Real Estate

Foreign buyers are nuts!

  • Last Updated:
  • Apr 24th, 2017 11:48 am
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[OP]
Jr. Member
May 18, 2015
172 posts
230 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 Addict
Feb 9, 2009
4159 posts
1907 upvotes
tell us oh wise one....
[OP]
Jr. Member
May 18, 2015
172 posts
230 upvotes
Thornhill, ON
Sanyo wrote:
Apr 21st, 2017 12:55 am
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 Addict
Feb 9, 2009
4159 posts
1907 upvotes
jonkoktosen wrote:
Apr 21st, 2017 12:56 am
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.
Sr. Member
Feb 11, 2009
840 posts
138 upvotes
jonkoktosen wrote:
Apr 21st, 2017 12:52 am


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
48 posts
22 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
2953 posts
273 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:
Apr 21st, 2017 12:52 am
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?
Sr. Member
Dec 23, 2010
640 posts
212 upvotes
Ottawa
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.
[OP]
Jr. Member
May 18, 2015
172 posts
230 upvotes
Thornhill, ON
sidshock wrote:
Apr 21st, 2017 1:14 am
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
6499 posts
699 upvotes
jonkoktosen wrote:
Apr 21st, 2017 1:21 am
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?
[OP]
Jr. Member
May 18, 2015
172 posts
230 upvotes
Thornhill, ON
Buggy166 wrote:
Apr 21st, 2017 1:23 am
there's a 4 and an 8 in the address?
lol good guess, but no. Look further down the page in the listing details..

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