Speculator attempts to flip Richmond condo for nearly 3x within 6 months

By ThinkPol Staff

A speculator is attempting to flip a Richmond condo bought just six months ago for nearly three times the amount paid for it.

This is according to data gathered by Corrupt Gregor[1]https://twitter.com/corruptgregor, the twitter user who reports speculators to the Canada Revenue agency.

According to BC Assessment records, the flipper purchased the unit at Pinnacle International’s Sorrento development at 8633 Capstan Way for $673,709 in July 2017[2]https://www.bcassessment.ca/Property/Info/RDAwMDBZNVo1TQ==.

The seller now wants $1,990,000 for the four-bedroom four-bathroom condo, which is being flipped for the third time in the last two years, multiple listing service shows[3]https://www.realtor.ca/Residential/Single-Family/18944509/611-8633-CAPSTAN-WAY-Richmond-British-Columbia-V6X0N5.

Pinnacle belongs to the powerful De Cotiis family, who also own the development companies Onni and Amacon.

Corrupt Gregor, who started out by reporting speculators in Vancouver to the CRA, has expanded the operation to Richmond.

“How can a honest hardworking Canadian family compete with corrupt officials who steal billions from the poor people, harvest organs from prisoners, traffic children for sex and sell weapons to terrorists organizations?” Corrupt Gregor asked.

“We can’t consider Canada a civilized country for as long as we allow these ruthless sociopaths to speculate in our real estate market with proceeds of crimes against humanity,” the twitter account added. “Not only is the corrupt real estate industry destroying families here in Canada, they’re facilitating the destruction of families around the globe.”

Corrupt Gregor has high hopes that the BC’s NDP government will introduce bold reforms to address “toxic speculation” in the February budget.

“The real estate industry donated generously to Christy Clark and her BC Liberals,” the twitter user said. “In return, the BC Liberals turned a blind eye to all their shenanigans.”

“We voted for a regime change because we’re not OK with blood money pricing Canadian families out of Vancouver,” Corrupt Gregor concluded. “And I know that Premier John Horgan knows that the NDP can’t afford to renege on this promise, so, I believe that the February budget will include meaningful measures to eradicate toxic speculation from our housing market.”

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References   [ + ]

1. https://twitter.com/corruptgregor
2. https://www.bcassessment.ca/Property/Info/RDAwMDBZNVo1TQ==
3. https://www.realtor.ca/Residential/Single-Family/18944509/611-8633-CAPSTAN-WAY-Richmond-British-Columbia-V6X0N5

6 Responses to Speculator attempts to flip Richmond condo for nearly 3x within 6 months

  1. nonconfidencevote says:

    Well,
    Good luck selling a condo for 3x the purchase price of 6 months ago.
    Looks more like the age old “bait and switch”
    Ask a ridiculous price then lower it to something more reasonable.
    The seller is also probably panicing a bit with tanking sales and exploding listings in the Lower Mainland becoming the norm.

    2018…..a whole new ball game in the real estate industry that hasnt been seen in far far too long..

    What zooms skyward must fall back to earth….hard.

    Bring it on.

  2. Nuovo says:

    This is a brand new condo in Richmond with 1798 sf indoor and 1020 sf outdoor space. There is no way someone could have bought it for 673k in June 2017, like 374 dollars psf? This is not even covering development cost.

    This place should cost about 700 psf during pre-sale in 2014 or 2015. The current seller was probably already a 50% owner before completion. He or she then bought the other 50% share from the other partner for 673k in June 2017 and now trying to sell the whole place for 1,100 psf. A nice profit but never 3x in 6 months as reported.

  3. Fact says:

    The fact is that Seller is selling TWO condos at the same time – units 611 AND 612. Developer turned it into an bigger unit for the first hand buyer.

    Both units were sold in July 2017 for 673,709 (611) and 676,290 (612) respectively, totaling 893+896=1789 sf.

    Cost 1.35m. Seller is now trying to make 47% of profits in 6 months. He should be able to sell for 900 psf or about 1.6m, making about 150k of net profit after paying PTT at time of purchase, interests, and commission at time of sale. Not a very impressive investment.

    • Ulsterman says:

      That’s a fantastic investment. In six months the guy has made $150,000 as you say. He probably put down 20% of the purchase price or $270k and made $150k. Annualize that and it’s fantastic.

      Sure if you were in marijuana stocks or crypto that may not sound like much, but compared to any other “investment” that’s great.

      • Fact says:

        I’m not agreeing with this kind of speculation. I just wanted to bring out the fact that Seller isn’t making 3x of profit as claimed.

        150k potential profit IF he sells. He hasn’t made that amount yet. Only smaller condos are hot in YVR. At 1.6m a lot of buyers would prefer older SFHs or multiple smaller condos. He might take a loss at the end. Who knows.

        • nonconfidencevote says:

          Not to mention all the money spent on construction, permits, legal fees, sales commissions, closing cost for the mortgage………be lucky to walk away even.

          And they better hurry, the market for anything over $1 million is turning to sh!t

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