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Mayne Island Nightmare: Selling rec property in a collapsing market.
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02-16-2015, 05:06 PM,
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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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