Real estate is a bargin in Canada

[peilthetraveler]

http://finance.sympatico.msn.ca/investing/news/businessnews/article.aspx?cp-documentid=9563605

Looks like this guy bought a building 4 times the size of Hong Kong for only 11k. And thats 11k canadian! Funny that the price tag was so small though that the guy still had to give cash, a 1st mortgage and a seller carryback to finance it.

 

[Bob111]

Real estate is a bargin in Canada

just like in detroit

http://www.elitetrader.com/vb/showthread.php?s=&threadid=133966&highlight=detroit

 

[vv111y]

http://www.newswire.ca/en/releases/archive/August2008/20/c4919.html

must have been a Quebecois who wrote it up.

 

[peilthetraveler]

Quote from vv111y:

http://www.newswire.ca/en/releases/archive/August2008/20/c4919.html

must have been a Quebecois who wrote it up.

Hmm..even in that article, it says they paid 11,850$ for it. Surely they mean 11.85 million? I mean that property must collect more than 11,850 per month in rent on a building that size.

 

[BeatingtheSP500]

I'm sure the price has to be a typo along with the size of the building, which is stated at 4200 sq kilometers.

 

[vv111y]

I understood that they had to take on the obligation of the mortgage already on the property - but what do I know.

At least it's not as big as a small country now

 

[Thunderdog]

Quote from BeatingtheSP500:

I'm sure the price has to be a typo along with the size of the building, which is stated at 4200 sq kilometers.

Either that, or it's larger in area than all of Montreal and its suburbs. In which case I don't know how I could have missed it. Of course, if the leases are such that the new owner must pay for the tenants' heating, then the bargain purchase price makes some sense because it must be a bitch to heat in winter.

 

[Ivanovich]

Quote from peilthetraveler:

http://finance.sympatico.msn.ca/investing/news/businessnews/article.aspx?cp-documentid=9563605

Looks like this guy bought a building 4 times the size of Hong Kong for only 11k. And thats 11k canadian! Funny that the price tag was so small though that the guy still had to give cash, a 1st mortgage and a seller carryback to finance it.

So Hong Kong is 1/4 of the 4700 or so sq. meters? I knew the Chinese were small, but holy...

 

[peilthetraveler]

Quote from Ivanovich:

So Hong Kong is 1/4 of the 4700 or so sq. meters? I knew the Chinese were small, but holy...

Hong Kong is 1041 sq kilometers (about 6 times the size of washington DC.)

 

[PohPoh]

Quote from vv111y:

http://www.newswire.ca/en/releases/archive/August2008/20/c4919.html

must have been a Quebecois who wrote it up.

Haha..what a stupid fuckin pepper..