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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