Timing, Bad Luck or an Oops!
On October 13, 2010 this 25 year old Vancouver home located in Kitsilano sold for $1,299,000 in three days. With ink barely dry on the transfer papers, on November 12th, 2010 the new owner put it on the market for $1,498,000.
Considering that an 85 year old Kitsilano home directly behind was listed on October 29, 2010 and sold on November 09, 2010 for $1,450,000 in 11 days, as market comparables go, there is every chance that the new owner’s may realize a short term profit approaching $200,000.
25 Year Old Home Sold for $1,299,000
2,950 Square Feet
“Great opportunity in Kitsilano. This 2,950 SqFt Home sits on an extra large 40’x122′ Lot. House features 7 bedrooms, 3 baths, 2 fireplaces and 2-car garage with lane access. This unique home has 2 separate legal suites with 4 bedrooms, 2 baths and fireplace up and another 3 bedrooms, 1 bath and fireplace on the main level. Ideal for an extended family, single family home with a great mortgage helper or is easily converted into a single family dwelling. Home is well kept by original owners and is in original condition, just needs creative energy for 2010. Sits on a beautiful tree-lined street 2 blocks from the upscale shopping and fine dining of West Broadway and minutes to Downtown & Airport. Well priced. Don’t miss this one!”
85 Year Old Home Sold for $1,450,0003,054 Square feet.
“Spacious 4 bedroom two level Kitsilano home plus fully developed basement to help reduce those mortgage payments. Lots of recent updating including: kitchen, double glazed wood windows, roof, wiring, plumbing, etc. Beautiful hardwood floors, wood burning fire place and much sought after “through-hall” floor plan with large principle rooms. Massive sundeck off of kitchen, and a two car garage. Within walking distance to all level of schools, shopping, parks, and bus transportation. Minutes to UBC, downtown, and beaches. BONUS: 40 X 122 foot lot.”
Note ‘Bonus’: both lots are identical at 39.60 X 122
1 Month Later – Same 25 Year Old Home for Sale $1,498,000
2,950 Square Feet
There does not appear to be any drastic changes to the home or the property other than the interior pictures are now void of all furnature. What does seem drastic aside from the drama of the house picture being upside down, is that it is now being ‘flipped’ for almost $200,000 more that it sold for mere weeks ago.
“Extremely well kept 25 year old home by it’s original owners. Hot Kitsilano location..hot product (Vancouver Special) with over 1700 sqft of living space upstairs. Many features include: 2 wood burning fireplaces, 2 kitchens with easy suite potential, sundeck, hot water heat, 3 full baths, oversized 2 car garage, nice level 39.6 x 122 feet lot conveniently located to all amenities. Just paint and move in or open to many renovation ideas.”
This might all just be a coincidence. As aspersions are not on the menu, it must remain a curiosity that both properties and in particular the property being flipped were listed and sold by the same agent.
Should we expect this flip to be three times lucky? If Vancouver’s lady luck market is on the new seller’s side and this home actually sells close to the new asking price one’s curiosity might ask this question.
Will the first seller will be having an agency conversation about their ‘oops moment’ of bad luck with a lawyer or will they simply accept that they were on the bad side of a Vancouver house flip?