Session Start (Descent3 - GameSurge:#Descent3): Tue Jun 07 11:28:45 2005 wrote:[12:29] [8]Ferno: i know it's pretty expensive in vancouver
[12:29] [8]Pun: its disgusting
[12:29] [8]Ferno: hell someo of the houses there go for a mil
[12:29] [8]Pun: heh
[12:29] [8]Pun: theres houses here that go for 10 mil
[12:30] [8]Ferno: those are prolly out in the burbs or something right?
[12:30] [8]Pun: most of the really crazy ★■◆● is on the north shore
[12:30] [8]Ferno: yea
[12:30] [8]Pun: shore of lake michigan just north of the city
[12:30] [8]Ferno: you know what's nuts? is a two bedroom apt in downtown van goes for about 350 thou, almost 400 thou
[12:31] [8]Pun: yeah dude
[12:31] [8]Ferno: houses.. heh oh god i don't wanna think of that
[12:31] [8]Pun: its disgusting here
[12:31] [8]Ferno: yea
[12:31] [8]Pun: a redbone shack is a quarter mil
[12:31] [8]Ferno: i'm thinkin a lot of cities are just goin insane w/ real estate prices
[12:32] [8]Pun: where it really gets sick is on the lakefront
[12:32] [8]Ferno: oy yea
[12:32] [8]Pun: empty lots for a million
[12:33] [8]Ferno: same here w/ oceanfront and riverfronts
[12:33] [8]Pun: yah
[12:33] [8]Pun: thats a very desirable place to live
[12:33] [8]Ferno: any place near water and the price just gets disgusting
[12:33] [8]Pun: yeah
[12:33] [8]Pun: hell, even on the small lakes up here expect to pay a quarter mil for a little cottage.
[12:33] [8]Ferno: heh i remember how much the place i lived in calgary went.. just over 130 thou
[12:33] [8]Ferno: that was what.. five years ago
[12:34] [8]Ferno: and it was a pretty nice place to live too
[12:34] [8]Pun: heh
[12:34] [8]Pun: ya
[12:34] [8]Pun: thats like 99k USD
[12:34] [8]Pun: heh
[12:34] [8]Ferno: yea
[12:35] [8]Ferno: i can't help but wonder how it shot up so fast
[12:35] [8]Pun: yeah dude
[12:35] [8]Pun: depends on the area
[12:35] [8]Pun: some places around here
[12:36] [8]Pun: you buy a house for 350
[12:36] [8]Pun: and in 3 years its worth 430
[12:36] [8]Ferno: 80k equity.. heh
[12:36] [8]Ferno: that's like a small retirement fund
[12:37] [8]Pun: a lot of young people around here
[12:37] *** JazzyJet has joined #Descent3.
[12:37] [8]Pun: they buy these houses they never could afford
[12:37] JazzyJet: hello every peoples
[12:37] [8]Pun: they get interest only loans on em
[12:37] [8]Ferno: oof.. hey jazzy
[12:37] JazzyJet: =)
[12:37] [8]Pun: never pay a penny
[12:37] [8]Pun: towards the principle
[12:37] *** Werner has joined #Descent3.
[12:37] *** Werner has signed off IRC (Quit: Vortex Beta 0.2.1.0 ((Link:
http://www.slyclan.de)
http://www.slyclan.de)).
[12:37] [8]Pun: but they're building major equity anyway
[12:37] JazzyJet: what's shakin?
[12:37] [8]Pun: because the propert values are skyrocketing
[12:37] [8]Ferno: talkin about realestate jazzy
[12:37] [8]Pun: jazzy!
[12:38] JazzyJet: ohh...oh I know buy low sell high
[12:38] [8]Ferno: so they figure they'll use the equity to pay the loan
[12:38] [8]Pun: sgoin on muh bruhtha
[12:38] JazzyJet: Punypoopens=)
[12:38] [8]Pun: yeah fern
[12:38] [8]Ferno: man that's really risky
[12:38] [8]Pun: what they do is buy a house, get an interes only loan
[12:38] [8]Pun: live in it for 3 years
[12:38] [8]Pun: sell it, and use the equity to buy an even bigger house
[12:38] [8]Pun: rinse, repeat
[12:38] [8]Ferno: o_0
[12:39] JazzyJet: that's kinda what everybody did in california
[12:39] [8]Ferno: ok now i wouldn't do that
[12:39] JazzyJet: but now the prices are so high no one can start out
[12:39] [8]Ferno: unless i had a damn good plan to live
[12:39] [8]Pun: dude, theres guys I know living in $650,000 houses and they make like 80 grand a year
[12:39] [8]Ferno: doing what?
[12:39] [8]Pun: they get ARM loans
[12:40] [8]Pun: or balloon notes
[12:40] [8]Pun: or interest only loans
[12:40] [8]Pun: heh
[12:40] JazzyJet: I've reserved myself as a life long renter
[12:40] [8]Ferno: if you say they're making 80 grand a year from jsut the equity.. i'm gonna end up kicking myself
[12:41] [8]Ferno:
[12:41] [8]Pun: no dude, what Im sayi9ng is
[12:41] [8]Pun: they couldnt possibly afford the house
[12:41] [8]Pun: without creative financing.
[12:41] [8]Ferno: yea
[12:41] [8]Pun: and you're right
[12:41] [8]Pun: it's risky as hell
[12:41] JazzyJet: I make 20 grand a year and I have a lovely appartment with furnishings!
[12:42] [8]Pun: all that needs to happen is the interest rates to go up and the real estate market to dry up a little
[12:42] [8]Ferno: yea
[12:42] [8]Ferno: and it will within the next five years
[12:42] [8]Pun: lol @ jazzy
[12:42] [8]Ferno: i jsut got that gut feeling
[12:42] [8]Pun: with furnishings!
[12:42] [8]Ferno: hehehe
[12:42] JazzyJet: hehe
[12:42] [8]Ferno: anyways dude i gotta split
[12:42] JazzyJet: cya fernyface
[12:42] [8]Pun: aight
[12:43] [8]Pun: have fun ferny
[12:43] [8]Ferno: later jj, vince
[12:43] *** [8]Ferno has signed off IRC (Quit: —I-n-v-i-s-i-o-n— 2.0 Build 3515).
... Even still, currently our place is worth slightly less than we paid. But if I had bought in '04, '05 I'd be so under water...
