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Vancouver Flippers in Trouble

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Some of you may recall various ‘flippers in trouble’ blogs during the US bust.

They were popular in California, Nevada and Miami.

These chronicled various sales or attempted sales of real estate that didn’t work out as a road to easy riches.

They were the Nelson laugh of the housing bear.

Well in case you missed it Vancouver now has it’s own version.

condont

Vancouver Flippers in Trouble chronicles local sales or listing prices that work out as a loss. Here’s what they say on their ‘about’ page:

A website dedicated to following the bursting of the Vancouver Real Estate bubble by documenting real-life losses on properties purchased during the bubble.

Know of any flippers in trouble? Enter the details in the comment section or in the contact form below and we’ll try to feature them on an upcoming post.

It’s not just the flippers either, sometimes those have held for a while look to be trying to squeak out without too much of a loss.

Like this place that six years later is asking $100k less than it was bought for, or this place in Spectrum that looks like it’s up for its second sale at a loss!

If you’re looking for the antidote to ‘real estate always goes up’ you’ll find it there!

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Margin Call TIme
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What’s missing is what percentage of net worth was lost by each failed flipper. One $100k loss doesn’t make much difference to a portfolio of $2m. The problem is where undercapitalized amateurs are responsible for fueling most of the bubble through CHA backed loans. If CHA backed loans turn out to be a casino credit card for penniless idiots to roll the dice on condo flips with taxpayer money, there really needs to be a crackdown with very broad and brutal consequences. The law should be changed to make CHA loans non-dischargeable in bankruptcy, the same as student loans. CHA is supposed to fulfill a social need the same way student loans do. Therefore, the consequences to borrowers who abuse the system should be similar. Make them pay back every penny until the day they die, whichever comes first!
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6 years 21 days ago
Anonymous
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a good friend of mine works in Richmond General Hospital emergency room. there was a massive spike in suicide attempts in the last few days!! apparently knifes and pills are the preferred method 🙁

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6 years 21 days ago
Harvey
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Case Shiller huge leap upwards, finaly US RE is getting in the line with Canadian. All good.

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6 years 21 days ago
Anonymous
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Case Shiller has severe lag. Prices today have likely topped for rest of year.

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6 years 21 days ago
Margin Call TIme
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Despite recent gains, the [Case Shiller] 20-city composite index indicated that prices remain about one-quarter below a 2006 peak.

http://www.marketwatch.com/story/home-prices-leap-in-april-2013-06-25

But there is now reason enough for Fed to start ACTUALLY tapering stimulus since the regulator of the the US home loan moral hazard has failed to crack heads despite the 2008 worldwide financial crisis caused by pinheads like #2 @Harvey who think home price cost of carry in excess of rent is a good idea.

Hey @Harvey, you stupid fuck, how far up do you think home prices would be up in Canada and US without the government backed loans. Fuck you, parasite!

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6 years 21 days ago
Margin Call TIme
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RE Flippers.

If CHA backed loans turn out to be a casino credit card for penniless idiots to roll the dice on condo flips with taxpayer money, there really needs to be a crackdown with very broad and brutal consequences.

The law should be changed to make CHA loans non-dischargeable in bankruptcy, the same as student loans. CHA is supposed to fulfill a social need the same way student loans do. Therefore, the consequences to borrowers who abuse the system should be similar. Make them pay back every penny until the day they die, whichever comes first!

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6 years 21 days ago
Harvey
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Dallas & Denver at all time high
if you just listened you would be riding high too bears.

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6 years 20 days ago
ch
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my god the trolling.

i almost want this bubble over just to get rid of the trolls.

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6 years 20 days ago
Jeopardy
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Home Hardware for $399.99 Alec

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6 years 20 days ago
An Observer
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Don’t get too excited about Dallas hitting new highs…

http://www.realtor.com/realestateandhomes-detail/5716-Charlestown-Dr_Dallas_TX_75230_M76108-34874?row=377

That is what $1.35 million gets you in Dallas – 6400 sqft of luxury on close to half an acre. Dallas and Denver did not have the crazy price appreciation that most of the rest of the country had.

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6 years 20 days ago
Yalie
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The law should be changed to make CHA loans non-dischargeable in bankruptcy, the same as student loans.

That’s a terrible idea. No loans should be exempt from bankruptcy, including student loans. Tuition and student loan debt have grown to massive bubble proportion in the last few years precisely because of policies like this.

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6 years 20 days ago
marc
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Next article – “The housing rental market bubble”

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6 years 20 days ago
Burnabonian
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I disagree with Yalie. Bankruptcy is designed to help the unfortunate from becoming street people. It’s not a “get out of jail free” card that nullifies all consequences of taking massive gambles with taxpayer’s money. If you lose your job at the GM plant and you can’t make your payments anymore, it’s good for society if you’re allowed to start fresh. But if your “job” is to borrow a million dollars, abuse a social program to backstop it with a million taxpayer dollars, and then take it to the roulette wheel, the downside to you should be exactly as real as the upside. Yes, you and your cantaloupe-sized balls might be given a cool hundred thou despite having done no productive work. But you should also face the risk of losing a hundred thou and having to spend the next… Read more »
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6 years 20 days ago
DaMann
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Student loans should be exempt and for good reason. It became popular to leave school at say 22 or 23, declare bankruptcy immediately and kiss off $50k in debt and start fresh. Credit will be back to normal after a few years just in time to start your life in full. Don’t want student loans exempt? Fine, don’t have them government backed then…

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6 years 20 days ago
Contestant #1
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Bagholders sympathizing with Bagholders?

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6 years 20 days ago
space889
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@Yalie – then what’s the point of bankruptcy is no loans are discharged?? Are we going back to the debtor prison of the past? Also what do you think would happen if all a person have to look forward to is a life of debt slavery? Do you think the person is more likely to redoubt their efforts, work harder and longer, live in poverty to paid off the debt? Or more likely to say screw this, you can’t get blood from a stone and if I’m going to be poor anyways, might as well just work less, get more social welfare, and live the same lifestye without all that hard work required to pay back my debts? If you respond by saying then social welfare should not be available to those in debt then what do you would more… Read more »
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6 years 20 days ago
Laurey
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“The PBOC is giving the market “a pill to soothe the nerves,” Xu Gao, Everbright Securities Co.’s Beijing-based chief economist. “The message is clear: the central bank doesn’t want to see a tsunami in China’s financial markets and market rates will drop further.”
http://business.financialpost.com/2013/06/25/china-just-gave-markets-a-pill-to-soothe-the-nerves/

sorry bears no crash. LOL

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6 years 20 days ago
Left already living in San Diego
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here I go again:
Are you enjoying the shitty weather in the best place on earth ?
Don’t forget to go skiing in the morning, golfing in the afternoon and sailing in the evening. All in the same day of course.

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6 years 20 days ago
VanRant
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Re: 17 Laurey

Just blowing more air into the bubble and delaying the Day or reckoning. More damages when it pop.

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6 years 20 days ago
Laurey
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@VanRent
when? are you gona be alive by that time?

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6 years 20 days ago
Very Little Gravitas Indeed
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@8: It’s interesting. During the spring bounce, we had bullish commenters offering actual reasonable discourse (never came close to touching the price:income problem but whatever! it was constructive).

Now that the bounce is over it’s all just mindless invective. Every time I see one of these posts I imagine it was written by some specer levered to the tits on a handful of illiquid flips desperate to make someone else feel as bad as they do. Sad, really.

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6 years 20 days ago
Laurey
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“mindless invective”??

care to elaborate on today’s Case Shiller massive gains?

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6 years 20 days ago
Son of Ponzi
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#17.
yeah just pop a pill and everything will be fine tomorrow.
This is how most disillusional people deal with problems.
Sorry people, but there are no magic pills and no sugar daddys.
You will reap what you sow.

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6 years 20 days ago
Son of Ponzi
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# 20.
I think almost all of the bears on this blog will still be alive 6 months from now.

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6 years 20 days ago
Laurey
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“I think almost all of the bears on this blog will still be alive 6 months from now”

calling poster “Blast from the Past” for some posts from circa 2007 LOL

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6 years 20 days ago