It probably looks tempting for the maple-syrup-eaters flocking in Phoenix. All those half-off deals, the sea of foreclosures, the ruined families to take advantage of, the thousands and thousands of bank-owned debt-traps. But it's still not close to the bottom. Not even close. It's the P/E stupid. It'll always be the P/E stupid.
You just know there's a bunch of Phoenix ramen eating realtors who have moved all their advertising and cold calling to north of the border. They ran out of suckers in the US, time to import.
Here's the CBC video. Enjoy.
April 30, 2008
Check out this video on Canadians swooping into housing crash and foreclosure-central Phoenix Arizona to pick the meat off the bones
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44 comments:
If you understood what property "currently" costs up here, what you get for your money, and what it looks like in comparison to US properties, you'll understand why.
Our crash is just starting (property values off 10% and sales off 30-40% for 6 months in a row)......but even at 50% off up here.....your property at 50% off down there is a much, much, better bang for the buck.
I forgot to mention all the ads I see over here to invest in investment property in Florida
Seriously
They ran out of suckers in the US but there's a world of 'em still out there
Too bad this will take down the entire financial system.
It's like a stampede of buffalo. If you're the smart buffalo standing still, you'll still be run over and killed by the idiots.
Canadians are flush with cash from the energy boom going on in Alberta with the oil sands projects. Millionaires all over the place.
Ofcourse the democrats in the US stop any attempt to explore or drill for new oil anywhere in the US so they can pander to their enviromentalist sierra club wackos.
The canadians are laughing their asses off at us as they come down here spending like drunken sailors in whorehouses.
Check out this video though of what the Canadians can expect to find in Vegas and Phoenix
http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=7622521&ch=4226720&src=news
Maricopa is ground zero for the Arizona clusterfuck. If I were retired I'd offer 50K on some of those forclosures. There are a few golf courses nearby and it's getting to the point where it could be cheaper than driving an RV south every winter.
The obvious reason why prices are plummeting is cause there are no jobs but historically when prices do go low enough the snowbirds buy 2nd houses for pennies on the dollar.
Keith, you need to post that ARM reset chart again so the good folks in Canada can see we are only about 1/3 the way to the bottom. The knife is still falling and still doing damage!
Eh?
"Ofcourse the democrats in the US stop any attempt to explore or drill for new oil anywhere in the US so they can pander to their enviromentalist sierra club wackos."
This comment is not only demonstrably untrue, it's stupid.
I just love the pilot & agent's quote at the end as they look out the airplane window, "Lot of land out there, Lot of land." All the realtwhores were always making the trite comment "They are not making any land anymore" This is the retort, "Yes, but there is alot of land out there"
The canadians are laughing their asses off at us as they come down here spending like drunken sailors in whorehouses.
------------------
In my experience, most people who've made money without lifting a finger lose it just as fast as it came. Easy come easy go.
I am on my way to Phoenix tomorrow to see a Canadian trio. I'll keep an eye out for any maple leaf flags.
Houses for $110K? That'll buy you a parking spot and locker here in Toronto, along with miserable weather for 4 months of the year. We're still in denial with most people saying "it's different here".
Good for the canucks.....at least they're doing it on their own dime!
I only wish they had better taste than to pick Phoenix!
Take off you hosers!
Why in the world would you want to live in a fucking desert? Back in the days that's where you would keep your penal colonies or
Indian reservations. Now these clowns volunteer to move there and actually pay good money for it. It's gonna get really interesting once the Colorado river runs dry.
There's not enough of them to make a dent.
America should make it illegal for foreigners to invest in America. Only Americans should be able to invest here in our nation. Our government needs to put all of this massive investments from other nations to a complete and total halt.
They aren't doing it on their own dime.
They are borrowing against their houses that are 2-3X the price they should be with backs offering 0 down 40 year loans and 108% loans.
Meanwhile we have convinced ourselves we have no subprime, and 50 year old homes (900 sq feet) in shitty neighbourhoods are worth $700 000.
Phoenix, Miami, Inland Empire, you were not ground zero. Vancouver Canada is.
Check out what 11X median family income buys you in the "best place on earth"
http://tinyurl.com/6h2jpb
Not quite the family terroizing that you are trying to portray! More like the House Flippers being tossed, but they are walking and so the banks are eating the full stink sandwich.
You know, I always thought (we) Canadians wouldn't do as badly on the downside of the RE cycle as the US (much less subprime here etc)...
But lately Ive been thinking that all the free capital in Canada might buy US Real Estate for %20 off peak prices, just before a further drop.
On the other hand, US lenders are tightening their credit standards on foreign borrowers even faster than US ones, so we may yet be saved from ourselves.
Still isn't it interesting to see how *no one* who didn't care about rent/price during the bubble cares about it even now? Its like the participants of the bubble debate are *proud* to show that they haven't learned a thing.
We are witnessing self-slaughter on a mass scale. Isn't it neat?
Good...Bring them on down....I don't know how they live up there. It is a beautiful place...but its a frozen wasteland. Finally they are actually getting an economy for the first time in their history. Maybe they can build fences and slow down the huge horde of inbound Mexican Invaders...Maybe Obama will just dissolve the borders altogher....not that we would notice anything different...
carioca canuck said...
If you understood what property "currently" costs up here, what you get for your money, and what it looks like in comparison to US properties, you'll understand why.
Our crash is just starting (property values off 10% and sales off 30-40% for 6 months in a row)......but even at 50% off up here.....your property at 50% off down there is a much, much, better bang for the buck."
Dear Carioca Canuck,
Do you plan on commuting from Phoenix to Canada to work? Only a few people in the world can command such a salary to make this impossible scenario happen.
The grass is not greener in Phoenix, in fact it is brown, dry and ready to burn!
Cinch
"The obvious reason why prices are plummeting is cause there are no jobs but historically when prices do go low enough the snowbirds buy 2nd houses for pennies on the dollar."
Future trend do not necessary follow historical trend. Astronomical fuel cost will deter most snowbirds from flying south in the near future. Property tax, HOA, rental management fees will be the albatross around these snowbird necks.
Peak Oil is here, and it will make this financial crisis look trivial!
Cinch
Well it's aboot time, eh eh?
Are they going to be working in AZ? They don't look ready to retire yet. Unless they want to live in the brown wasteland then they should think twice before buying.
Oh well, another benefit of the NAU.
-BC
Most of the people buying foreclosures at a steep discount(which many thought was a great deal)in these areas Queen Creek ,Maricopa in AZ only 6 months ago are down 20-40 percent on their purchase.Canadians are not the brightest.Tons of foreclosures hitting the market this year which will put more downward pressure on prices.This is also what is in store for Chandler Gilbert Phoenix,etc.
I saw a local NEWS story on this about a month ago. Figured it was a small group of idiotic Canadians who didn't understand the market they were jumping into.
Apparently it's more than just a few.
I suppose they have the advantage on the dollar, but still - money lost is money lost.
Great...you buy a house in the desert. Then what?
Golf?
Look at desert all day?
Hang out at the grocery store like bored teens?
Drink?
Unless you have something else to do all day, and a job or other income, you'll slowly go insane.
And 200k is too much to pay still. We haven't even seen the bottom yet.
Future trend do not necessary follow historical trend.
That's right it's different this time... uhh huhh...
You also know when the bottom is close by when lumber prices stabilize from a free fall... just a hint.
Everyone should encourage this behavior. It's just repatriation of dollars. It's a good thing. They are hardworking, honest, pay their own way AND they speak English, not Spanish.
The same thing happened with the Japanese many years ago when they bought any hard asset for 10x the value. Shortly after, they sold their dollar denominated US assets for pennies on the dollar. It's a good thing!
Chief Elf
Cinch......
You have a valid point to some extent, however.....
My wife and I property in Rio de Janeiro, Brasil. We do not commute there for work. Because of it's price point, we paid for it in cash. Many of my clients (I am a high end car dealer) have bought property in the US hot spots.....because of your price points. All paid for in cash. They work here......and play there. I could buy a house in Phoenix or pretty much any US city and pay cash. But as I cannot get citizenship and move there permanently I will not do so. But that hasn't stopped us from coming down there to buy vacation homes.
Keith,
Beauty Picture EH! Hows it going EH? YOU HOSER!!!
I wonder if all the buyers from Canukistan tell the realtors in Az to "TAKE OFF EH!!!"
Toronto's a wonderful place from April-September. I would move there, but the cost of living is as bad as NYC when you factor in the taxes etc
remember to get out of phoenix before the exoticness wears off or you realize that those palms are native weeds and its hot as hell
trading icebox for firebox??
"If you understood what property "currently" costs up here, what you get for your money, and what it looks like in comparison to US properties, you'll understand why."
You're comparing real cities in Canada with Phoenix. Not really a fair comparison.
Hey they speak English, are well educated, and if they get sick or injured here, they pay their hospital ER bills. No drain on local resources and in fact they pump money into the local economy. Welcome to Arizona.
'Maple syrop eaters'?? I resemble that remark.
One thing this piece shows us is that we Canadians are just as stupid as you Americans.
And did it look like those Canadian buyers really felt sorry for the foreclosure victims? The schadenfreude was dripping from the women's mouths. We'll see what a great deal their getting as airfare from Toronto to Phoenix continues to rise and their husbands' businesses hit the skids.
I watched the CEO/founder of JetBlue last night, on Glenn Beck, saying that in the the near future air travel will be reduced considerably due to fuel costs. According to him, only high income earners will be traveling often, while the rest will be traveling once a year or less. There's a new trend forming. Good luck jet-setting with airfares at $2,000 one way coach, from Toronto to Phoenix.
Excellent video. How refreshing to watch a 12 min. TV report without commercials, bombastic music or flashing headlines.
Every year 100's of 1000's of retired Canadians flock to FL, TX and AZ from Nov to April (less than 183 days for tax & other reasons) with their RV's or to stay in mobile home parks.
Indeed, with today's gas prices it may make sense for them to just buy one of them "cheap" homes, use it 6 mo per year and fly down instead.
But that scenario could turn ugly if/when the CAN$ goes back to old levels. To upkeep a second home during the summer (forget renting it out) will be very costly!
Conclusion: thank you to our Canadian friends for helping us reduce our inventories. But - as the commentator noted - do your homework!
Two Canadians are sitting in a bar, and getting bored. They decide to play 20 questions. The first Canadian tries to think of a word and after a little pondering comes up with the word: moosecock.
The second Canadian tries his first question, "Is it something good to eat?"
The first guy thinks a moment then laughs and replies "Sure, I suppose you could eat it."
The second Canadian says, "Is it a moosecock?
Here's your "rich" foreigners:
For Europe’s Middle-Class, Stagnant Wages Stunt Lifestyle
LES ULIS, France — When their local bakery in this town south of Paris raised the price of a baguette for the third time in six months, Anne-Laure Renard and Guy Talpot bought a bread maker. When gasoline became their biggest single expense, they sold one of their two cars.
Their combined annual income of 40,000 euros, about $62,500, lands Ms. Renard, a teacher, and Mr. Talpot, a postal worker, smack in the middle of France’s middle class. And over the last year, prices in France have risen four times as fast as their salaries.
At the end of every month, they blow past their bank account’s $900 overdraft limit, plunging themselves deeper into a spiral of greater resourcefulness and regret.
“In France, when you can’t afford a baguette anymore, you know you’re in trouble,”
The European dream is under assault, as the wave of inflation sweeping the globe mixes with this continent’s long-stagnant wages. Families that once enjoyed Europe’s vaunted quality of life are pinching pennies to buy necessities, and cutting back on extras like movies and vacations abroad.
“I have this feeling that there is a wall in front of us,” said Axel Marceau, a 41-year-old schoolteacher living outside of Frankfurt. “We’re just not going to get any further.”
A study by the German Institute for Economic Research in Berlin found that the broad middle of the German work force, defined as workers making from 70 to 150 percent of the median income, shrunk to 54 percent of the population last year, from 62 percent in 2000.
http://tinyurl.com/6fwjzm
I told you many times here that Europeans are a bunch of broke posers. Since they behave like socialist clones all over Europe, the latest thing there is to say that Americans are materialistic while Europeans enjoy "life experiences". That's to justify how broke they are. Now you have the Canadians faking rich just because the exchange rate is favorable a bit. Meanwhile, their socialist governments suck them dry with exorbitant taxes to support all the cesspool from Third World Countries who immigrate there.
Canada also decided to open its doors to the same cesspool and will get destroyed, just like the same immigrants had destroyed their own countries of origin. The word is out on the street that if you're an ignorant, corrupt, high school drop out, poor, from any POS Third World country, come on into Canada! Canada wants you to make cost of living a lot more expensive and standard of living deplorable. Come on in, low-lives, because we have the stupid Canadian taxpayers paying for your endless breeding!
To Europeans it's all about "experiences"...yeah, right you bunch of broke. "Experience" of retiring in poverty, that is. How's that socialism working for you, "sophisticated" leeches of the socialist government (i.e., teacher, postal worker)?
At least in the US we can afford a bathroom inside the unit or bread. Since you Europeans brag about "experience" so much, try your economy without any American tourists, which is the number one group anywhere regarding tourism. Oh, and we used to tip well, too. No more! Enjoy your "experiences" in poverty, since it will only get worse.
Canadians: As a life long New Yorker moving to Phoenix/Scottsdale in 2001 I must issue this disclosure. DO NOT BUY IN PHOENIX/SCOTTSDALE! It is awful there. The people there are the worst. If you like the ladies on "The Real Housewives of Beverly Hills" and "Sunset Tanning" then you will enjoy Arizona. Canada is a beautiful and classy country. I thought I'd love AZ since I always had fun when I vacationed there. It's different when you're not with your normal friends and relatives and actually have to live amongst the retardness of Phoenicians. Wait it out and you'll see. The homes aren't worth more than $80K.
I am on my way to Phoenix tomorrow to see a Canadian trio. I'll keep an eye out for any maple leaf flags.
Nice ... I was at that same show ... AWESOME!! Gotta admit though, the sea of bland exurbian empty homes on the way in on I-10 is pretty sad.
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