Real Estate

Foreign buyers are nuts!

  • Last Updated:
  • Apr 24th, 2017 11:48 am
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Member
May 18, 2015
484 posts
686 upvotes
Thornhill, ON

Foreign buyers are nuts!

This is what I don't understand about foreign buyers...

I have a family member who unloaded a piece of crap bungalow for $1.3M* in RH to a FB last summer... Another similar bung on the same block just sold for $1.86M to a FB last week:

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http://watch.ohmyhome.ca/#/mls/N3746248

When they can have this for $2M: A wonderful 5900+ sq. ft. country home, situated on 18.5 ac. of rolling farm land in the heart of Niagara wine country:

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https://www.realtor.ca/Commercial/Agric ... rio-L0R1S0

I talked to a realtor friend and he let me in on a little secret about Asian buyers in particular... Sure, Bayview SS is top rated and that plays a big part in their decision to pay almost $2M for a crappy bung, but there is apparently another reason why the luxury property in Lincoln isn't scooped up by the FB's...

Anyone care to guess why? Thoughts?

*edit to fix typo: I originally said family member sold bungalow last summer for $1.5M, meant to type $1.3M... (was thinking about a different property that he sold)*
Last edited by jonkoktosen on Apr 21st, 2017 12:52 am, edited 2 times in total.
69 replies
Deal Guru
Feb 9, 2009
12381 posts
11307 upvotes
tell us oh wise one....
Member
May 18, 2015
484 posts
686 upvotes
Thornhill, ON
Sanyo wrote: tell us oh wise one....
I was hoping you guys would take a stab at it... Face With Stuck-out Tongue And Tightly-closed Eyes
Deal Guru
Feb 9, 2009
12381 posts
11307 upvotes
jonkoktosen wrote: I was hoping you guys would take a stab at it... Face With Stuck-out Tongue And Tightly-closed Eyes
Im stupid and dont know.
Deal Addict
Feb 11, 2009
1026 posts
294 upvotes
jonkoktosen wrote:

Anyone care to guess why? Thoughts?
Chores would be a bitch in that Niagara home. I ain't cleaning all those bathrooms (also probably not on a bus route that a maid could use).
Newbie
Oct 3, 2015
61 posts
26 upvotes
Gormley, ON
Lack ethnic foods in Niagara, panda garden AYCE sweet and sour chicken balls don't hit the spot. Probably little to no ethnic grocery stores.

Plus god forbid they have to speak English in Canada.
Deal Addict
User avatar
Mar 23, 2003
4676 posts
1285 upvotes
Hamilton
Something to do with boarder?
Or some superstition due to being at the "falls"?
Just guesses... I am curious. As in. Is the answer your opinion? Or fact?
jonkoktosen wrote: This is what I don't understand about foreign buyers...

I have a family member who unloaded a piece of crap bungalow for $1.5M in RH to a FB last summer... Another similar bung on the same block just sold for $1.86M to a FB last week:

Image

http://watch.ohmyhome.ca/#/mls/N3746248

When they can have this for $2M: A wonderful 5900+ sq. ft. country home, situated on 18.5 ac. of rolling farm land in the heart of Niagara wine country:

Image
Image
Image
Image
Image
Image
Image
Image

https://www.realtor.ca/Commercial/Agric ... rio-L0R1S0

I talked to a realtor friend and he let me in on a little secret about Asian buyers in particular... Sure, Bayview SS is top rated and that plays a big part in their decision to pay almost $2M for a crappy bung, but there is apparently another reason why the luxury property in Lincoln isn't scooped up by the FB's...

Anyone care to guess why? Thoughts?
Deal Addict
Dec 23, 2010
1897 posts
969 upvotes
Moon
I agree with you. In no universe are the pieces of crap houses selling for $1.4 million worth the price paid. Fundamentals will catch up eventually.
Member
May 18, 2015
484 posts
686 upvotes
Thornhill, ON
sidshock wrote: Something to do with boarder?
Or some superstition due to being at the "falls"?
Just guesses... I am curious. As in. Is the answer your opinion? Or fact?
It's not my opinion, it's what I was told by a realtor friend who operates in Georgina and has sold to many Chinese buyers...

It has nothing to do with the border or the falls...

Hint: If you look closely at the listing details for the luxury property I posted, you will see the answer.
Deal Fanatic
User avatar
Oct 23, 2003
8455 posts
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jonkoktosen wrote: It's not my opinion, it's what I was told by a realtor friend who operates in Georgina and has sold to many Chinese buyers...

It has nothing to do with the border or the falls...

Hint: If you look closely at the listing details for the luxury property I posted, you will see the answer.
there's a 4 and an 8 in the address?
Member
May 18, 2015
484 posts
686 upvotes
Thornhill, ON
Buggy166 wrote: there's a 4 and an 8 in the address?
lol good guess, but no. Look further down the page in the listing details..
Deal Fanatic
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Oct 23, 2003
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jonkoktosen wrote: lol good guess, but no. Look further down the page in the listing details..
golf course nearby I can see as a negative...but i feel like it needs to be a more ridiculous reason at this point lol
Member
May 18, 2015
484 posts
686 upvotes
Thornhill, ON
4seasonscentre wrote:
Chores would be a bitch in that Niagara home. I ain't cleaning all those bathrooms (also probably not on a bus route that a maid could use).
Millenial1994 wrote: Big City > "Village" of < 100k people
Lalalum wrote: Lack ethnic foods in Niagara, panda garden AYCE sweet and sour chicken balls don't hit the spot. Probably little to no ethnic grocery stores.

Plus god forbid they have to speak English in Canada.
LNahid2000 wrote: The jobs are in Toronto (if the foreigner is renting out their investment). How long is it going to take me to drive to downtown Toronto from there on a weekday morning?
All good guesses, but not the reason I was told... It has to do with something that is very specific to rural properties. Electric Light Bulb
Newbie
Oct 3, 2015
61 posts
26 upvotes
Gormley, ON
jonkoktosen wrote: lol good guess, but no. Look further down the page in the listing details..
Swimming pool
Newbie
Oct 3, 2015
61 posts
26 upvotes
Gormley, ON
jonkoktosen wrote: All good guesses, but not the reason I was told... It has to do with something that is very specific to rural properties. Electric Light Bulb
Septic/no town water/ propane tank?
Last edited by Lalalum on Apr 21st, 2017 1:38 am, edited 1 time in total.
Member
May 18, 2015
484 posts
686 upvotes
Thornhill, ON
Buggy166 wrote: golf course nearby I can see as a negative...but i feel like it needs to be a more ridiculous reason at this point lol
lol, no.

The answer is in the very next section down from where you saw the golf course detail...

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