“Last year we lived in the top floor unit at 1923 Waterloo St. Vancouver and was saddened when the owner decided to sell the house. The owner lived downstairs with his young growing family and we knew them since they moved into the neighbourhood. The previous owner had completely gutted the house and did a great job in bringing back this Kits Grand Dame back.”
“The house sold last July  for $1,810,000 and the new owners did not want us as part of the package. Here’s the original listing:
“Much to my surprise, I recently drove by to see a for sale sign out front of 1923 Waterloo again. Asking price $2,288,000. A whopping $478,000 over last year’s price.”
“All the new owners did was take out the upstairs suite kitchen, removed the carpet and laid laminated wood floors, dry walled the unfinished basement, painted over all the nice wood beams and fire place in the downstairs living room, put in a new refrigerator, cut out all the privacy of the laurel hedge out front, and put up a large fence.”
“My back of the envelope math on this unit goes like this
Purchase Price $1,810,000
Transfer Tax $35,620
Realtor (if sold) $61,700+/- (7% on $100K 2.5% on balance)
Total cost: $1,931,700 is their break even point (maybe a little less on the realtor fee depending on selling price).
Not including any interest cost if they had a mortgage.
Comparable houses in this neighborhood are selling between $1.6-$1.8 million.
“They can try all the lucky 88’s they want but HAM does not buy in this area, they prefer a newer house with a view.
I guess someone forgot to tell the new owner that the market peaked last year.”
– from DJB, via e-mail to vreaa, 17 Apr 2012
[thank you, DJB -ed.]
This’ll be one to track.
Possible ‘crispy flipper’ candidate.
Nice looking house. Currently serving as a trading chip.
Perhaps 800k to a million bucks in the trough?