The "exquisite" part can be dealt with after purchase, I'm good with my hands (to say the least!).
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