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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
Interesting history on how the TEAM era of Vancouver also helped make a mess of housing that we're living with today - deliberate efforts to keep people out of Vancouver by preventing density increases along with decreased liveability (forcing apartments onto main roads)
Friend of mine just sent me this. His colleague just sold their house this week.
Listed at $1.5M
Sold for $1.8M (no subjects) and 14 offers total. No offers under, most offers around $1.55-1.6M and a few above $1.6M
Absolute craziness. It's a nice looking house at least. That cloverdale area is bumping, but i'm pretty sure the parking situation in that area is really bad.
Depends where in Cloverdale, I lived in Clayton for 10 years basically got in there when it was taking off and yes parking is brutal and everyone is on top of each other but worse than the parking is there is constantly skids patrolling and stealing everything not nailed down when you're at work. You can thank all the suites for that, full of crackheads and the homeless camp down by the Home Depot in Langley those guys roam as well.
We moved out of there two years ago into the older part of Cloverdale, probably 20 minute walk from where I used to live and it's night and day. This place is quiet, lots of parking and have never seen one of those zombies around here and I'm home 24/7. it's weird really.
My advice as a guy who's lived in Cloverdale the last 15 years, if you're moving here try and find a place south of 64th and East of 180th.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa
I went to redfin and found a similar priced home and just looked at their mortgage calc tool.
Is it not right?
It didn't jive with what was in my head. I quickly punched in 2m into TD's calculator and it came back 9200 for 25years at 2.79%. Realistically no one is taking out a 2.79% mortgage nowadays either so I'm curious what rate yours was set at.
I'm on a 30 year that would take me to age 76 and I'm either going to lump sum it away in 10 years or I'll be refinancing so that I can hand it off to my kid. Very opposite strategies but I'm watching where the market goes and deciding what quality of life I want. I generally wouldn't recommend people take on a 30 year unless they are fairly young - that's an awful long time to hold a mortgage.
IMO, for any car, you should only buy it with cash. So it's not an absolute net worth or income. Some people have a high income, but no savings.
So if you have the cash to buy a GT4, and using that cash doesn't affect your daily life/bills/mortgage, that would be the *earliest* time I would consider it.
I feel like if I had $140,000 invested. I don't think I'd ever withdraw it to pay cash for a GT4. That $140,000 will be earning an extra $11,200 a year @ 8% in index funds.
I guess the desire to earn investment income will always be greater than having a nice car.
Quote:
Originally Posted by Tapioca
There are many more wealthy and high income people in this city than people tend to believe. A few pages back, I talked about friends of ours, under the age of 40, who bought a house on the outskirts of Shaughnessy this year ($3M+). Well, their business partner made the Top 40 under 40 in BIV this year.
A house like the one on Trinity St would definitely go to a typical two big-tech income household.
I think 10% of all my coworkers would be able to afford $3M+ homes too. Upper management + Big Tech salaries combined with dual income can still get it done.
I also think the rule of 33% of your income going into housing doesn't apply when your household income is around $400,000 or $280,000 Net.
$280,000 Net @ 33% = $92,400 to housing. But you could argue that they could've spent 66% ($184,800) and still have $92,400 to be spent on living. The ratio becomes less significant as you make more since your cost of living for an average person is pretty low compared to housing.
I feel like if I had $140,000 invested. I don't think I'd ever withdraw it to pay cash for a GT4. That $140,000 will be earning an extra $11,200 a year @ 8% in index funds.
I guess the desire to earn investment income will always be greater than having a nice car.
If I could be Devil's Advocate - Do you want to have your monies tied up and locked away during your prime years or do you want to enjoy it? On paper, it sounds good because naturally we want to save as much as we can or naturally we are just greedy.
But what if your situation changes? You get married, you have kids, you need a bigger house and then you think, "Shit, now this GT4 is nothing but a distant dream." only to find out your wife hates your car hobby and that's the end of the dream. Food for thought.
Who wants to own a piece of history? I'll put in $100.
Quote:
A five-bedroom downtown Vancouver condo once owned by Hollywood action movie star Jean-Claude Van Damme has hit the market.
The 4,674-square-foot unit at the One Wall tower at the Wall Centre is listed for just under $10 million.
The Muscles from Brussels actor reportedly had three suites on the 36th floor combined into one spacious unit, giving the action film star plenty of room to practice those martial-arts skills.
Aside from the five bedrooms, the unit also has seven bathrooms, a private study, an entertainer’s dining room and a chef’s kitchen, according to the listing by faithwilson | Christie’s International Real Estate.
There’s also a family/media room with a wet bar where you can watch JCVD classics like Bloodsport and Street Fighter to your heart’s content. And the sweeping views of English Bay and the North Shore mountains alone might be worth a fight to the death.
The unit has a private entrance to the residence and a separate lobby and entry for guests. There are also six underground parking stalls and four storage lockers.
But such expansive downtown living doesn’t come cheap. The strata fees alone will set the buyer back more than $3,300 per month, while property taxes for 2021 came in at around $23,589.
The unit was last sold in June 2016 for $5.2 million.
Sales agent Boris Yip said the property was listed on Oct. 27, 2021.
If I could be Devil's Advocate - Do you want to have your monies tied up and locked away during your prime years or do you want to enjoy it? On paper, it sounds good because naturally we want to save as much as we can or naturally we are just greedy.
But what if your situation changes? You get married, you have kids, you need a bigger house and then you think, "Shit, now this GT4 is nothing but a distant dream." only to find out your wife hates your car hobby and that's the end of the dream. Food for thought.
I'm on a 30 year that would take me to age 76 and I'm either going to lump sum it away in 10 years or I'll be refinancing so that I can hand it off to my kid. Very opposite strategies but I'm watching where the market goes and deciding what quality of life I want. I generally wouldn't recommend people take on a 30 year unless they are fairly young - that's an awful long time to hold a mortgage.
As I have mentioned before, I'm on a 30 year mortgage that'll supposedly get paid off when I turn 70 lol~ Realistically though, I am not at all concerned because at worst, if I were to kick the bucket before I get to 70, the appreciation over the years should be more than enough to pay off the remaining amount from the mortgage.
IIRC, it is not uncommon in the past for people in Japan to pay off the family home (house) over multiple generations. Of course, that is no longer the case in some parts of Japan since the local governments would be more than happy to give you a house for free -- as long as you are willing to live there and maintain it. But the thing is, unless the housing affordability problem gets addressed, I'm afraid the multi-generational mortgage could become a reality here as well.
Quote:
Originally Posted by bcrdukes
If I could be Devil's Advocate - Do you want to have your monies tied up and locked away during your prime years or do you want to enjoy it? On paper, it sounds good because naturally we want to save as much as we can or naturally we are just greedy.
But what if your situation changes? You get married, you have kids, you need a bigger house and then you think, "Shit, now this GT4 is nothing but a distant dream." only to find out your wife hates your car hobby and that's the end of the dream. Food for thought.
Quote:
Originally Posted by Gerbs
I feel like if I had $140,000 invested. I don't think I'd ever withdraw it to pay cash for a GT4. That $140,000 will be earning an extra $11,200 a year @ 8% in index funds.
I guess the desire to earn investment income will always be greater than having a nice car.
I started thinking about this some time after crossing the half way mark in my 30's, and increasingly, I think the way to do it is -- at least for myself -- to gradually shift the balance between delayed gratification and enjoying life. And then it got to a point where a few people I know and are a bit older than I am in their late 40's (at the time) started having major health issues. And then a friend that I've known since elementary school unexpectedly passed away in his sleep due to a rare and previously undiagnosed condition. That really hit home and sort of acted like a wake up call.
Not that I have $140k burning a hole in my pocket, but I can say with some degree of certainty that at this point in my life, having an additional $11k annual income is less important to me than being able to rip around the race track with an ear-to-ear grin like an idiot LOL~ Perhaps at some point Gerb will feel the same way, and go for that GT4 -- or another car that you deem worthy -- instead of keep accruing that annual $10k+ ROI.
Multi-generational mortgages are already happening here. Not to that Japanese extent but how do you think the 20,000 sq ft berry farm mansions get paid for
My mom was a lender for coast capital for 30 years, and she explained how coast capital would take on loans that no “traditional” bank would ever take on in the form of MASSIVE lines of credit with 10+ co-signers. Buddy guy and his family would have his dad, grandma, grandpa, brother, cousin all co-sign.
They would then generally only pay down the interest on said line. However, my mom said the culture within the EI community etc. is that they will -never- miss a payment. If buddy guy #1 can’t make it, someone will.
Get 3 generations in a 20,000 sq ft with a 6 million dollar line of credit and everyone can have a bimmer or an Escalade as well, not too shabby
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A close friend of my moms passed away in 2019 unexpectedly. He was the stoner in high school no one believed would be successful. He busted his ass and started a landscaping company made millions and sold it at 53. He used the money, bought a beautiful ocean front home on the island, an r8, a Ferrari and a 911. The moment he got off the plane to move into his new home with his new cars and enjoy himself he had a heart attack and passed away.
Take it for what you will, I’m not saying go blow your whole retirement fund, but if you have the financial stability to enjoy your money, it’s a real shame to save it all for the day that doesn’t come. Find a balance.
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98 technoviolet M3/2/5
Quote:
Originally Posted by boostfever
Westopher is correct.
Quote:
Originally Posted by fsy82
seems like you got a dick up your ass well..get that checked
Quote:
Originally Posted by punkwax
Well.. I’d hate to be the first to say it, but Westopher is correct.
I feel like if I had $140,000 invested. I don't think I'd ever withdraw it to pay cash for a GT4. That $140,000 will be earning an extra $11,200 a year @ 8% in index funds.
This is a good example.. If you feel like the extra 11k per year (and compounding) is too much to pass up, then IMO, you're not 'ready' to get a GT4.
Some people might have 100k in investments and feel comfortable to spend another 140 cash on a GT4, and some people might need 500k in investments before feeling comfortable.
My way is admittedly conservative though, hindsight is 20/20, but over the last 5 years, you could have financed almost any enthusiast type sports car and been totally ok.
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I searched for truth, and all I found was You
Heard a similar story of an HP executive who saved diligently all his life so he and his wife could retire early comfortably. Had a rock climbing accident at 55 and died. The wife remarried and goes on expensive trips with her new husband with the money now.
As I have mentioned before, I'm on a 30 year mortgage that'll supposedly get paid off when I turn 70 lol~ Realistically though, I am not at all concerned because at worst, if I were to kick the bucket before I get to 70, the appreciation over the years should be more than enough to pay off the remaining amount from the mortgage.
IIRC, it is not uncommon in the past for people in Japan to pay off the family home (house) over multiple generations. Of course, that is no longer the case in some parts of Japan since the local governments would be more than happy to give you a house for free -- as long as you are willing to live there and maintain it. But the thing is, unless the housing affordability problem gets addressed, I'm afraid the multi-generational mortgage could become a reality here as well.
I started thinking about this some time after crossing the half way mark in my 30's, and increasingly, I think the way to do it is -- at least for myself -- to gradually shift the balance between delayed gratification and enjoying life. And then it got to a point where a few people I know and are a bit older than I am in their late 40's (at the time) started having major health issues. And then a friend that I've known since elementary school unexpectedly passed away in his sleep due to a rare and previously undiagnosed condition. That really hit home and sort of acted like a wake up call.
Not that I have $140k burning a hole in my pocket, but I can say with some degree of certainty that at this point in my life, having an additional $11k annual income is less important to me than being able to rip around the race track with an ear-to-ear grin like an idiot LOL~ Perhaps at some point Gerb will feel the same way, and go for that GT4 -- or another car that you deem worthy -- instead of keep accruing that annual $10k+ ROI.
That's why I bought the M3. But my wake up call was a little less severe. My dad bought a Genesis Coupe because he really wanted a sports car. He bought it at 60yo. For the first few years it was fine but I could tell he has been having a harder and harder time with the car with the sculpted buckets and the low ingress and egress. I didn't want to wait till 50-60 to get a nice car to not be able to enjoy it. I also feel the change going from my 20s to my 30s as I just don't react to things as fast and let's say, getting a little old. I know it'll only get worse from here.
I'm hoping I'll be making enough to get a P car down the road, but I can do a lot worse than "being stuck in a M3"
In regards to the 30yr mortgage, we did that. It only makes sense with the rates being so low. Our variable rate is at 1.1%. Yeah the rates are rumoured to go up at the end of month, but it's still low. If nothing changes and we don't pay down early we'll be 65 and just retiring when we pay it all off. TBH though this isn't our forever home and I foresee us moving at least another 2 times before we actually retire. It's tight, but our careers still have room for growth, my wife is actually leaving significant money on the table for flexibility.
Heard a similar story of an HP executive who saved diligently all his life so he and his wife could retire early comfortably. Had a rock climbing accident at 55 and died. The wife remarried and goes on expensive trips with her new husband with the money now.
Gotta balance risk VS life expectancy lol
All the rich guys I know have dabbled with the idea of getting their pilots license and it’s all the same story lol some instructors will talk them out of it because it’s almost a cliche about having enough money to buy a plane then dieing in it
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Another crazy auction. 16500 sqtf house in the Dominican republic with a private beach listed for 3.95 mill going on auction on the 21st. That's like $300 cad a sqft. I dont know why it's so cheap. maybe covid?
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