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Saturday, March 3, 2012

Sat Post #2: Another Vancouver comparison, this time with Ireland


Well know US economic blogger, Mike 'Mish' Shedlock, paused today to take another gander at Vancouver's Real Estate mania and held up a comparison to a recent sale that just completed in Ireland.

As faithful readers know, Ireland has already seen it's massive credit induced housing bubble collapse.

Prices on the Shamrock Isle continue to dramatically correct. At the height of its' bubble, Ireland was very similar to Vancouver with it's huge disconnect between fundamentals and bloated real estate prices.

With today's post, Shedlock takes a look at what $899,000 will buy you in Vancouver vs Ireland.

There is this 1 bedroom beauty at 2119 East 3rd Ave, Vancouver, MLS® Number V934050, listing Price: $899,500


Or we have this tear down at 1016 East 7th Ave, MLS® Number V930461, Listing Price: $899,000 (In Detroit you could pick up a piece of crap like this in a similar neighbourhood for $250 - $500... see yesterdays posts).


Or you could have bought this property in Donegal, Ireland for $860,000.

It's a stunning 55 room hotel sitting on 3.2 acres of land overlooking the Donegal coastline and set against spectacular scenery. The hotel sold yesterday at a cut-price property auction for the jaw dropping equivalent of $860,000 CDN.



It's truly amazing.

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5 comments:

  1. It's truly amazing! My jaw drop to the floor for 10 minutes! It's truly amazing...no other words comes to my mind! This gonna end so bad!

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  2. The Hotel is cheap bubble wise because it is on a windswept beach that should never have been developed.Who the hell is going to stay there?
    I wonder what the gouging property tax is?
    At least over here we didn't build any monstrosities on Long Beach for example.(that I know of)
    The Irish bubble is probably only surpassed by the Spanish one.

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  3. I checked out waterfront properties in BC and it looks like the BC Govt has sold every linear foot of waterfront to speculators who want lower mainland prices for undeveloped acreage no one want to live on year round.
    It's a world wide bubble..They carved up the Baja into little lots for $300,000 a piece..,no water no roads.no nothing..what a joke.

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  4. I wish we'd hurry up and implode. Let's get it over with.

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  5. Dear Shadowfax,

    If you had done your homework, you would see that the hotel/beach was built in the 1830's so I guess somebody, somewhere has wanted to go to that 'windswept beach' for a long time!!

    ReplyDelete