The $6 Million tear-down

What would you call a 20 year old 7300 Sq foot house with brand new hardwood floors and an indoor pool?

In Vancouver we call that a tear down.

Property records show that the 7,300-square-foot house was last sold in 2013 for just over $6 million — the assessment today is $7.44 million. According to the 2013 listing for the property, it boasted $350,000 in recent renovations including new hardwood floors, a water purification system and windows. The listing sheet shows the two-storey house on a corner lot has 19 rooms including seven bedrooms, a media room, office and 12-foot by Seven-foot walk-in closet off the master suite.

…Well, we certainly know how to keep bulldozer operators and city dump workers employed!

Read the full article here.

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helios
Guest
helios

What a f*cked up money laundering scumbag city we have become.

Chabar
Member
Chabar

We became money laundering scumbag city a long time ago and now the whole bacchanalia is culminating and evolving into perversion. It’s been carefully architectured and implemented over 15 past years. VCI is just perfect archive of such multilateral crime.

Shut It Down Already
Guest
Shut It Down Already

So much jealousy. Hilarious.

helios
Guest
helios

Yes , you are right I am jealous of people who can get away with fleecing their own people, skipping out on tax and then bringing the money in through loop holes and helping undermine our laws , all the while making sure they declare zero income and finally use as many of our services which the rest of us tax paying , pay for and pricing us out of the city we live and work in and pay tax in.

I am jealous. I wish I too could be a slime sucker.

Shut It Down Already
Guest
Shut It Down Already

And your evidence that the owner of this particular property is a criminal is what, exactly? Thought so.

Bestplaceonearth
Guest
Bestplaceonearth

If you know, why don’t you report it and get rewards. 10 Reports and you can buy a properly already.

paulb
Member
Active Member

New
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http://www.paulboenisch.com

wwwww
Guest
wwwww

and the chinese new year season begins.

VanRant
Member
VanRant

Just one of the reason why Vancouver RE is so hot last year….

Kim Marsh, a B.C.-based fraud investigation executive, told The Province that he recently started working on a new case involving a man who disappeared with $450 million in corruption money and has been laundering it in Vancouver real estate in the Lower Mainland region for several years.

“This guy is just one of many,” Marsh, who served 25 years with the RCMP for organized crime, told the newspaper. “The evidence is mounting of a lot of grey money coming into Vancouver’s real estate market. So we have some serious issues in Vancouver and we need more deterrents.”

http://www.canadianrealestatemagazine.ca/news/cbsa-blames-money-laundering-for-vancouver-market-193917.aspx

Best place on meth
Member
Best place on meth

Oh gee, another corrupt chinaman, how shocking.

Show me one that’s not a thief or scammer and that’ll be some real news.

space889
Member
space889

Just go to the provincial court house any working day, lots of them there.

ostritch
Member
ostritch

Evidence is mounting? Christie is asking her agency to confirm or should I say deny it through investigation. Even Garth Turner is preparing for another round of denial.

ostritch
Member
ostritch
GreenSalad
Guest
GreenSalad

Kong Property Slump Worries Investors

Home prices have slumped almost 10 percent since September and monthly sales in January fell to the lowest since at least 1991, according to Centaline Property Agency Ltd.

http://www.bloomberg.com/news/articles/2016-02-01/hong-kong-property-sentiment-turns-as-sales-slump-to-25-year-low

Vancouver take note….

Whistler or bust?
Guest

This money laundering has gotten too big for Crusty to ignore. The cat is out of the bag (or the dog if you are Chinese) There will be changes as much as the Gov’t will fight tooth and nail its over. The Libs will be forced to impose taxes and CCRA will be forced to investigate. The people are speaking!

Just in case you didn’t read my last 2 posts. The top is in. Vancouver RE will hit a long term top in between Feb and July 2016.

After that, its gonna to be worse than anyone can imagine.

Ulsterman
Member

I wish I could share your optimism, but haven’t we said this ad nauseaum?

Ulsterman
Member

ad nauseam even…

ostritch
Member
ostritch

Why should the top be in if the problem isn’t stemmed at the source?

patriotz
Member

The source of the problem is locals who think that their houses are a ticket to riches. They are the reason why governments enact policies which encourage speculative ownership. It’s the locals who built the casino, the offshore buyers are the biggest players. but only a fraction of them.

Bestplaceonearth
Guest
Bestplaceonearth

Here we go again. Time to bring out the cracked crystal ball. Why can you predict when you become rich?

dyugle
Guest
dyugle
I agree with the top forecast as this is the peak of euphoria for the entire bull market in real estate. Point to any other time in the last 16 years that the market has been more euphoric. Look at any business cycle chart and find euphoria on it. That sentiment always marks the top of major cycles. Has there ever been a time when we had a full on commodity bust in the last 16 years. Don’t point to the great financial crisis either it was very short lived and not a single miner of energy producer went under and the federal reserve slashed their interest rates and printed money. This time the FED is raising rates in the face of the commodity bust. There are also numerous energy company bankruptcies and mine closures that have already happened. This… Read more »
Ulsterman
Member

I certainly agree that the euphoria has reached unprecedented heights and just when you thought it couldn’t get worse prices leapt another 20-30% in a year. That really is a dagger blow to the bears. Just think if many of these SFH’s jumped 25% in the past year, it would take a 20% price crash just to get us back to the start of 2015. Not much of a bear victory.

vangrl
Member
vangrl
space889
Member
space889

So 30 year Vancouver Specials are heritage houses now?

Maybe we should just ban demolition altogether and then all houses can have a chance at becoming heritage!!! And it’s green too with 0 garbage!

Shut It Down Already
Guest
Shut It Down Already

They’re asking for 70yr old houses to be preserved. Most of those shacks are unliveable and weren’t designed for modern living. This is just another thinly-veiled attempt to vent against the perceived foreign invaders.

West Coast Woman
Guest
West Coast Woman
Your ignorance is amazing. Most of those “shacks” are much better built than the CRAP shacks they’re building today. Furthermore, most were built out of old growth wood, which not only provided some natural insulation, but was as strong as steel and also resistant to fire. When Vancouver gets its major earthquake, these old growth wood houses are probably going to be the only ones left standing. The new builds will either collapse because they’re not structurally strong enough to withstand the shaking (due to building code changes made in the late 1980’s) or burn up like Roman candles because the materials used to build them are highly flammable, and there will be no water for their sprinkler systems or to put out any fires. In fact, any house built when the CMHC inspected houses (post WW II (late 1940’s)… Read more »
space889
Member
space889

Really? Cuz almost any old 50+yr house I’ve been into during open houses or lived in had that wonderful mold smell…..

And most of them don’t seem to be able to allow modern living without substantial upgrade to electrical and pipe system.

Shut It Down Already
Guest
Shut It Down Already

Being over-engineered doesn’t make them good. They should, and generally do, sell at a discount.

wtfrealty
Guest
wtfrealty

The Bank of Canada must be loving the Keynesian stimulus. Build a house, knock it down – creating jobs both in the demolition and building industry. Add in the extra jobs in related industries, landfill, logging, granite counters, realtards, etc. Perpetual wealth for all, not just Chinese money launderers. If everyone in Vancouver did this…….follow the yellow brick road… Add in the destruction of the Canadian dollar and promised wealth created from the associated inflation, it’s surprising that we’re not all living in 6m dollar houses in Vancouver West. We should be eternally grateful to the Bank of Canada for zero interest rates and the virtual wealth that’s this has created. Don’t worry about the credit and banking collapse end game, nothing that money printing and war won’t resolve.

wwwww
Guest
wwwww
aggregator
Guest

Canada's new electronic travel authorization program

"As of March 15, 2016, certain foreign nationals travelling to Canada will require a new electronic travel authorization prior to boarding flights to Canada.  The new entry requirement may also affect foreign nationals that are already in Canada on work or study permits issued before August 1, 2015."

No more safe haven status for Vancouver as Canada tags HAM like cattle while the State Council cracks down on capital outflows.

In other news..

Hong Kong property sales plummet to lowest in 25 years and the worst is on the way

"Sales of homes fell to 2,025, down 50 per cent month-on-month and 68 per cent year-on-year, according to Land Registry."

Guess what? It's not different in Hong Kong.

I\'m With Stupid V
Guest
I\'m With Stupid V

I am a bear, but really what does this have to do with anything? People can do whatever they want with their property.

This sounds like a whole lot of NIMBYSM to me.

This quote killed me
“She said the home’s demolition and the presumably even-more-luxurious replacement “runs contrary to every single goal the city stands for,”

LOL this city stands exactly for this, always has been, it’s called capitalism.

emmi
Guest
emmi

When their shenanigans take down your banking system, I think it crosses the line from personal business to larger societal problem. It’s not just money laundering. It’s subsidized money laundering.

Oracle
Guest
Oracle

GT confusing his followers even more. Doesn’t even acknowledge that illegal Chinese money is causing record prices in Vancouver. Its the international students parents who are causing this.

After houses go up another million, then they will study that as there is ‘no data’. Fucking incredible. World is run by liars. Cheat to get ahead.

Shut It Down Already
Guest
Shut It Down Already

Garth actively disputes that foreign money is the cause for higher prices. And he’s correct. Nothing more complicated than the stupidity and greed of the locals needs to be invoked to explain the current situation.

Oracle
Guest
Oracle

@shut it down:

Be careful, your people may one day be driven out of this country one day. It can happen.

Look whats happening to the migrants in Europe. They are being kicked out. Word of advice: Don’t make the indigenous population angry.

wwwww
Guest
wwwww

Or look at Singapore. It’s probably closer to Australia than China. The worlds first Chinese Satellite city.

http://www.operationworld.org/files/ow/maps/lginset/sing-LMAP-md.png

Once the Chinese took over the instituted a immigration policy to ensure that 70% or so citizens are Chinese, and a housing policy to ensure that all neighborhoods are majority Chinese. They say that they want all the neighborhoods to reflect the makeup of the state for racial harmony. It also has the benefit of ensuring they dominate every part of the city culturally and in elections.

In the end, Canadians will get the future they deserve. For better or worse.

patriotz
Member

“Once the Chinese took over ”

Singapore has been majority Chinese for its entire history as an independent country, for its entire history as a state of Malaysia before that (less than a decade), and for almost its entire history as a British colony. It was the British who made it majority Chinese. Descendants of Malay migrants greatly outnumber descendants of indigenous Malays for that matter.

wwww
Guest
wwww

And who took over after the British left?

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

130 years in the making: A brief history of Vancouver’s Chinatown

http://www.vancitybuzz.com/2016/02/vancouver-chinatown-history/

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Rolex the latest luxury brand to set up shop in Vancouver

The store will take over the current location of the Shangri-La Hotel’s Xi Shi Lounge facing Alberni Street

http://www.vancouversun.com/Rolex+latest+luxury+brand+shop+Vancouver/11690484/story.html?__lsa=dcef-5758

FEDup
Guest
FEDup

That lounge is always empty so makes sense the hotel would lease that out.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!
Chabar
Member
Chabar

They were people building harmony in Balkans in 90s and it didn’t end up well. It is hard to make a pie out of shit.

space889
Member
space889
Is the owner even Chinese? How do we it’s not another Chip Wilson wannabe? And didn’t Chip Wilson combine 2 lots, torn down a house to build his 40K sq ft mansion? And then he bought a 3rd lot to ensure he will always get his view, and built a guest house on it? Where is the outrage over that? I mean a billionaire hogging 3 prime large lots in the city for personal use, and not a peep about it on this forum. But a likely case of foreigner buying a house, and tearing it down for a bigger one, suddenly it is all outrage? Geez…. You know what you people sound like? Those ahole little dictator strata council you people always complain about. Either you believe in personal freedom & property rights or you don’t. Local or foreign,… Read more »
patriotz
Member

“Either you believe in personal freedom & property rights or you don’t”

Sounds like something Ted Cruz would say. Well these things don’t mean the same to Ted Cruz and I, and it looks like they don’t mean the same to you and I.

Shut It Down Already
Guest
Shut It Down Already

Patriotz, you’re nitpicking again aren’t you? You know exactly what he means. There seems to be a pass granted to some people to do what they like with the land they own, others not so much.

Chabar
Member
Chabar
Manson
Guest
Manson

Is this idiotic site for losers still going!!??

Chabar
Member
Chabar

Your mother ask me the same thing last night when I came over.

paulb
Member
Active Member

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http://www.paulboenisch.com

bestplaceonearth
Guest
bestplaceonearth

miserable bears, this is your last chance to buy a town house or condo. you already missed the run up in SFH, don’t miss this chance to provide secured shelter to your wife and children. you have been warned.

GreenSalad
Guest
GreenSalad

BPoE would you run out and buy now? Be honest now……

Yunak
Member
Yunak

Nothing to worry about shelters. Soon will be plenty of them around available to shelter wife and children for free. You better start to behave…

http://www.theprovince.com/news/abandoned+point+grey+homes+worth+combined+million+share+same+owner/11695936/story.html

YLTNboomerang
Member

Whenever I read these linked articles I read the comments and my observation is that there is a lot of resentment growing against foreign investment in particular Chinese. I think it is now inevitable the Krusty has to react otherwise this could impact re-election. I know that anyone who says they are going to target and tax foreign owners gets my vote and I don’t know how this could be a bad policy stance as…foreign owners can’t vote.

tedeastside
Member
tedeastside
Whistler or bust?
Guest
10 Reasons why am I calling a top now 1. Vancouver Real Estate has finally gone parabolic. It has gone from years of above average price increase to massive never before appreciation. No asset class that I am aware of has ever gone parabolic or hockey stick on a chart and not had a major crash. Not tulips, oil or tech stocks. This is textbook classic top – Greed has replaced Fear and it’s different this time for ______ and _______ has replaced rational thinking. 2. Panic buying and large price increase have spread to the distant suburbs such as Maple Ridge, Places where there is plenty of buildable land and lots of new inventory. Places are going multiple bids in average neighborhoods. People genuinely think if they do not buy now they will be priced out forever. 3. Real… Read more »
a-non-mouse
Guest
a-non-mouse

2nd Bonus Reason: A few bears I know have finally capitulated and bought or are looking to buy.

Yunak
Member
Yunak

What’s the problem here? There must be a lots of capable, creative and smart talent at the Richmond swimming pool, UBC, and Burnaby Crystal mall that can keep local economy running and tech sector blossoming. I bet most of them have housing problem solved so they just need to be given incentives and Silicon Vally salaries to show up at work…

http://www.theprovince.com/business/ryan+holmes+without+affordable+housing+vancouver+risks+becoming+economic+ghost+town/11696052/story.html

southseacompany
Member
southseacompany

“US interest rates collapse”, CNBC

http://www.cnbc.com/2016/02/03/the-trade-us-interest-rates-collapse.html

“Yields on the U.S. 10-year Treasury note declined sharply Wednesday after ISM service data showed signs of a weakening economy.”

“On the back of the disappointing data, the 10-year yield fell to a one-year low of 1.79 percent, causing the dollar to take a hit as well.”

southseacompany
Member
southseacompany

“Traders see warning signs in the US bond market”, CNBC with video

http://www.cnbc.com/2016/02/02/traders-see-warning-signs-in-the-us-bond-market.html

“As bond yields tumble, some traders say that the flight to safety may be sending a rather ominous signal for the global economy.”

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