$66,000/year for rent in a notoriously badly built structure? I can understand paying that kind of money for a mortgage if your cash flow is that massive, but throwing that away in rent is insane. (This comment is from a person that lives in Vancouver, where downtown 300 sq/ft. apartments can go for up to $1400/month.)
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Add this to the “more money than sense” file.
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Or to the “there’s a sucker born every minute” file. Also proof that wealth doesn’t mean you’re smart.
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This is consistent with a lot of people not wanting the live in the building right now. Those who can wait to sell and believe prices will recover rent out their units. And those who can’t wait or believe prices won’t recover sell at a discount during a hot market.
The name just needs to be changed to the Milleannium Tower.
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Yeah, couldn’t find a punting gif. Ah well, there wasn’t even a ball. I think he was just kicking dirt.
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Maybe renting in the Millenium Tower is a bucket list thing. It may be the last thing to do before you die - or it’ll give you serious bragging rights if you checked out before the event.
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The puzzling thing about renters, vs. buyers; is that they aren’t in a position to be working the (desperately cynical; but not so readily dismissed as one would like) angle that, if you have enough capital to make the investment, it might be perfectly rational to buy an asset with a serious risk of failure if there’s a correspondingly decent shot that some combination of insurance and public subsidies that everyone will carefully refrain from describing as such will come flowing in if the place does fall over.
I’d like to dismiss that as implausible; but we live in a world where various insurance subsidy structures reward people, year in and year out, for building in parts of California that burn down all the time; or in known flood zones.
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its real-estate jenga
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And don’t forget there’s also the watery kind of punting:
(Hopefully there won’t be a crossover between this and the Jeremy Hunt thread)
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working the angle
Heh.
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Based on the success of my Lisztomania video, I am withholding my “Come on Eilean” video until the market recovers.
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