Discover and read the best of Twitter Threads about #westvanre

Most recents (4)

“But it’s believable to me that if there’s an impact it would be at the higher end (of the market),”

Let's say 700 homes change hands per year in West Side #Vanre. Avg say $3M per home. That's roughly $2B per year.

Say half that is mortgaged, so

vancouversun.com/business/local…
2/ $1B per year COMPLETELY controls the West Side mkt.

Last week I tweeted about ONE woman from China 10 years ago looking to buy 4 to 5 homes on the West Side. If she's looking to spend $20M, all you would need would be 49 more of her to completely buy up every
3/ property that hits the mkt on the West Side.

Is that so inconceivable?

50 wealthy Chinese investors could come in a corner the West Side #Vanre mkt.

Now throw in the local money launderers as in the #VancouverSun article and you need even less than 50 Chinese buyers.
Read 11 tweets
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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