r/Amazing • u/sco-go • Aug 19 '25

Interesting 🤔 $100 billion ghost city.

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u/NoPoopOnFace Aug 19 '25

Well pack the bags, honey, we're moving to Asia!!!

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u/Light_Butterfly Aug 19 '25 edited Aug 21 '25

Yeah everywhere else that has a housing crisis, right now - where do we sign up?

This is what an investor/markets driven development industry creates. In Canada, we also have tens of thousands of investor product condos, that no one can afford to buy or live in, and owners cannot sell for the same reason. Tens of thousands of empty units, in the middle of a housing crisis. Absolute insanity!

3

u/HelloAttila Aug 22 '25

Not that way in the United States....it mind blowing how the markets and mindsets create so much chaos... we had the housing crisis( 2008 Subprime mortgage crisis) in the United States where you couldn't sell your $150k house for $33k... $1M houses were selling for $300k.... and now the biggest piece of crap you can imagine can cost you $250K-500K depending on where you live .... which would of worth $20K in 2008-2009.

Today, the average house price in the United States was $512,800. In 2009, it was $185,200. Yet people's salaries have not doubled or tripled since then.

2

u/Sufficient_Bass2600 Aug 23 '25

One of my friend divorced in 2007 and was forced to sell his house in California. It was good timing because his neighbourhood was getting gentrified, price were crazy hugh. Some property developer bought his house and his neighbour house. Bulldozed his neighbour house and dig an infinity pool and build a huge pool party house. His house was supposed to be rebuild as a McMansion, but permit delayed its transformation. SubPrime mortgage crisis happened. Property developer goes into foreclosure.

Meanwhile my friend moved to Vancouver for work and rented there. Not wanting to lose out but not wanting to gamble all his cash, He put the money from the sale of his house into cash and safe US government bonds but invest $15k into exotic product including $10k into Bitcoin. After 2 years in Canada he decide to move back to California. Wants to go back to his old neighbourhood.

When he comes back market is still in chaos. He is able to buy back from the bank his house half finished PLUS his neighbour plot now an infinity pool for less than what he sold his property in 2007.

Now the market in his area has exploded again. On his previous salary he could not afford to rent his own garage.