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Mayne Island Nightmare: Selling rec property in a collapsing market.
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03-25-2014, 03:35 PM,
(This post was last modified: 03-25-2014, 03:36 PM by Alexcanuck.)
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RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
OK, I like this thread, call it schadenfreude if you want but personally we have every intention of driving a hard bargain when desperation sets in and taking advantage of people like that. We are looking for our retirement home (10 years out?) and it seems that either one of the southern Gulf Islands or the Sunshine Coast is the destination. Unfortunately much much of the money being lost is in the 5000 foot mansions that we have no desire to heat, clean, maintain or pay taxes on. Far too many of the small impeccable cottages we want have been torn down during the bubble and replaced by the McMansion we don't want. There are some nice small places exquisitely renovated out there though, and they are dropping along with the white elephants.
Big question is when? Despite the damage showing in the market, I can't help but feel that until the Vancouver market and all the second homes being supported by refinance money from the Vancouver RE rolls over and dies, that a bottom is seriously not in. On the SC and the Islands, it was definitely outside money driving the bubble, and much of that outside money is tied to Vancouver. Currently we are getting a feel for the different islands, first narrow down the area then the property. |
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