Richmond Speculation – ‘Home seller miffed after buyer flips home’

From Richmond Review, 11 Feb 2011“Imagine Jim Davis’ surprise when he learned his home was again being offered for sale even before the deal he’d signed in December had passed its completion date. After Davis’ mother passed away last year, he and his brother inherited her Jesmond Avenue split-level house in desirable West Richmond.
They sold the property to a man who claimed he was going to build his dream home for his wife and child. But last Friday, a phone call from a realtor alerted Davis to the fact that the buyer was actually trying to flip his property for a $100,000 profit, one of many such transactions currently underway in Richmond’s white-hot real estate market.
“I feel like I’ve been snookered,” Davis said from inside his mom’s home. “If they’d just been honest with me up front…”

And a second example, from ‘itsonlymoney’ at RE Talks 13 Feb 2011 2:48 pm – “On the same road [in Richmond] that I grew up on (and my parents still own a house on), one of our neighbours sold their 60 x 120 lot house for $900k in September (which in itself is ridiculous). The new owner has now relisted it for $1.4 million, and, as of January, he has offers of over $1.2 million. (for lot value essentially as its quite an old house).”

15 responses to “Richmond Speculation – ‘Home seller miffed after buyer flips home’

  1. The demand for SFHs in Richmond is there. Builders/investors are buying old houses to tear down and build new houses of $2M upwards.

    The line up has started since this morning at Onni’s “Sovereign”, corner of Kingsway/Willingdon/Hazel. The official sale has been scheduled on the 19th. One can earn $100 lining up during the day and $120 night. Naturally hiring ad for this role is in Chinese.

  2. need help to line up, tonight, urgent, contact
    Shirley 7788633870

  3. urgently required, night shift persons, 7, 8pm – 6am
    contact 6047159389

  4. Builders Assoc CNY Meetup, Feb 19, Bonsor Community Centre, 6550 Bonsor Ave, 27:30-22:00 hours, 6048888888

  5. Vancouver is starting to seem like the perfect place to start my new tulip business. Tulip bulbs only go up in value, dontcha know! Don’t miss out, get in on the ground floor!

    • My source told me that in the last years, few real entrepreneurs landed here. The easy money came from speculating in real estate, and why stop now when Fed’s immigration quota is guaranteed!
      Read btw lines, Jason K lamented over the number of fake documentation submitted by applicants from one particular country.
      Still not convinced? Rich guys were kidnapped in Vancouver and Toronto and then released …… ransoms paid in HK and China.

  6. 29 -> Are these people being employed to line up by prospective buyers, or by the developers?

  7. on Onni’s VIP list

  8. A couple of buyers were pushed out of line by RE thugs. LOL
    Total 200 units. Line up > 150 people. S O L D – O U T.

    1 guy said he made $1000 to line up 3 days for a friend.


  9. 29 -> thanks for the info and the links.
    Any idea if these buyers are (1) prospective occupants, (2) short term flippers, or (3) investor-speculators intending to rent out?

    • A few genuine buyers. Most are flippers.
      Latest. Prospective buyers must produce IDs and register in person; they will then get a number like in a doctor’s waiting room. Further more they cannot transfer their option to purchase to a 3rd party. If that is true, kudos to the sales organizer to bring in some sanity to this fracas.

      To all those PC and bleeding hearts. 30 years squatting in an adopted land does not make one a Canadian. Bad behavior require a “nib in the bud”. How is that racist? FYI, I’m yellow.

  10. Pingback: Burnaby Condo Presale Lineup – More Shameless RE Promotion Presented As ‘News’ By Global TV | Vancouver Real Estate Anecdote Archive

  11. follow up to Feb 11 story in Rmd Review:

    Hong Kong curbing of house flipping coincides with local real estate boom

    New Land = ponzi scheme???

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