Thursday, July 19, 2007

No fear yet.....

In either Edmonton or Calgary. This condo in downtown Edmonton is a case in point. I don't have any previous links to this property, but this property is on sale for $400k.
An exactly same unit sold in the same building for less than $350k a few weeks ago. So it looks like the flippers are all alive, kicking, expecting very well from their 'risk' and counting on $50k jump in condo prices in less than 15 days. May be they are right. It will happen yet again. But it looks increasingly hard, especially in face of over 2500 properties listed just on comfree.
If we follow the classic bubble deflation cycle which has the following stages:

-Near hatred of asset class

then we are somewhere in the ridicule and denial stage.'Investors' are still buying in the hopes of a magical turn around after summer.
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