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Mayne Island Nightmare: Selling rec property in a collapsing market.
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02-15-2015, 06:55 AM,
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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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