@SteveSaretsky Apparently this is one way that local drug cash is laundered. Wealthy Chinese buy a house. They then use that house as collateral to borrow money from the drug dealers (at apparently crazy interest rates, sometimes upwards of 100%) which they then take to the casinos to gamble.
@SteveSaretsky 2/ The loan payments are made back in China which are then funnelled back into the production of the fentanyl. I think it's almost expected that the owner walks from the property, then the "mortgage holders" (drug dealers) have the house sold and get their money out "washed".
@SteveSaretsky 3/ What is the address of this house?

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More from @VanREflipflops

Apr 30, 2019
“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
Apr 20, 2019
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
Jan 17, 2019
I tweeted yesterday that of the 230 West Side #vanre sales that have taken place since Aug '18, only about 5% of those (that were not either new builds or mega mansions $10MM plus) sold ABOVE their July 1, 2017 assessed value. And yet, of the 17 new West Side listings...
2/ posted today, 11 (65%) are listed ABOVE their July 1 2017 assessed value, and the rest are all listed ABOVE their 2019 Assessment (July 1, 2018) Seems logical 🤦‍♀️And many of these "new listings" are really re-listings that are still way overpriced. Most of these homes...
3/ (except for a few that are 2-3 years old), are older homes. Older homes on the West Side are selling (if at all) for about 10% BELOW recent assessed values. And many recent assessed values are down 20% from the previous year. That should give you an idea...
Read 4 tweets

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