Be very afraid of people like those quoted in this story.  Holy smoke.  He makes me feel dirty, just by association.

I love his quote:

“I can’t guarantee it, but if you’re buying today, it will likely be worth $30,000 to $40,000 more in three years. That’s a sweet deal.”

Or, to put it more bluntly, “Buy today, ’cause I got a guy comin’ over in an hour, with money in his pocket, and he’s ready to buy, buddy…”

And, mind you, this is happening in Halifax which is…well, I don’t know what it is.  A city?  A province?  A territory?  Whatever it is, it sounds like it’s going to be in trouble, if this sort of speculation continues.

Thank god we’re all rational people, here in lower North America.

 

By Gary Marr, The National Post

“All we require is $5,000. There’s nothing else to do until you take possession in three years,” says Kirk Ross, a real estate broker who works for Greater Homes Realty Inc., one of the largest condo developers in Halifax. “I can’t think where you’d get a better return with such low risk for an investor. I can’t guarantee it, but if you’re buying today, it will likely be worth $30,000 to $40,000 more in three years. That’s a sweet deal.”

Strangely enough, Greater Homes doesn’t even want investors to buy their properties. They’re not stopping them from buying, but they’re not doing anything to encourage them, either. “I could sell tons of these if I was allowed to market to investors, but the owner of the company won’t let me do that,” says Mr. Ross, whose company is now constructing a 12-storey, 140-unit building called the Roxbury. “He thinks if we market too heavily to investors, it will lower the value of our buildings.”

Despite zero marketing efforts, investors have found their way to the Roxbury. The calls come in every day — a woman in Newfoundland, an investor in British Columbia and a lawyer in Ottawa, all ready to buy a unit sight unseen. About 10% of the units have been bought by investors, who have to put only $5,000 down. The rest isn’t due until 2008.

“I’ve already sold one to an investor in Ottawa. He’s a lawyer,” says Mr. Ross. “He didn’t even see it. He bought it over the phone. Somebody he knew down here did the research, and he felt if that person said it was a good deal, it must be.”

Complete article: Condos: Boom fated to bust? Speculators and low down payments feed the frenzy

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