Spot The Speculator #4 – “I can sleep at night okay” (laughter) “That’s a good thing. He’s invested in two other houses.”

Excerpts from CBC news, 6 July 2010

Harpreet Bajwa: “We bought it approximately for 580”

$580,000 for this house in  South Vancouver. Harpreet Bajwa bought it 11 weeks ago, did some renovations, and now he’s flipping it. This weekend his real estate agent is listing it for $729,000, hoping for a bidding war.

It worked for him before when he flipped this place 6 months ago.

When this house first went on the market back in December [2009] there were 50 families through in the first and only open house. There were five multiple offers. That was then. Last month sales in Vancouver plummeted 30% compared to a year ago.

Harpreet Bajwa remains optimistic.
Mr. Bajwa: “The up and downs do come in life, but, generally, it will go up.”
Interviewer: “You can sleep at night okay?”
Mr. Bajwa: “I can sleep at night okay” (laughter).
That’s a good thing. He’s invested in two other houses.

15 responses to “Spot The Speculator #4 – “I can sleep at night okay” (laughter) “That’s a good thing. He’s invested in two other houses.”

  1. So he figures he added 149K in value to the house with a few renovations? With that kind of cash you could come damn close to building a whole new house.

  2. Sure, market has turned somewhat, however, some RE neophyte will still buy this fluffed up piece of crap because it is “relatively” cheap compared to everything else. Overall prices haven’t come down much. The reality is that place probably requires a complete gut job and therefore shouldn’t be bought. These kind of places scream buyer beware, but who am I to say what people should or shouldn’t do? If you want to buy a potential minefield covered in nice shiny new bandaids, go for it! Guys like this are only in it for the quick buck, plain and simple. Forget permits, building code and basic ethics. Slap a coat of lipstick on this pig and get rid of it quick!

  3. If the guy can find suckers to pay so much for so little reno’s what’s wrong with that? Nobody’s forcing these dopes to overpay!

  4. I totally agree with you bob, he’s taking a risk and the market will determine if he’s going to lose or not. My friend has done this in Ottawa for the past 7 years..

  5. The days of flipping property are over and the train has left the station. This guy is out of touch with the changes that are taking place in the market. RE is heading down and thats without major interest rate hikes.

    What with the HST digging into homeowners disposable income and our trading partners to the south barely keeping afloat and on life support.

    Risky times ahead especially as most of our manufacturing base has headed out to chindia.

    Can we survive on RE and tourism alone?

  6. The real question is why would he do this interview? Anyone who sees this will know what he paid for it.

    I found it on MLS for anyone interested in following the carnage.

    V840754

  7. Even though the events behind this story are not unique, desperate sellers are now hoping that MSM will help them sell their properties quickly at top dollar.

    If he’s lucky his tactic may pay off. Maybe he’s too late this time.

    When they were showing the interior of that house, at first I thought they were showing it ‘before’ the reno. had been completed. It just smacks of a quick cosmetic update. Sellers still think that slapping a bit of paint around and some granite and stainless steel will make that house good value for money to a gullible buyer.

    Lipstick on the pig indeed.

  8. There are dozens of fixer uppers priced in the 500’s in S.Van/E.Van., so good luck selling this at a $150k or so premium. I bet this guy truly believes he is a high rollin’ real estate mogul now that he has been on TV. LOL. That sparkling new kitchen is IKEA quality at best complete with laminate countertops and plenty of cheap particleboard with that oh so lovely melamine foil woodgrain “effect”. I also love how the whole place is painted the same colour and that the same tiles were used everywhere. Best of all, gotta love that $25 bathroom faucet from Cdn Tire or Rona or wherever he found it. Definitely a deal closer.

  9. based on the picture, my initial impression was “how on earth can you fit 2600 on 1 level?!” after seeing some of the pictures, it clearly shows that the basement suite hidden like a bunker. hahaha

  10. He’s asking over $700 large for a 1947 shack that should have been bulldozed years ago…

    Nothing says luxury living like baseboard heating and laminate flooring!

    😉

  11. Oh, yeah here’s the link to the listing. Thanks to Wizard of Ozzie….

    http://www.realtor.ca/propertyDetails.aspx?propertyId=9719689

  12. a caveman can do it

    hes clearly priced it high so he can still accept a low ball offer and still profit. personally, i hope he fails miserably.

  13. I just checked. Any idea if this property was sold and for how much?

  14. Sold for $689k

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