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OhYeah posted:Yes, south of France is known for its terrible climate. Why would you buy a castle when you could just buy a nice house, though? Castles are shittier in every possible way except looking awesome.
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# ? Mar 4, 2015 02:19 |
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# ? May 24, 2024 16:04 |
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PT6A posted:Why would you buy a castle when you could just buy a nice house, though? Castles are shittier in every possible way except looking awesome. When you're worth $8 billion I think you can afford to buy a castle, dress up as a lord, pay for top designers to create alt-history clothing styles and home designs, and then pay people to be your peasants with contractual obligation to attend certain festivals and holy days.
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# ? Mar 4, 2015 02:30 |
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I wouldn't mind living in a place called the Vila Ephrussi du Rothschild Cap Ferrat.
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# ? Mar 4, 2015 02:30 |
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Kafka Esq. posted:I wouldn't mind living in a place called the Vila Ephrussi du Rothschild Cap Ferrat. Not the same, but my Dad stayed at Le Grand Hotel Cap-Ferrat when he was a teenager somehow (because another, less expensive hotel had hosed up his and my granddad's reservation), and apparently it was the greatest place he'd ever stayed in his life before, or since. I feel like there's probably not much in the way of dives, shitholes or hostels around that area in general.
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# ? Mar 4, 2015 02:34 |
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Barudak posted:When you're worth $8 billion I think you can afford to buy a castle, dress up as a lord, pay for top designers to create alt-history clothing styles and home designs, and then pay people to be your peasants with contractual obligation to attend certain festivals and holy days. If you're worth 8 billion you don't have to pretend to be a feudal lord, most likely you already have a bunch of wage-slaves working for you and a court of sycophants vying for your favour.
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# ? Mar 4, 2015 02:39 |
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PT6A posted:Not the same, but my Dad stayed at Le Grand Hotel Cap-Ferrat when he was a teenager somehow (because another, less expensive hotel had hosed up his and my granddad's reservation), and apparently it was the greatest place he'd ever stayed in his life before, or since. I feel like there's probably not much in the way of dives, shitholes or hostels around that area in general. At $2000 a night I would expect the best hotel on earth, yes.
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# ? Mar 4, 2015 03:35 |
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blah_blah posted:Regulatory capture is a thing. The current iteration of the RE industry relies essentially on information asymmetry whereas individual citizens are only mildly inconvenienced by it in on average and forget that it exists except when they are looking to buy a house. Even though it's a pretty clear net negative to society, the former group is much more invested in maintaining the status quo than the latter group is in changing it. Yeah, fair point. One might at least hope that the citizenry being so loving obsessed with real estate might be a countervailing political force against this regulatory capture, but alas... nope.
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# ? Mar 4, 2015 03:42 |
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Rime posted:At $2000 a night I would expect the best hotel on earth, yes. Burj Al Arab is more than that according to their website. These days it heavily caters to Chinese tour groups though - about half the people I saw there were Chinese and Chinese speaking staff were on hand everywhere, so you might as well stay in Vancouver.
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# ? Mar 4, 2015 03:44 |
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Throatwarbler posted:Burj Al Arab is more than that according to their website. These days it heavily caters to Chinese tour groups though - about half the people I saw there were Chinese and Chinese speaking staff were on hand everywhere, so you might as well stay in Vancouver. Hmm. For the same money, I could visit the French Riviera or the UAE. Tough choices, right there.
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# ? Mar 4, 2015 03:51 |
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Rime posted:At $2000 a night I would expect the best hotel on earth, yes. I know, right? I want to stay there a night just to see what it's like, but the "rent a serviced apartment in Spain for a month instead" idea makes a fairly persuasive case for now. David Corbett posted:Hmm. For the same money, I could visit the French Riviera or the UAE. Tough choices, right there. I'd rather go to loving Moscow in dead winter than some Middle Eastern shithole built on slave labour.
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# ? Mar 4, 2015 04:01 |
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lmao I can't imagine someone going out of their way to vacation in the UAE.
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# ? Mar 4, 2015 04:21 |
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http://www.cbc.ca/news/canada/british-columbia/vancouver-real-estate-shifting-to-first-sellers-market-in-4-years-1.2980124quote:The latest real estate numbers for Vancouver confirm what agents and buyers have been noticing: it's been a hot winter, and shifting toward a sellers' market. loving lol
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# ? Mar 4, 2015 05:20 |
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etalian posted:lmao I can't imagine someone going out of their way to vacation in the UAE. I can, but they're usually horrible people who prove the adage that money can't buy taste. so the place is pretty much tailor-made for them.
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# ? Mar 4, 2015 05:22 |
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If someone gave me an expat package to work in middle east tomorrow, I'd take it. Zero taxes. Housing, expenses, home leave, private school, private driver paid for. You'd be a loving idiot not to take it.
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# ? Mar 4, 2015 05:25 |
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Can confirm, know a guy who did two years there as a junior engineer and came home with nearly half a million in his pocket. He says he'll never go back, though, and related such hilarious stories as the time when he was filling up his work truck and a pair of royals drove into the gas station at high speed, ran the attendant over, and then started beating him for getting blood on the car.
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# ? Mar 4, 2015 05:32 |
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PT6A posted:I can, but they're usually horrible people who prove the adage that money can't buy taste. so the place is pretty much tailor-made for them. Paradoxically, i've heard it's great for drugs, casual sex and nightclubbing and other hedonistic past times. Also
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# ? Mar 4, 2015 05:36 |
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PT6A posted:I can, but they're usually horrible people who prove the adage that money can't buy taste. so the place is pretty much tailor-made for them. https://www.youtube.com/watch?v=z1Hv8IHA3ig
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# ? Mar 4, 2015 05:37 |
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http://www.theglobeandmail.com/glob...rticle23263701/quote:Canadians take on even more debt, says new report calling for vigilance rofl gently caress canadians
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# ? Mar 4, 2015 06:04 |
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Cultural Imperial posted:http://www.theglobeandmail.com/glob...rticle23263701/ So true. $20,000 in consumer debt as an average? gently caress me, that's a lot of money.
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# ? Mar 4, 2015 06:06 |
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PT6A posted:So true. $20,000 in consumer debt as an average? gently caress me, that's a lot of money. With mortgage debt including, income to debt ratio is 163 right now. It's important to note that before the US housing bubble it was mainly home loans driving the massive increase in credit above all other types of loans.
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# ? Mar 4, 2015 06:15 |
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http://www.theglobeandmail.com/repo...rticle23276211/quote:For Mark Farrow, Vancouver’s booming real estate market has been his ticket to semi-retirement. gently caress this loving city
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# ? Mar 4, 2015 06:19 |
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etalian posted:With mortgage debt including, income to debt ratio is 163 right now. I get why people take on debt for a house, though. Even if it's not a very great idea for a number of reasons, it at least makes some sense. I don't know why anyone would take on $20,000 (or much more than that, since that's the average) in consumer debt, other than a toxic combination of utter stupidity and avarice.
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# ? Mar 4, 2015 06:20 |
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http://business.financialpost.com/2015/03/03/almost-all-our-wealth-is-in-real-estate-rising-interest-rates-could-devastate-retirement/quote:Almost all our wealth is in real estate': Rising interest rates could devastate couple’s retirement
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# ? Mar 4, 2015 06:29 |
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Warren, 37, and Betty, 35 — are betting that real estate will be the best investment they can make.
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# ? Mar 4, 2015 06:35 |
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My friend just moved to Saltspring. There's basically two entirely separate populations on the island. The actual locals who live there full time and do something for work on the island, and rich "cabin" dwellers and they basically don't interact. Even the rich idiots who think they're totally living a simple cabin life and are toooootaly one of the locals on ol' Salty.
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# ? Mar 4, 2015 06:36 |
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Baronjutter posted:My friend just moved to Saltspring. There's basically two entirely separate populations on the island. The actual locals who live there full time and do something for work on the island, and rich "cabin" dwellers and they basically don't interact. Even the rich idiots who think they're totally living a simple cabin life and are toooootaly one of the locals on ol' Salty. Really I'm shocked that vancouverites are humungous assholes. Who could have predicted this
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# ? Mar 4, 2015 06:37 |
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http://www.theprovince.com/news/Ref..._medium=twitterquote:Refugee immigrants are reporting higher incomes to the Canada Revenue Agency than investor-class immigrants, according to data compiled by Citizenship and Immigration Canada (CIC). tl;dr rich chinese are worthless. Also, children of immigrants can't be bothered to stick around in this worthless shithole working at starbucks or selling condo presales for a career
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# ? Mar 4, 2015 06:40 |
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One of the foundations of a good real estate bubble is getting everyone to see real estate as a full proof investment, so much that people sink in all their financial resources just to own a real house.
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# ? Mar 4, 2015 06:46 |
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Cultural Imperial posted:http://business.financialpost.com/2015/03/03/almost-all-our-wealth-is-in-real-estate-rising-interest-rates-could-devastate-retirement/ The good news is we probably won't see higher interest rates for a long, long time, the bad news, well...
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# ? Mar 4, 2015 06:48 |
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lol Benoit Poliquin, chief investment officer of Exponent Investment Management Inc. in Ottawa, says the Landarms’ lack of diversification is a concern, but it is not a crisis to have a portfolio with a great deal of one asset class and little in others.
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# ? Mar 4, 2015 07:09 |
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quote:Unstable land needs firm foundations
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# ? Mar 4, 2015 10:43 |
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So it just seems as if this bubble keeps expanding, markets keep getting hotter, prices keep rising. Even the oil crash didn't do anything. What will it take for this thing to pop?
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# ? Mar 4, 2015 11:01 |
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The Goon posted:So it just seems as if this bubble keeps expanding, markets keep getting hotter, prices keep rising. Even the oil crash didn't do anything. What will it take for this thing to pop? Western civilization is a bubble
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# ? Mar 4, 2015 11:02 |
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Rime posted:Can confirm, know a guy who did two years there as a junior engineer and came home with nearly half a million in his pocket. He says he'll never go back, though, and related such hilarious stories as the time when he was filling up his work truck and a pair of royals drove into the gas station at high speed, ran the attendant over, and then started beating him for getting blood on the car. I knew someone who was over there working as a private tutor for some rich guys kids. She couldn't praise it enough, talking about how gorgeous it was, how respectful everyone living there is, how the shopping is fantastic, and how you didn't even need to drive since you could hire a car and driver so easily. One day I told her that I'd heard it was a paradise, but only if you're a wealthy local or White, and that it was a literal slave country. She gave me a squinty-eyed-gently caress-you-smile and told me that I was at least right about it being great if you're White At least I didn't have to hear about it anymore after that.
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# ? Mar 4, 2015 11:26 |
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I dug further into this guys story and his loans are all interest only at this stage.
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# ? Mar 4, 2015 11:36 |
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Professor Shark posted:I knew someone who was over there working as a private tutor for some rich guys kids. She couldn't praise it enough, talking about how gorgeous it was, how respectful everyone living there is, how the shopping is fantastic, and how you didn't even need to drive since you could hire a car and driver so easily. It's kind of funny how you think that being "white" is some kind of big deal in every country of the world. There are very few white people in the UAE, being white won't get you anywhere unless maybe you were fluent in Arabic and Urdu.
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# ? Mar 4, 2015 12:00 |
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PT6A posted:Why would you buy a castle when you could just buy a nice house, though? Castles are shittier in every possible way except looking awesome. Yeah, you're right. If I had a million dollars, I would buy a house
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# ? Mar 4, 2015 12:12 |
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OhYeah posted:Yeah, you're right. If I had a million dollars, I would buy a house Even on a 30 year fixed @3.8, and with $295,000 USD downpayment, that place is $6,267 USD a month. I can't tell if the additional $2,200 Home Owner's Association fee is yearly or what, but let's assume it is, and it's additional. So let's call it $8,000 CAD a month. Also, that place aint on the beach, and the people who do live on the beach are never going to talk to you, because you are poor. Malibu is amazing otherwise though. Obviously miles better than Vancouver. But what isn't?
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# ? Mar 4, 2015 15:15 |
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As a general rule, if you think you're the smartest person in the room on deals like the one this guy made, it is because you are the mark. As my dad said back in 2007, when the Irish rank and file are getting rich, something is wrong.
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# ? Mar 4, 2015 15:33 |
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# ? May 24, 2024 16:04 |
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Cultural Imperial posted:http://www.theglobeandmail.com/repo...rticle23276211/ Hmm... If he invested the $278,000 instead of buying a house and had an average ROI of 7%, he'd have $2.43 million today instead.
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# ? Mar 4, 2015 15:38 |