The pricing of one of the units that was part of the bulk sale of the last remainig units is $690K.....I would say GOOD LUCK as there are 3 other near identical units also currently for sale going from $525K to $599$.
That makes it $90K more at a minimum!!!!
Some investors DREAM BIG.
Quote:
Originally Posted by TOexpat
seriously Jack? All RE is local? You don't recall the world's largest economy having a housing bubble recently? You don't recall Canada's Finance Minister enacting numerous policy changes to try and prevent a housing bubble? Fiscal policy and regulation of lending apply to the whole country and is what would cause the country's entire RE market to correct. Canada's economy continues to suffer so our central bank is maintaining low lending rates, but in a few years when interest rates creep up 2 or 3 percent it will have a massive impact on home affordability. I don't think that 60% is near realistic, but I see very little room for growth over this period.
Now there is truth that markets are different and in Ottawa the economy sucks and will no longer be the rock of stability that it once was as changes come to the public sector. Couple that with way too much inventory and you will see and in fact are already seeing a correction in the condo market. Nothing is moving and prices are already declining, while more buildings are coming on line in the next few months. So I can't see any good reason why prices in condos will go anywhere from down in Ottawa in the next 12 months.
In terms of this discussion, the first unit that was bought by the mystery investor is now for sale. (I think at least) http://www2.oreb.ca/main/Details_CON.aspx?lid=3x84p93r95574l2sb7cjqnm1aaio45
So asking $60,000 more than a comparable unit that has been sitting for many months. Good luck with that.
Any case, unfortunate, but all markets are cyclical and in Ottawa RE we are moving down. |
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