COVID and the housing market

[Sky_high]

My parents live in Malvern, which doesn't have the best reputation in the city of Toronto.

The neighbours behind them sold their home for $830K in Oct 2020, and a house up the street sold for $850K in Nov 2020.

To me that's crazy!!!


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[GreyGhost]

My parents live in Malvern, which doesn't have the best reputation in the city of Toronto.

The neighbours behind them sold their home for $830K in Oct 2020, and a house up the street sold for $850K in Nov 2020.

To me that's crazy!!!


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It is crazy. As prices keep climbing, historically poo pooed neighbourhoods like malvern will be gentrified. The houses there are already nice enough, it's just a reputational issue. Regent park went already. I assume that at some point, a developer will offer an amenable offer to TPH and blow up the projects around J+F. It could be a great area but obviously there is a small portion of the residents that ruin it for everyone else.

 

[nobbie48]

It is crazy. As prices keep climbing, historically poo pooed neighbourhoods like malvern will be gentrified. The houses there are already nice enough, it's just a reputational issue. Regent park went already. I assume that at some point, a developer will offer an amenable offer to TPH and blow up the projects around J+F. It could be a great area but obviously there is a small portion of the residents that ruin it for everyone else.

A friends mother decade or two back rented out a house in Malvern for about a half a percent of the value per month = 6% a year ROI. Inflation topped it up, growth and income. As values increase the rent, if controlled, can't match the numbers but that's when the growth part kicks in. She paid cash for the place so the mortgage or rates were unimportant. However the bank / investment rates were far better back then. Pick your poison.

Cabbagetown got its name from the low class residents growing cabbages in their front yards. Not any more.

 

[nobbie48]

You could move to a dump in Hamilton:

Hamilton's Ravenscliffe Castle is for sale | CEKAN

If you’ve ever wanted to live in a castle, now is your chance. Hamilton's prestigious Ravenscliffe Castle is available for sale as a once-in-a-lifetime

urbanicity.com

 

[mimico_polak]

You could move to a dump in Hamilton:

Hamilton's Ravenscliffe Castle is for sale | CEKAN

If you’ve ever wanted to live in a castle, now is your chance. Hamilton's prestigious Ravenscliffe Castle is available for sale as a once-in-a-lifetime

urbanicity.com

If I win LOTTOMAX I know what I’m buying.

 

[GreyGhost]

You could move to a dump in Hamilton:

Hamilton's Ravenscliffe Castle is for sale | CEKAN

If you’ve ever wanted to live in a castle, now is your chance. Hamilton's prestigious Ravenscliffe Castle is available for sale as a once-in-a-lifetime

urbanicity.com

I wish. I love the outside, the kitchen makes me want to vomit. Obviously they spent a ton of money on it but they destroyed all character of the home.

 

[bigpoppa]

You could move to a dump in Hamilton:

Hamilton's Ravenscliffe Castle is for sale | CEKAN

If you’ve ever wanted to live in a castle, now is your chance. Hamilton's prestigious Ravenscliffe Castle is available for sale as a once-in-a-lifetime

urbanicity.com

that woodwork and those stairs...wow..does anyone do craftsmanship like that anymore????

 

[GreyGhost]

that woodwork and those stairs...wow..does anyone do craftsmanship like that anymore????

Probably not if you're paying. If you do it yourself maybe. I know of one guy that might. The last project I saw him do was solid oak doors ~10'x5'x5" with ball bearing hinges. Frig me. Amazing. Swinging a tree to let people in your home. He spent about a month building them. Not sure what they cost but probably not much different than a car.

EDIT:
I got a chance once to go into the Sunnyside Mansion in Petrolia. I almost jizzed in my pants. Gorgeous doesn't even begin to describe it. It was in terrible shape but you could see how much had gone into building it.

PPG in Oshawa has part of Colonel Sam's old operation as their boardroom. Another place that is very special if you can get in. The table alone leaves you speechless.

 

[Priller]

You could move to a dump in Hamilton:

Hamilton's Ravenscliffe Castle is for sale | CEKAN

If you’ve ever wanted to live in a castle, now is your chance. Hamilton's prestigious Ravenscliffe Castle is available for sale as a once-in-a-lifetime

urbanicity.com

That one has been making the rounds here. With a price like that, they may be courting Asian buyers...

For original character, this one may not be as OTT, but I think it's more elegant:

Check out this listing

It's also a bargain, comparatively speaking...

I wish. I love the outside, the kitchen makes me want to vomit. Obviously they spent a ton of money on it but they destroyed all character of the home.

I'm a stickler for maintaining historical character in old homes (seeing old brick/stone/original trim get painted makes me want to weep - so many beautiful houses in Hamilton are being butchered by flippers), but to me, kitchens are fair game. While a hallway or living room have broadly the same function, kitchens have changed massively over time. Living with an original 1920's or even 1960's kitchen these days is no fun.

That said, this is not to my preference either. It's definitely par for the course for many kitchens in mega homes I've seen over the years, though, even getting into restrained territory. Money =/= taste...

that woodwork and those stairs...wow..does anyone do craftsmanship like that anymore????

I remember way back when I was a young scrub chasing a broom around jobsites,I worked on a project in the Manulife offices on Bloor E. They were redoing a bunch of the senior offices, and had to bring in a subcontractor from Italy to do the wood paneling, as nobody in North America had the skills. The cost was eye-watering, but apparently insurance isn't a bad racket to be in for having disposable income...

 

[GreyGhost]

That one has been making the rounds here. With a price like that, they may be courting Asian buyers...

For original character, this one may not be as OTT, but I think it's more elegant:

Check out this listing

It's also a bargain, comparatively speaking...


I'm a stickler for maintaining historical character in old homes (seeing old brick/stone/original trim get painted makes me want to weep - so many beautiful houses in Hamilton are being butchered by flippers), but to me, kitchens are fair game. While a hallway or living room have broadly the same function, kitchens have changed massively over time. Living with an original 1920's or even 1960's kitchen these days is no fun.

That said, this is not to my preference either. It's definitely par for the course for many kitchens in mega homes I've seen over the years, though, even getting into restrained territory. Money =/= taste...

I remember way back when I was a young scrub chasing a broom around jobsites,I worked on a project in the Manulife offices on Bloor E. They were redoing a bunch of the senior offices, and had to bring in a subcontractor from Italy to do the wood paneling, as nobody in North America had the skills. The cost was eye-watering, but apparently insurance isn't a bad racket to be in for having disposable income...

Wow. Infinitely better, thanks.

I am ok with the kitchen being redone, but it would be lot less gaudy if they used a cabinet faced fridge (or pull-outs) and just less new-money embellishment overall. It doesn't look classy, it just looks like you checked every box on the options list. I am also slightly horrified by the floor. The pieces do not look like old wood. Please jeebus do not be laminate made to look like old wood in a 12M house.

 

[mimico_polak]

that woodwork and those stairs...wow..does anyone do craftsmanship like that anymore????

My father in law was a finish carpenter. He’d probably be whittling away on our house had he not passed away 6 years ago at 54.

 

[nobbie48]

Probably not if you're paying. If you do it yourself maybe. I know of one guy that might. The last project I saw him do was solid oak doors ~10'x5'x5" with ball bearing hinges. Frig me. Amazing. Swinging a tree to let people in your home. He spent about a month building them. Not sure what they cost but probably not much different than a car.

EDIT:
I got a chance once to go into the Sunnyside Mansion in Petrolia. I almost jizzed in my pants. Gorgeous doesn't even begin to describe it. It was in terrible shape but you could see how much had gone into building it.

PPG in Oshawa has part of Colonel Sam's old operation as their boardroom. Another place that is very special if you can get in. The table alone leaves you speechless.

If they open The McLaughlin Estate it is worth a visit. It's rare in that it was donated furnished unlike many where the restorers had to shop around for replacements. It may be a bit tired in places but lunch in the garden cafe on a summers day overlooking the ornamental pool is very posh but reasonable.

If you're going through Lawrenceburg Kentucky a visit to Ripy House is interesting but could make you cry. Ripy built it in the late 1800s with bourbon money. When we went through the descendants had regained ownership after the place had been left to rot. It is on a historical registry so it can't be patched up with MDF or modified.

The cry part: I asked the crude numbers and was told that they would be into a couple of million dollars before it was restored. If they then sold it it would go for about a half a million. They could get more than that by selling off the trimwork. They hope to rent it out for special events but are not allowed to put in conventional air conditioning that would affect the historic appearance. The USA does not fool around with history.

Ontario / Toronto on the other hand.........................
If you walk down Cumberland Street in Yorkville you will see a section of iron fence on the east side of the Nespresso shop. It is deemed of historic significance. When they had to work on the entrance to 155 there was a massive holdback until the fence went back up. Attaboy Toronto, you show'em.

 

[nobbie48]

I wish. I love the outside, the kitchen makes me want to vomit. Obviously they spent a ton of money on it but they destroyed all character of the home.

As classy as bumper stickers on a Ferrari.

 

[Lightcycle]

Glad we are not in the market for a home. It's pretty crazy right now. Actually, it's been pretty crazy for quite a while.

Along with the pandemic, low inventory, low interest rates, foreign investors, etc. it also seems like there's a state-sanctioned War Against Savings. So many government policies (re: interest rates and inflation) are punishing cash in savings accounts - pushing it either back into the economy or the smarter money is being corralled into appreciating assets like stocks and real estate.

It seems like the two divergent paths for money would just widen wealth inequality and further erode the middle-class.

I don't know what the answer is, but I'm not liking the path we're on.

 

[kruzuki]

I retired, sold my house, put away some cash, bought a big older well-maintained condo in a quiet neighbourhood after doing much research.
I’m quite happy. I can lock the door and travel, and they let me park 2 motorcycles in the underground (that was one of my absolutes) and wash my car out back. If I ever sell, it would be to buy a house in the boonies and I’d still come out ahead after selling my condo. My maintenance fees are high but include cable, unlimited wifi, and all utilities. I figure I’m in the same position as if I still owned a house that I had to take care of.

 

[nobbie48]

Probably not if you're paying. If you do it yourself maybe. I know of one guy that might. The last project I saw him do was solid oak doors ~10'x5'x5" with ball bearing hinges. Frig me. Amazing. Swinging a tree to let people in your home. He spent about a month building them. Not sure what they cost but probably not much different than a car.

EDIT:
I got a chance once to go into the Sunnyside Mansion in Petrolia. I almost jizzed in my pants. Gorgeous doesn't even begin to describe it. It was in terrible shape but you could see how much had gone into building it.

PPG in Oshawa has part of Colonel Sam's old operation as their boardroom. Another place that is very special if you can get in. The table alone leaves you speechless.

In the good old days there were artisans. Now it would be CNC. Now we have names to call crappy work so it sounds trendy. Use 1X4 lumber for baseboards and call it shabby chic.

I needed to make a handrail out of oak and could have made any number of splices on the bend. I chose a dovetail but didn't have one that would cut 1 1/4" So I improvised and after a dozen hours of thinking about options and three hours of saw and milling machine work I got what I wanted. It's been trimmed since and is awaiting stain / varnish and custom brackets. Covid cabin fever is the mother of time wasting projects.

I don't know what I'd charge if asked to do one for someone else. It's a labour of love.

 

[nobbie48]

Glad we are not in the market for a home. It's pretty crazy right now. Actually, it's been pretty crazy for quite a while.

Along with the pandemic, low inventory, low interest rates, foreign investors, etc. it also seems like there's a state-sanctioned War Against Savings. So many government policies (re: interest rates and inflation) are punishing cash in savings accounts - pushing it either back into the economy or the smarter money is being corralled into appreciating assets like stocks and real estate.

It seems like the two divergent paths for money would just widen wealth inequality and further erode the middle-class.

I don't know what the answer is, but I'm not liking the path we're on.

Read up on negative interest rates. It sounds like a conspiracy theory to stop people from saving money and putting away for a rainy day. It would force people with no investment knowledge into tying up their saving.

As far as keeping it under the mattress isn't there a law about how much cash one can hold, maybe that's in the USA.

 

[Lightcycle]

As far as keeping it under the mattress isn't there a law about how much cash one can hold, maybe that's in the USA.

Never heard of that.

Closest thing I know of is when the US government forced people to trade in their gold for cash after the stock market crash of 1929, to prevent hoarding.

When some of the banks failed during the Great Depression, the government raided safety deposit boxes and confiscated any gold found in them.

 

[nobbie48]

Never heard of that.

Closest thing I know of is when the US government forced people to trade in their gold for cash after the stock market crash of 1929, to prevent hoarding.

When some of the banks failed during the Great Depression, the government raided safety deposit boxes and confiscated any gold found in them.

Unless the law has changed, the US government can confiscate any money you are travelling with if it exceeds $10, 000. If you sue to get it back they may offer you half if you have an excuse and will drop the issue. Money includes anything negotiable. It was done as a drug / money laundering control.

How Much Money Can I Bring Into the United States? | All Getaways

Travelers coming into the United States must follow certain rules when bringing money into the country when it's over $10,000. These regulations include filling in a reporting form and paying required duties.

traveltips.usatoday.com

 

[Lightcycle]

Unless the law has changed, the US government can confiscate any money you are travelling with if it exceeds $10, 000. If you sue to get it back they may offer you half if you have an excuse and will drop the issue. Money includes anything negotiable. It was done as a drug / money laundering control.

How Much Money Can I Bring Into the United States? | All Getaways

Travelers coming into the United States must follow certain rules when bringing money into the country when it's over $10,000. These regulations include filling in a reporting form and paying required duties.

traveltips.usatoday.com

Why would anyone try to launder money physically anymore in this era of bitcoin/cryptocurrency?