Regular readers of this site will know that I am not particularly shy when it comes to making predictions and offering 'opinions' on events that I find worthy, especially the villainous characters that populate the industry.
I made a couple predictions in 2017, so lets review them now.
1. My bet was that Killarney land value would stall at the summer high point of $683500 for a 50 ft lot which sold in a bidding war to a builder.
outcome - wrong - A deal was closed in december at $685000. I did comment that I thought the buyer was nuts. I will stick with that prediction, despite being wrong about the price I am really glad I did not pay that much for that property.
2. During the lead up to the vote for the re-desigation of a Killarney property to RCG from Rc2 I predicted that the council would vote overwhelmingly no, however I was uncertain at the time what would happen with the newly elected Council.
outcome - wrong - The Council overwhelming voted to proceed with the RCG re-desigation, and went as far as tweaking the zone to create site specific restrictions. I am bothered by the restrictions as I don't think they were thought through carefully enough, and I don't want to see an avalanche of new tweaks and clauses to an already complex set of rules. Despite this, I later theorized that Council has undergone a structural change to favour this type of project over often irrational community opposition. But I was still wrong about the vote.
3. the real estate board that regulates realtor behaviour would do something about terribly unethical realtor behaviour that I documented and sent to them (on a platter).
outcome - wrong - totally got the brush off. What a waste of time.
Looking back on my predictive success for 2017, I didn't do too well. My next post will be a 2018 future prediction edition, hopefully I will be more accurate this year.
There is no limit to what people seem willing to pay to acquire development land in Killarney, but there is a real cap on what newly built homes sell for that is far more volatile and fickle than the land market. These two markets, one would think, are inextricably linked. That they operate independently is just another puzzle of inner city building.