“I thought I’d share an interesting comment from a realtor friend of mine. Vancouver westside homes are being bought, left vacant, then flipped at higher prices after one home in same area is bloated after a STAGED price bidding war. Most disturbing is local buyers still wanting to get in at these prices because they are afraid they will be “Priced out Forever”. Sadly when this ends the locals with be holding the bag of mortgage debt.”
- Patrick at VREAA 23 Aug 2011 5:31pm
Thus far, this is just a rumour.
Any corroborating stories will be posted.
- vreaa
We have discussed the possibility of some “suspicious” bidding wars being staged already in the past, so this is not at all surprising.
Realtor listing house for exisiting owner for 100,000 grand less than market value then re-selling it himself for 100,000 profit.
http://www.cbc.ca/news/canada/british-columbia/story/2011/03/07/bc-richmond-real-estate-scam.html
It would explain why some properties sell within days (and make the news) while others linger on the market for months. We’re all being scammed!
Too bad there isn’t a published data set detailing the occupations/ income bracket of all folks buying RE transactions.
I bought and sold my house in a county in the USA that published sale price, seller + buyer names and address of real estate transactions in a week-end paper. Surrounding counties did same thing. I haven’t seen this practice in Lower Mainland. And purchase/sale accomplished without realtors–not so onerous when RE purchase/sale details are made public.
At the top of an asset bubble, corruption sets in.
never forget the bubble chart!
http://en.wikipedia.org/wiki/File:Stages_of_a_bubble.png
This book looks apropos: http://www.amazon.com/This-Time-Different-Centuries-Financial/dp/0691142165?ie=UTF8&tag=wandearounfin-20&link_code=bil&camp=213689&creative=392969
Yeha I expect to see a lot of ponzi schemes that were masked by a real estate investing in Vancouver cover stories to explain their low risk and great returns.
I am shocked — shocked! — that there are scammers operating in our fair city.
But who’s to blame here? A greater fool and his money…
You cain’t cheat a HonestMan, Jesse…
http://tinyurl.com/3dtt45g
This is an old con. I knew a guy that did this with cheap dollar store type goods. He’d go into a wholesaler and sell them a small quantity of crap. Then his buddy would go in a couple of days later, buy up all the crap and ask when more would be available. Then when the first guy returned, the wholesaler would buy up the whole lot and never hear from either of them again. It’s true, you can’t con an honest man.
Just in… [and leaving aside, for the moment, the mischievous positive correlation in YVR's burgeoning UpscaleKoreanRestaurant trade and PetTheft incidence]
[CBC] – Dognapping for drug money feared in Vancouver
“We’ve gone to all of the hospitals. They’ve given us the same answers, that people would try to flip this dog.” – GasTown Retailer Margot Robinson
“There are organized dog thieves out there.” – YVR’s VeryOwn PetDetective, Al MacLellan
http://tinyurl.com/3u9play
We’ve heard of people “flipping the bird” but never, up to this moment, of folks “flipping the dog”.
It get’s ‘better’, Ed… Just in, and today’s ‘last’/Nem’s ‘PartingShot’ before returning to more mundane pursuits…
[G&M] – Mexican pair sneaking into Canada arrested at border
…”U.S. border patrol officers spotted the two, who are from Mexico and said they were migrant workers, about 10:30 p.m. on Wednesday night in a rural, heavily foliaged area south of Abbotsford’s Gladwin Road and suspected that they were trying to sneak across the border. One managed to break free and fled north, leaving behind a duffel bag containing a loaded handgun.”…
http://tinyurl.com/3d9qjxt
PS – For those amused by ‘KeystoneCops’-like ‘get-aways’… try uttering the following, “Hola, los campesinos! Yo soy de Inmigración de Canadá.” betwixt TheVines @ any ‘NaganVineyard operated by a DrinksMultinational/cartel…
..and you thought Nem was kidding about HappyJuanValdez&Donkey migrating from Coffee@Columbia to GrapeJuiceIn’TheValley’?… [ of the JollyHoHoHo,Green*****?... sorry, couldn't resist slipping that one in, Ed].
I saw a poster earlier offering $2500 reward for a missing dog – first I thought “ridiculous”, then I started adding up numbers and wondering how difficult it is to ‘nap dogs