Discover and read the best of Twitter Threads about #richmondre

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WHAT LIES BENEATH IN THE #VANRE MARKET?

(Warning: This will be a long thread, grab a cuppa coffee)

Most people are familiar with Warren Buffet's saying "Only when the tide goes out do you discover who's been swimming naked."

I believe it may be EXACTLY what lies beneath the
2/ level of the tide that could be the final nail in the #Vanre mkt once the full effect of foreign owners (FLIPPERS) selling their West Side SFD's kicks in. Considering that we are already 35% off the peak mkt highs, that in itself is an ominous thought.

Now, I've always
3/ suspected (no proof) that MANY #Vanre home owners have dipped into the "equity lottery winnings" that they have realized in the past 10 years to fund who knows what.

So when I saw an article yesterday from @BetterDwelling about Cdn Helocs,

betterdwelling.com/canadians-used…
Read 16 tweets
TEXTBOOK DELUSIONAL WEST SIDE SELLER/REALTOR

2028 29th Ave W, Quilchena (beside Shaughnessy), West Side #Vanre

Built in 1966. Current owner purchased in 1985 for $319,000

July 1, 2017 assessed value was $4.066M

Peak market value maybe $4.5Mish

Listed Aug/18 for...
2/ $4.68M

Re-listed Oct/18 for $4.068

2019 Assessment came in at $3.302M

Re-listed Jan 15, 2019 for $3.999M

Market value today is probably $3M tops

Didn't sell at $3.999M so naturally they re-listed today for...

$3.999M 🤦‍♀️

Unless there is #gold buried in the basement
3/ this place will not sell for $4M

Owners of this place are going to look back and regret their actions big time in about 12 months when they capitulate, sell for $2.4M, and realize they blew $1M in equity.

#vanre #richmondre #westvanre #vanpoli #bcpoli #northvanre #yyjre
Read 3 tweets
BOUGHT TO FLIP IN SOUTH GRANVILLE, BUT COULDN'T GET OUT IN TIME. NOW THERE IS SERIOUS #FONGO: 1749 62nd Ave W, South Granville, #vanre. Property was purchased in Mar/05 for $620,000, again in May/14 for $1.99M and sold to the current owner for $3.2M in May/17. Listed Oct/17
2/ to flip it, for $3.398M. Did not sell. 2019 Assessment came in at $$2.8M, and the assessment from the year before was $3.25M. Just re-listed today, Feb 6, 2019 for $2.98M, $200,000 less than they paid. But, that does not take into account transaction costs and the fact
3/ it is still listed almost $500,000 OVER TODAY'S mkt value of $2.52M. In the end I can easily see this turn into a +$1 million dollar flipping loss.
#vanre #northvanre #westvanre #richmondre #burnabyre #bcre #tore #cdnre #torontore #victoriare
Read 3 tweets

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