Quote:
Originally Posted by Hondaracer
I know it’s obviously different from person to person but I have a few friends who’s parents/step parents are KINDA “old money” or are very wealthy from business in the 60’s/70’s/80’s. Some own incredible waterfront homes in west van etc.
Outside of purchasing vacation properties, every single one of them never even considered just hoarding property as any sort of investment tool, as until recently, (last 20 years or so) it was a terrible return for your wealthy individual
Then the money laundering came along and homes became commodified as a tangible asset when your cash was at risk, and that was the end for the vast majority of people.
|
I didn't grow up around many rich people, but I did grow up with tonnes of HK friends in the first wave of "Ahh China is taking over" immigration in the late 80's... and my Dad ended up becoming extremely wealthy, but up until just like 2 years ago when he is now 75 years old he never ever considered owning a 2nd property... too much trouble, not worth it, who wants the hassle and headache, just costs money, risk... etc etc etc
Meanwhile ALL my HK friends their parents were buying up places if they had any extra and they also have that mentality as well.
It's funny cuz NOW my dad is suddenly all interested... after he sold our family farm and how much it increased / tripled in price basically from 2010 until 2023... he wants to do it but his age has left him with no energy to be bothered and he quite correctly assumes that even if he did bother, he's gonna be long dead before anything is realized from it.