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Vancouver Real Estate Flip Flops
@VanREflipflops
, 3 tweets, 3 min read Read on Twitter
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
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Vancouver Real Estate Flip Flops
@VanREflipflops
@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?
Read 3 tweets
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Vancouver Real Estate Flip Flops
@VanREflipflops
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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Vancouver Real Estate Flipping Flops
@VanREflipflops
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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Tucson Veterans on Patrol Update: I looked into the property where the VOP camp is located on W. Manville Road and have two new bits of info.

1) I contacted the property owner and spoke with the caretaker who verified that VOP does have permission to camp on the land.
2) The current owner purchased this land in 2014 from an interesting fellow.

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#CANST/#GMNo🇺🇸🐸🦑
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Ian Young
@ianjamesyoung70
That you regard any affordability solution that is not related to supply as a mystery is kinda telling
What else can be done ‘except zoning reform’? Really? Fine. These are not my recommendations but here’s a list of possibilities 1. You could crack down harder on foreign money. Crank the FBT to 30%, 50%, 100% whatever
2. Or you could just ban foreign buying completely
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