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).”