Re: Meg Munn chunters on...


>"Mark Sobolewski" <mark_sobolewski@xxxxxxxxx> wrote in message
>news:mark_sobolewski-437A50.15401025092005@xxxxxxxxxxxxxxxxxxxxxxx
(snip)

>> > Mark wrote:
>> > Yet, new homes are being built even there are city *limits*.

>> Heidi wrote:
>> Yes. In some cases, old houses are torn down and new ones built. In
>> other
>> cases the city's or town's reserved vacant lands are released at market
>> value as building lots so they can be built upon. Existing land within a
>> city and town can also be redesignated from parkland to residential. In
>> other cases the city can negotiate expansion, making more land available
>> to
>> be built upon. And again, pricing the land at market value.

> Mark wrote:
> Yep. This shows that new homes are being built and that the
> real estate supply isn't static.

Exactly. The supply side for housing can stagnate *as is* for a time, or
progress further to increase instead. And in the case of failed towns, the
buildings can be left to rot or be dismantled altogether. A failed town can
sometimes be brought back and revitalized should there be a new employer or
new purpose found for that particular town. A failed mining town may turn
out to become an attractive retirement area for pensioners. A failed
fishing village could turn out to become a successful tourist attraction.
Instead of fishing being the economic driver for homebuilding, it could be
tourism, recreation and hospitality that does it instead.

(snip)

>> >>Heidi wrote:
>> >> Or let's take the number of high-rise condos. Only so many buildings
>> >> exist.
>>
>> > Mark wrote:
>> > Did you ever hear of something known as construction?
>> > They that this substance known as cement. Check it out!

>> Heidi wrote:
>> Yes... see below:
>>
>> >> As more and more people demand condos, being available only in limited
>> >> amounts, those condo prices rise. Sometimes the rate of building new
>> >> condos
>> >> is slower than can meet the demand of an influx of people. Sometimes
>> >> availability is calculated specisely in such a way that the prices
>> >> remain
>> >> high on purpose, especially where demand is steady, ongoing and
>> >> regular.
>>
>> Did you even read the above paragraph?

>Mark wrote:
> Yes. It contradicts the above one where you imply that real estate
> is a static commodity.

No, I did not.

>You just contradicted yourself by
> arguing that construction does create new units and
> then argued that developers will deliberately build
> slowly so as to maintain a high profit margin.

What I did was describe to you some *steps* that are taken to accomodate an
influx of people.

1. From an existing number of condos, the price will rise due to buyers
competing for the suites.
2. A developer may decide the influx is enough and competition strong enough
that more condos can be built and sold in such a way that he/she can make
such a venture profitable.
3. Developers gage the demand. They'll study the rate of influx of people.
They'll do a cost analysis and compare that to people's incomes levels.
They'll decide where and how they'll get the best bang for the buck.
They're not going to build luxury condos if all the new people flocking in
only earn minimum wage. Developers will have already got their potential
customers in mind.

In Vancouver, BC, we've got people buying up condos that haven't even been
built yet! Whole high-rises are sold out within a day or two! They're
just imagined buildings! And even these imaginary buildings are already
being swapped, bought and sold at higher prices that what the developer
first offered them as. I find this actually quite hilarious: *Potential*
buildings being bought and sold...and it's a booming business! Imagine
paying $500,000 for nothing! Then along comes someone else who wants to pay
you $750,000 for that nothing! Would you refuse his offer? ;-)

(snip)

>Mark wrote:
> Let's recap:
>
> BUY BUY BUY! Because...

(snip)

Mark, if you look for excuses *not* to buy, you won't. If you look for
reasons to buy, you will. It's as simple as that. ;-)

In my case it was a matter of my not wanting to pay rent. It irked me to no
end! I loathed paying rent so much that I did everything I could to get out
of that rental market just as soon as possible. As it was, I only paid rent
for 4 years. I was actually desperate enough to buy a ramshackle building
with an outhouse just so I could avoid paying rent! Fortunately for me, my
income was high enough that I could actually afford a house with indoor
plumbing. I moved on from there. ;-)

It's obvious to me that you don't mind paying rent. Landlords love people
like you. That's how they make their living...off other people's money.
And for as long as you feel so generously disposed, landlords will continue
to exist for a very long and profitable time....thanks to people like you!
You keep landlords in business for better or for worse. ;-)

Heidi


.

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