“We bought in 2005 for $698K, we sold in 2011 for $2.1M and were looking for the Punk’d cameras as we faxed the agreements back and forth. The new owner was adamant that he was tearing down the second we moved out, but still hasn’t done so.”

“We bought in 2005 for $698k (I was 33) we sold in 2011 for $2.1m and were looking for the Punk’d cameras as we faxed the agreements back and forth.  We rented back for 6 months (for 1$) so the kids could finish school with no disruptions. The new owner was adamant that he was tearing down the second we moved out. Had surveyors, architect dudes coming by to measure stuff, lot was marked out and trees surrounded as we were getting ready to leave. We moved out and a couple of months passed…. nothing. We went trick-or-treating in the old hood and low and behold he’s rented the house out to two students for a year. How fast things change.”
- Double Down at VREAA 28 November 2012 at 9:58 am & 10:02 am

A $1.4M gift, care of somebody else’s debt commitment.
- vreaa

13 responses to ““We bought in 2005 for $698K, we sold in 2011 for $2.1M and were looking for the Punk’d cameras as we faxed the agreements back and forth. The new owner was adamant that he was tearing down the second we moved out, but still hasn’t done so.”

  1. Great stuff. As the saying goes, money has a way of finding its rightful owner.

  2. Naked Official #9000

    Disloyal cadre, vreaa: you were saving this anecdote for this bizarre, decadent Christian holiday, were you not? Such mockery of your betters!

  3. As far as I a concerned this is the only positive side of the bubble.

    Few people got to win the “lottery” in the past decade, I hope many that did are deserving families.

    Thats a cheerful read this morning.

    Hope Santa was kind!

    • Relatives of mine bought in ~2001 and sold pretty much at the peak during winter 2011. They made it out of the Lower Mainland market with enough money to buy exactly the home they wanted in a nice neighborhood in Calgary with a very small mortgage. They characterize it as winning a small lottery and are financially sober enough to see that it was more luck than planning. If it weren’t for the fact that they couldn’t find advancement in their careers by staying in the Lower Mainland, they probably wouldn’t have moved.

  4. Rented to two students? Good grief, what a great investment that was.

  5. So evidently new owner isn’t thinking that the market is going to perk up this spring.
    I’m just observing the festivities across the road at a new build completion. The owners are Punjabi, who apparently build and move every couple of years. So I don’t know how the downturn will impact them. Overheard that they would have added a laneway house, but lacked the finances. I also understand that some of the financing is done within the community rather than conventionally.
    I’ll leave it to others to speculate.

  6. “A $1.4M gift, care of somebody else’s debt commitment.”

    In boom times, people buy cause they “don’t want to pay somebody’s mortgage.” During the bust, they sell cause they don’t want to be left holding the bag. Interesting how the people try to get ahead in life, only to end up further behind.

  7. Real Estate Tsunami

    Just watching “The sons of Katie Elder”.
    They are talking about being “horse poor”.
    I guess in the good old wild west, you were considered a nobody if you did not own a horse.
    Fast forward to today. Horse = House.

  8. Which neighborhood had they bought their property in? Vancouver’s West Side?

  9. Rightful owner? Kind of makes it sound like there was prudence or skill involved. On the contrary; the fellow bought in 2005, when the market was already pricey, and didn’t sell until 2011, well past the point that a sensible investor would have gotten out. The gain was sheer luck.

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