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Cottage Purchase Mania
As I sit on the deck of my eldest son's cottage I am listening to stories of the explosion of lakefront or just plain rural house purchases
City folk bidding up prices in some cases 25% to 30% over last year's comps
HUGE year on year change
2/
As I sit on the deck of my eldest son's cottage I am listening to stories of the explosion of lakefront or just plain rural house purchases
City folk bidding up prices in some cases 25% to 30% over last year's comps
HUGE year on year change
2/
Some of the craziest stuff is about prices paid for houses not on the lake at all but maybe 1 to 4 klicks away from the water
Houses that sat on the market for a year that local folks felt were overpriced taken off listing for 2 weeks and then put back on at 15% increase
3/
Houses that sat on the market for a year that local folks felt were overpriced taken off listing for 2 weeks and then put back on at 15% increase
3/
And selling in a week full ask
Hey, we all understand why
Cooped up in a townhouse or condo for 4 months and then no easy way to vacation once lockdown is over quickly develops into: "We need a frigging cottage now!!!"
It's just human nature
And it's a Canadian trait
4/
Hey, we all understand why
Cooped up in a townhouse or condo for 4 months and then no easy way to vacation once lockdown is over quickly develops into: "We need a frigging cottage now!!!"
It's just human nature
And it's a Canadian trait
4/
After all, where is there a better place for waterfront cottages than here?
It's in our DNA
And inventory is totally limited
So if city folk become super interested over night..... sh*t happens quick
Now what will the outcome be? Other than lucky sellers today
5/
It's in our DNA
And inventory is totally limited
So if city folk become super interested over night..... sh*t happens quick
Now what will the outcome be? Other than lucky sellers today
5/
Well, the cottage market is notoriously volatile
A year of feast followed by several of famine
But what I find most interesting is the case study in cognitive bias
Because this is pure Recency Bias
A year of feast followed by several of famine
But what I find most interesting is the case study in cognitive bias
Because this is pure Recency Bias
