novotny

Some Housing Schadenfreude

I was just in Vancouver and it reminded me of San Diego 3 years ago. Downtown is filled with glass high rise condos, but if you look at night you notice the lights aren't on in most of them. They were bought mainly by Chinese speculators possibly with the winter olympics in mind. I live in NYC and was surprised to see the prices close to what I would pay nearby, but the wages are awful and the gas is over $6 a gallon. Jobs don't seem to be too plentiful either. If I could figure out a good vehicle for shorting that market I would be "all in".