What was your last housing purchase and for what reason?

[FuturePorscheOwner]

Hi Guys,

I hope the title says it all, when was your last housing purchase and what was the reasoning behind it?


I'll start off with myself, bought a plot of land about 7000 sqft in a town that has about 50,000 people in it in January 2008. Purpose of buying this was for just for investment [10-15 years].


FPO

[fencesitter]

How about a follow up question for you:

Why did you chose to buy that plot of land, and what return to you expect to gain after carrying/opportunity costs? (assuming no lease/rental income from bare land)

[asha]

We bought at Christmas.
We sold our condo too early at the end of 06 in December, but what the hey!
We went walkabout for a year and watched as prices climbed and climbed.

But we were buying a smaller cheaper house in a small town.
So we bought a nice 1950's home in Powell River. 2000 square feet, a nice backyard, some fruit trees and a view of the ocean.
We waited and waited for the downturn which didn't happen during that time and then stumbled upon this house which was just the right one for us.

Because it is cheaper it seems that it all works out. We could have made more money, we could have saved more money, but i have learned that is you are buying for your home timing the market is probably not worth it.

We got a great place out of it and in the end, it can't be all about money.

[Lady Luck]

I bought an ocean view lot in a remote location on Vancouver Island last spring. It was FSBO and I purchased below assessed price. I knew it was undervalued. I figured it was a good place to park some cash. My only intention was flipping. I sold it a few weeks ago through Craigslist. Nearly doubling my money. I typically do not flip however I am seeing opportunity in bare land. People are afraid to build right now and land prices are very negotiable. I see building becoming more realistic after 2010.

[pianoexcellence]

Vacation condo in Squamish. purchased in april 2007

We are out there every weekend climbing, skiing, hiking, kiting, or biking. We chose Squamish because Whistler is just too much money and too far. We also feel that squamish has a lot of potential with better access, many jobs and development, and a possible (faint...I know) ski resort right off the back door of our condo. We think that the north end of squamish is poised to become the bedroom community of Whistler, instead of Pemberton. If I were to commute into vancouver, I would much rather live there than in Abbotsford, my current home.

Do we think it will climb in value from here. Absolutely 100% NO.

But we are becoming convinced that values will not suffer the same decline as other parts of the lower mainland, especially Abbotsford, where we currently own, and live. The prices here make no sense at all. (especially the west side...which is a great place to get into a knife fight)

Why then do we hang on to the place? Well, if property values go down, it's no big deal, because we will be having so much fun flipping burgers and drinking beer on our deck after a long day of climbing. We view this condo as a product to be consumed, not necessarily an investment. After all, getting a comparable hotel room at $200 a night every weekend would cost us $1600 each month.

[Lady Luck]

We think that the north end of squamish is poised to become the bedroom community of Whistler, instead of Pemberton.

This has already happened. Squamish was cheaper then Pemberton and many people from Whistler bought. Now that Squamish is more expensive the trend has been to sell and buy in Pemberton. Whistler commuters are driven by price. As more affordable housing options are build in Whistler people will be on the move once again.

[unicas]

I bought a 4-plex in Abbotsford July 07, positive cashflow from day 1 and property appreciated about 100k since purchase

[pianoexcellence]

Unicas,

Was that on Old Clayburn Rd?

[eldon_siemens]

Bought a condo in Edmonton from a client whose plans changed shortly after moving in. Assumed high ratio mortgage (back when you could do so in Alberta without any hassle) for $3,500.00 CTM. Property increased in value by about $150,000 in 2 years. Good return, considering it also rents for positive cash flow.

[Thompson]

Bought 2 condos in Burnaby and 1 (1/2) duplax in Coquitlam at end of last year. rented all before I tooked over. What reason? Just ... want to help my tenants

[netoch]

I bought on the West Coast of Vancouver Island because a comparable property in my town would be roughly 10 times the price. I don't need to be urban, but can work anywhere that has internet and it's nice to escape the rate race here in town from time to time.

[Buttercup]

Spring 2007 - bought a riverfront acreage in the Kootenays about 30% under market, simply because I like land and the owner needed quick cash. Don't expect to make much, but it's more enjoyable to own than stock certificates or residential rentals.

[FuturePorscheOwner]

How about a follow up question for you:

Why did you chose to buy that plot of land, and what return to you expect to gain after carrying/opportunity costs? (assuming no lease/rental income from bare land)

Hi FenceSitter,

I think what Marco911 said is true in respect, sometimes you make a purchase where its irational, I basically bought some land that was near my Dad's hometown. I bought it, because the fundamentals looked good and just doing market analysis and fundamental analysis I thought it would be a good investment. I am hoping to perhaps double or triple what I put in, I know its been done before, with some of my relatives properties. I hope to either just to subdivide and sell one part of the lot, and then the remaining amount would pretty much cover the original purchase of the land and maybe build a house or something.

I dont know if that answers your questions, but I hope it has.

FPO

[soarer2k]

you need it, you like and you can afford it so buy it. Simple as that. just be careful not to buy more than one now

[kansai_92]

Purchased a townhouse in Edmonton N for $215K in Feb 2008. My third Edmonton property.
It was a motivated seller and I plan to take advantage of the new ring road and continued investments in oilsands projects and upgrader alley.