When this bubble blows folks, it'll be the greatest tsunami ever to hit the planet earth, with the waves crashing everywhere. Bermuda, Australia, England, the US, Canada, Ireland, South Africa, France, Sweden, Mexico, Iran, Dubai, ...
Everywhere...
And so many will be swept away. So many will be underwater. So many will drown. And it was all so predictable.
Stop this ‘insane’ home cost spiral
House prices in Bermuda will continue to soar as long as the expanding economy brings more home-buyers to the Island.
Stuart Hayward said Government needs to act to stop an “insane” spiral which has seen the average price of a stand-alone home on the Island hit $1.6 million.
Mr. Hayward – a former member of the Sustainable Development Round Table and author of the award-winning Bermuda’s Delicate Balance – was speaking after it was revealed the average 30-year mortgage would cost a new home-owner $11,400 a month at current interest rates.
“It’s out of the reach of even the wealthiest among the middle class,” he said. “It’s a testament to one aspect of development in Bermuda that’s just not sustainable. If the price of housing gets so high that many people are inadequately housed, you are really striking a blow against the order of every facet of the community.
January 17, 2007
Insanity and stupidity defined: Bermuda average home price hits $1.6 million, or $11,400 per month financed
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13 comments:
http://tinyurl.com/22vssl
Bermudas population per sq ft,
number 7 down the list. It's a little better than Gaza.
http://tinyurl.com/yc3xf9
If all the rich buy up all the houses and land on bermuda, where do all the native islanders live?
So why don't they all just sell? Then move into hovels or something until the storm blows over.
If my town blessed me with a 500K-1M windfall, I'd take the money and run.
What makes you think most million-dollar homes in Bermuda are financed? Like other resort areas around the world, Bermuda has plenty of buyers who pay cash for houses. $1.6 million is not a big deal for them.
Go to Hong Kong, Tokyo, Barcelona, etc., and you find RE prices denominated in USDs way up because the dollar has fallen 30% over the past five years.
I don't think non residents can legally buy a home in Bermuda for less than $1-million and there's a substantial cash requirement (maybe up to 100%) as well. In other words, there's nobody there that can't afford it.
come on, i'm all for prices coming down. but let the market decide...we dont need the govt where it should NOT be. if locals cant afford to live there anymore and earn minimum wage, they should close up shop. when the millionaires find they cant get gas for their yacht easily, they'll move elsewhere, etc
In other words, there's nobody there that can't afford it.
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Hmm....So where do the working class servants live? Because I don't believe the Bermuda millionnaires do their own laundry or lawn work....
So don't move there.
Screw them, it's warm there, the poor can sleep on the beach just like in Hawaii.
The US will look more and more like New Dehli every year. People there sleep on the sidewalks.
Isn't there a triangular area near Bermuda where unusually large amounts of things vanish? Somehow this seems related.
Have another bite of that tulip bulb.
I hope a HUGE hurricane goes ripping thru there!
Lol lol!!! Instead of coming up with these outrageous theories and comments why don’t you ask a Bermudian??? Because of its size only Bermudians can purchase the homes. The prices are high due to supply and demand and if we find the pricing to be too high we can high-tail it to England. Having a minimum wage of $10 money isn’t hard to come by. Yes, we do our own laundry but the Portuguese do much of the yard work. It’s illegal to sleep outside anywhere in the world I thought…
As far as the triangle is concerned, it is made up of a collection on coral reefs. So, back in what ever year that started the ships didn’t have adequate navigation systems. The rest are mainly myths. We have some of the most powerful hurricanes in Bermuda. However, another reason why the homes are so costly is that they can withstand the force of a category 5 hurricane with no damage.
This is hilarious!!!
ummm btw its not only bermudians that can buy houses...non bermudians can but they can onyl buy houses that are in the top 5% of the housing market..
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