Wednesday, July 11, 2007

You know the market has gone nuts when....

A two bedroom apartment in a building sells for less than one bedroom unit in the same building.
One bedroom unit in the Parliament selling for $359,900
Two bedroom unit in the same building selling for $349,900.
So it looks like one of these two sellers has got it all wrong. I think they both have it all wrong, but may be it's too premature to declare that.

Other than that, I have always wondered where that last $900 comes from, do they want us to give the impression that $100 is going to make a big difference. Come on, you guys are not selling $17.99 toaster that will bring in the consumer buying psychology into play.

So what could be going on here? Is there a typo? Or is there a different type of flipper math at work? The two bedroom unit is on the 10th floor, so I don't think that will make a huge difference.
The above reminds of the heady days of NASDAQ bull market when the market cap of PALM exceeded that of 3COM despite 3COM owning most of Palm.
Downtown Edmonton is now littered with hundreds of condo listings that are simply not selling. Hundreds of new condos will be completed in the next few months. But we will be getting an army of construction workers who will gladly pay $300 to $400k for the fancy condos and enjoy the benefits of 'reverse commute' to their work sites in Fort Sask.
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