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Originally Posted by Chuck Norris
Thanks for the post.
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You're welcome, and thanks for the followup!
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Originally Posted by Chuck Norris
It is because there has been an exchange. The build quality of newer buildings are horrible and cheap so the money saved there offsets the pathetic stainless appliances and minor use of granite. There is no $$$$$, just stupidity to pay more for something superficial.
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The current condo I'm renting is a great example of this. Granite counters, tile 1/2 up the walls in the baths, yet the cheapest ugliest baseboards/closets/doors/... and terrible build quality. The developers only put money into the things people immediately notice: counters, tiles and appliances.
Plus new units are smaller and smaller. I'd rather have a 20yo condo that's 2-300 sqft larger.
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Originally Posted by Chuck Norris
Don't believe me? Buy an older condo and reno it yourself and you will see that it is not expensive for the 'new look'.
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I bought a new townhome in Ottawa 5 years ago (my first home). I didn't get any of the upgrades except hardwood. I was able to buy all new fixtures (lights/water), tile baths/kitchen, and central AC for < 1/2 what the developer would have charged. Used the savings to build a deck and landscape the front yard.
Plus it wasn't added onto my mortgage, I actually had to learn to save to afford these upgrades... oh how the current (my) generation loves to live off credit instead.
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Originally Posted by Chuck Norris
Of course, all of this is nothing compared to the overpriced factor. I have no idea why people keep arguing that prices can only go up. These are the same people that started buying mutual funds and ETF's around the time I started shorting everything.
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You and me both. Read my mortgage rates thread for a chuckle.
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Originally Posted by Chuck Norris
We are over priced period. I don't mean to act too cocky or start an argument with those who disagree. Consider I am trying to help you and others from making a grave mistake. If it were up to me, I'd want everyone to buy and over-leverage themselves. It means more money for me later.
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I agree.
I have my money sitting on the sidelines waiting to buy, until then I can rent for far less than owning. I'm expecting more price drops, especially with the number of people taking 35yr amortizations at low rates just to barely afford a place.