Around Town

Last week, Vancouver installed the Olympic Countdown Clock outside the Art Gallery. I think it's a good idea, but still, I go by that spot every day so it sure makes me aware of the passing days. Whether or not that is good thing I haven't decided yet. Maybe I'll have to vary my route to work a little.



Aside from new clocks, there are piles of condos going up around town. The thing about asset bubbles is that while it is relatively easy to realize you are in one (unless you work in the media, of course), it is difficult to guess when the bubble will end. In the case of Vancouver's housing bubble, we can see the damage spreading our way across the U.S., but it's still hard to get the timing right. I'm pretty confident the next 5 years will bring buying opportunities for at least 20% off today's prices, but when in those five years - beats me.

Bubbles are mainly about psychology and one of the ways to identify them is when the typical hyperbole that surrounds any big market starts to get a little silly. Case in point, The Shangri-La, a big project going up at the intersection of a few noisy, busy downtown streets in Vancouver, in what has typically been a somewhat rough area as the city transitions from downtown office buildings to residential buildings. Anyway, as you can see from the picture (as always, click to enlarge)....



...they are passing off some of the condos in the Shangri-La building as "Estates". Sure 2200 square feet is a big condo, but an estate? I can see the conversation now.

Owner: 'Welcome to my estate'
Visitor: 'Where are your grounds?'
Owner: 'Let me show you my balcony'
Visitor: 'No, I mean where are your grounds for calling this condo an estate?'
Owner: 'Uh, did I mention it has 3 bathrooms?"

Finally, for all the folks back east (meaning: on the other side if the Rockies), the obligatory mid-February trees in bloom photo, taken a few days back...