Realtor blames typo for 6x attempted flip, claims markup is only 100%

By ThinkPol Staff

On Sunday, ThinkPol published a story[1]Flipper attempts nearly 5x profit within a year on Coquitlam property about how a real estate speculator is apparently attempting to sell for $15 million a Coquitlam property they bought for $2.6 million less than a year ago.

Now, the realtor listing the property is blaming a typographical mistake on his part for the apparently astronomical markup of the attempted flip, and claims that the owners are only seeking to make a 100% profit.

“Your information is inaccurate and definetly[sic] misleading,” Bill Laidler of RE/MAX Sabre Realty Group emailed ThinkPol. “The properties were purchased for $7,100,000 in 2016. You listed the price for 1 of the 3 acres. The site is for sale all 3 acres.”

“Please remove this article,” Laidler demanded. “It has been forward the the owners lawyers.”

After ThinkPol pointed out that his MLS listing describes[2] the sale as “1 acre property part of 3 acre assembly,” Laidler accepted that the mistake was on his part.

“They were listed separately before and real estate board made them into one listing as to be sold as package,” the realtor explained.

The City of Coquitlam has rezoned the three lots from RS-2 to RS-7 and RS-8 increasing density seven-fold to allow 21 dwelling units[3]

This is not the only property that Laidler is marketing with a massive markup to reap the rezoning windfall.

Laidler has listed the property on the 1300 block of Glenbrook Street, Coquitlam, for $3,600,000[4] The sellers bought it for $1,880,000 two years ago[5]

“Tons of potential for this lovely estate property,” the MLS listing description reads. “Can subdivided now into two RS11 lots or with an OCP amendment the possibility of 4 RS8 lots & 1 RS11 lot.”

References   [ + ]

1. Flipper attempts nearly 5x profit within a year on Coquitlam property