Abandoned buildings

[grant1simons2]

Along with discussions we can have about the abandoned cool buildings in Minneapolis, I'd like to kick off the topic with China. If you haven't seen the video that vice has made check it out. Surreal to say the least

https://www.youtube.com/watch?v=trs_udhjWqc

[min-chi-cbus]

My jaw's on the floor!

[grant1simons2]

Isn't that crazy? 30+ story condos just empty..

[Wedgeguy]

Isn't that crazy? 30+ story condos just empty..

From something I saw on the subject last year. That is a norm in China where people put their money in to have a solid place for their assets. But now they are just so over build that when it all collapses it will be quite scarey and put our housing bubble to sham.

[Tcmetro]

From what I understand wealthy Chinese have been putting a lot of money in foreign real estate, namely Canadian real estate. Apparently, it has wrecked havoc on the equilibrium of the Vancouver housing market, but it shouldn't impact the American market as much considering ours is much larger.

[Wedgeguy]

From what I understand wealthy Chinese have been putting a lot of money in foreign real estate, namely Canadian real estate. Apparently, it has wrecked havoc on the equilibrium of the Vancouver housing market, but it shouldn't impact the American market as much considering ours is much larger.

I'd say that this is probably true in a few cities here in the states. Miami would be one of them where the wealthy from Latin American buy up real estate as a hedge for a stable place to put their money. NYC is clearly one where you have a single penthouse going for ridiculous amounts. Problem with it is, that real estate is not as liquid as cash, and you are destine to have swings in the value of the properties as more gets built and tastes change. A bubble which will happen again will wipe out a lot of value. As we know with real estate, some always live to repeat their mistakes many times over.