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Thread: People are LOSING their minds...

  1. #1
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    Default People are LOSING their minds...

    Ok, real estate list prices in this city are becoming insane. I knew that. I just saw this, though. Who in their right mind would pay $299,900 for a 50 year old house, 1000 sq ft, on McNabb near the call centre at Great Northern?

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    Default Re: People are LOSING their minds...

    I know exactly what you mean! Ridiculous!

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    Senior Member The 6th Member Of AC/DC's Avatar
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    Default Re: People are LOSING their minds...

    Ooops, read the title, thought someone lost their marbles on here again, Carry on........

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    Senior Member IMHO's Avatar
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    Default Re: People are LOSING their minds...

    As long as people are willing to pay...the sellers will go after all they can get. Wait until the bubble burts and the bottom falls out of the real estate market.Big mortgages...higher interets rates...people losing houses...terrible.

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    Default Re: People are LOSING their minds...

    It's funny, to me, to see listings like that. We just started house hunting last week and I see such huge differences in prices. The one that you referred to, b&amom, is INSANE! I saw a 7 bdrm, 3 bath, 3000+ sq.ft. house for $239,900. How can that be?!

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    Default Re: People are LOSING their minds...

    All I can think of is that the agent messed up in the price submitted to MLS. It can't possibly be for real.

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    Senior Member gouligann's Avatar
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    Default Re: People are LOSING their minds...

    Quote Originally Posted by b&aMom View Post
    Ok, real estate list prices in this city are becoming insane. I knew that. I just saw this, though. Who in their right mind would pay $299,900 for a 50 year old house, 1000 sq ft, on McNabb near the call centre at Great Northern?
    Here's the listing. http://www.realtor.ca/propertyDetail...Key=-377445174 HAS to be a mistake.

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    Default Re: People are LOSING their minds...

    Quote Originally Posted by NTP View Post
    Good for you!
    I hope you find something suitable and don't have to part with your firstborn to pay for it
    We're not buying it, I was just showing the huge gap in price and appearance of homes that I have seen for sale.

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    Senior Member Tutones's Avatar
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    Default Re: People are LOSING their minds...

    To be fair, this house also comes with a wired insulated garage that is as large or larger than the main floor space of the house itself... I think the error is more with the description of the house than with the price. There are 3 bedrooms, not 2 and judging by the room sizes listed, it is more than 1000 sq. feet... My calculations come out to almost 1400 square feet, not counting the 3 bathrooms AND it is being sold fully furnished.
    “Teachers are expected to reach unattainable goals with inadequate tools. The miracle is that at times they accomplish this impossible task.”
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    Default Re: People are LOSING their minds...

    Regardless of the square footage, garage, and furnishings, every neighbourhood has a ceiling for real estate. That one blasted through the neighbourhood's ceiling, and is approaching the moon.

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    Default Re: People are LOSING their minds...

    I laugh at people who want affordable houses to buy. Trust me there is no such thing in this town unless you are buying a fixer upper and in a bad part of town. If you want affordable stay away from the top of the hill, right now everything on top of the hill is about 30K more than it should be. We sold our house on top of the hill and moved below the hill. We got lucky with the value of our new home. When we saw it we jumped on it as did 4 other people as they knew it was a good deal, not many out there.
    MagicFingers

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    Default Re: People are LOSING their minds...

    yes you are absolutely right.....and relative to anyone's income houses are still over priced. Some people may be able to afford a 300K house but what they typicaly want or expect in a 300K house is not there, some people are looking for or able to afford a 150K house but what they need or want is not there within their budget. Almost everything is typically 30-50K more than where it really should be. However being that I bought my first house in Ottawa prices there were already high so I was used to that type of market when I moved here. The house we just moved into last month cost us probably a good 30K more than it really should have and I know the guy we bought the house from bought this house 6 years ago for 60K LESS than what we now paid, and this house needed lots of upgrades...it still had all the original light fixtures from 50 years ago, the bathroom was the original bathroom, we just gutted it down to the studs and rebuit a brand new bathroom. The only thing he did was put new hardwood floors in and painted and even the paint job was a one coat to freshen the place up to resell it was not by anyway shape or form a good paint job. We are now repainting the entire house. Next will be new carpet down the basement stairs and sprayfoam insulation in the basement. That said for what is out there and what houses are selling for this house was a steal. Considering it had 5 offers others knew how good it was as well.
    MagicFingers

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    Default Re: People are LOSING their minds...

    WOW that is pricey, my house is an older home in a crappy part of town, we were hoping to get as much renovations done this summer to ask atleast 159,000 for it. Its a 5 bedroom , 1 and 1/2 bathroom and I thought with kitchen renovations, new furnice and new siding that would be a reasonable price. However 299? wow.
    Last edited by Krysta; 05-05-2012 at 12:02 PM.

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    Default Re: People are LOSING their minds...

    There is basically nothing decent out there less than 149K at that is usually in a bad area, with no garage, pretty small and needing lots of upgrades. Not saying there is nothing out there cheaper but it is usually 2 bedrooms or the bedrooms are broken up on different floors, probably no garage maybe a yard and maybe not. and still needs lots of upgrades. Again area of town plays a big part, anywhere on top of the hill or near the hospital is going to be a lot more even for a lesser of a house. Our house we sold for asking price and there were no conditions on it. There were 9 couples that came and looked the first day on the market. Our house was on the market for a grand total of 31 hours before we got full asking price. Houses specially if taken care of and in a desirable area sell very very fast. The low interest rates are also helping with the sale of houses. Krysta if you are putting that much into your house you can probably ask for more. Kitchen renos should bring you 80-100% return of what you put in. New furnace people want a house that they know they don't have major things to do IE furnace, roof, windows, etc. Keep all your receipts for such things and when you put your house on the market leave these things out for potential buyers to see that you just recently made those renos. That is what we did as well. We left the receipt out and warranty for the roof we had installed last summer. The rooms that will bring the highest rate of return is the kitchen and bathrooms.
    MagicFingers

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    Default Re: People are LOSING their minds...

    Unless a few subdivisions of basic, three bedroom bungalows are built soon, I don't see housing prices dropping much.

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