“Here’s a couple of attempted flips in Metrotown to watch…”

Crash at vancouvercondo.info July 15th, 2011 at 4:04 pm-
“Here’s a couple of attempted flips in Metrotown to watch:

MLS#: V893467
7005 Gray Avenue
Assessed: $780,000
Sold: Mar 2010 $805,000
Listed: Jul 2011 $1,340,000 (after some renos. maybe $40-50K worth)
Note: This was listed in May 2011 for around $1.1 Mil and didn’t sell, so now re-listed even higher!

MLS#: V899271
7162 Gray Avennue
Assessed: $739,900
Sold: Apr 2010 $790,000
Listed: Jul 2011 $1,398,000 (after some renos. maybe $40-50K worth)

Both of these houses are 1960′s era bungalows and were bought just over one year ago, prettied up with renos and re-listed just after the one year mark to avoid the capital gains.
These people must be watching old reruns of Flip-This-House.

Also:
7188 Gray Avenue
Assessed: $697,500
Sold: Oct 2010 $757,500
House has now been demolished and a new spec. house is being built. This next door to 7162 Gray Avenue.

Lots of builder and speculator activity in the Metrotown area south of Imperial Street. I have noticed a sales slowdown in the area recently, with a noticeable increase of listings.”

3 responses to ““Here’s a couple of attempted flips in Metrotown to watch…”

  1. This tells me that anyone who actually bids on those houses should offer not more than 50% of the asking price.

  2. Assuming the potential buyers have a realtor, shouldnt they be able to tell them this same information? And shouldnt that raise a few flags?

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