But man-alive, two things are nagging me about this place even days after leaving it:
- The layout made me think the developer designed it himself on the back of a napkin over a cheeseburger at lunch - kids in grade ten shop class probably can do better design work.
- Not one person I saw coming and going from this place looked a) old enough to be a homeowner and b) professional enough to afford the low-to-mid-$300K price tags this building has been demanding since completion.
OK, so what was I thinking originally? Many of these "kid homeowners" bought the dream: buy a condo, live in it long enough to pick up a partner in a downtown bar or workplace, mess around some and produce an offspring, maybe commit in a civil ceremony or its equivalent, sell the condo and buy a house having made out like a bandit in the process. But that dream isn't so real in a time of falling condo prices. Imagine being an agent, trying to have the pricing conversation with Joe and Pauline, and letting them know that their mistaken belief of a 50% gain over 3 years is more like a lucky-to-break-even-after-selling-and-buying-costs-are-calculated. I don't envy them at all.
These early months of a downturn in the real estate market are so new, so completely different than expectations for many home sellers, they must be in complete denial. Especially the ones who have never been through anything like this before. "Prices will rebound next spring. We'll just wait and list then."
Denial. Stage one. I wonder if Strata Councils will create price-bust support groups?