How do you tax an empty home?

The city of Vancouver has floated the idea of an ’empty home tax’ to help encourage the availability of rental supply.  Today is the last day they will take feedback online for this idea.

If you have ideas for or against an empty home tax now is the time to have your input. What should be taxed and what should be exempt?

Best Place on Meth points out a rather obvious loophole and asks how it would be dealt with. Will there be baseline expectations for what is or isn’t market rent?

What’s to stop these owners from listing it for rent at some outrageous price that nobody will pay and then claiming they did try to rent it out?

What do you think – is the idea of an empty home tax a good or bad approach to Vancouvers housing problems?

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No Money Down
Member
No Money Down

How do you tax an empty home? Find an owner who’s too stupid or lazy to avoid paying the tax. Otherwise you can’t.

Simple Solution
Member
Simple Solution

Very simple…. Imputed rent… no rocket science needed at all…it is very basic economic theory.

Just assign a rental value to the property that owners are taxed on. Any rental income the property generates can be used to offset the tax. So owners are able to leave home empty and pay the tax OR rent it out and declare the income to avoid the tax.

IF the city is serious about taxing they will figure out a way to do it. IF…..

Newcomer
Member
Newcomer

The proposed EHT rates are much higher than that (as high as 20K/year for a 1M house).

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

2 %. Meaningless in high stakes gambling.

Newcomer
Member
Newcomer

Yes, but much higher than a tax on rent.

history
Guest
history

How to tax an empty house? easy, introduce the Metric system

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

I don’t think there is any loophole. I see nothing in the proposed legislation that exempts properties from the tax if the owner tried but failed to rent it out. If it’s empty and you don’t rent it out you pay the tax. There are some exceptions but not finding a tenant isn’t one of them.

Donald T
Guest
Donald T

At the very least,: Free transit. Funded it by Property Taxes.
1. Don’t penalize people can’t afford to live in the city but have to come the city to pull coffee the rich.
2. Encourage people to take transit meaning less congestion, cos we can’t add more road inside Vancouver.
3. Less and less people will brother to go to work, if salarymen are taxed to dead, while home owners are sitting on the bum and get rich on the expense of next generations.

patriotz
Member

It’s a bad idea (although better than nothing at all) which is precisely why Christy was willing to grant CoV the powers to attempt it.

Christy is not going to bring in any truly effective measures like imputed income taxation or speculation tax (the latter requested by Robertson) or empower any BC city to bring them in. Which leaves us with one option and you know what it is.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

I tend to agree. While I’m glad the city is ostensibly trying to solve the problem, this is yet another example of governments doing something unnecessarily complicated when much simpler and more effective options exist.

As for the other option (voting NDP), other than David Eby I haven ‘t heard much from them to give me confidence that they’ll do any of the right things either.

Dave
Member

The point of voting NDP would be to kill the housing market through their general incompetence. It would be more effective than housing taxes or even raising interest rates.

Boombust
Guest
Boombust

Ppphhfffft. No worse than what these clowns have been up to.

Ulsterman
Member

One thing that amuses me is this obsession with blaming the NDP for the provinces’s ills, past, present, and future. Do the members of the previous NDP government actually have to be dead before Liberal voters will feel it’s safe to re-elect another NDP government.? I remember the 1970’s Labour party was sent out to the woodshed for a good spanking. The Conservatives ruled for the 80’s and half the 90’s. But eventually the UK population recognized that it wasn’t the same party – it had reinvented itself. I wonder when voters here will tire of the one-party system?

Dave
Member

The difference is that Labour in the UK actually did reinvent itself. The NDP haven’t.

Labour got rid of the extremists. The NDP embraces them.

Bear Vancouverite
Member
Bear Vancouverite

I plan to vote NDP, but I should point out that when asked directly about whether Eby would support measures that have a huge downward impact on housing prices he explicitly said he would not support such measures. I’m not sure how he can drive more affordability without substantial decrease in prices, but those two concepts go hand in hand in his policy views.

Newcomer
Member
Newcomer

As had been said, they do not even need to try. Housing will take a hit as part of the general slowing of the economy.

patriotz
Member

No politician will come out and say they want lower prices. None. As this well-known Vancouver politician put it:

Would you support policies that would lead to a drop in real estate values?
People who already own homes would be unfairly hurt by a policy that would lead to a drop in real-estate values. If the current homeowner has taken out a mortgage for say 90% of the worth of their home, and values then drop by 10%, the homeowner has lost 100% of her or his equity.

On the other hand anyone with any sense, which I think includes Eby, knows that a soft landing is next to impossible and if prices don’t keep rising they will have to fall. They just don’t want to say it.

Disgruntled condo owner
Member
Disgruntled condo owner

Prices NEED to FALL. It is unfair to all the people who do not yet own homes to leave them priced as is! “Soft landing” includes the word “landing”. How can an airplane at 30,000 ft “land” without losing any altitude? It can’t. To get back to the ground (fair prices) from the sky (current prices), prices MUST FALL. Anyone who bought a lottery ticket or ten say a 2 million dollar crackhouse, too bad IMO. Politicians speak with forked tongue. Christy says she wants to prtect current homeowners (no price drop) while making housing affordable to the masses. Logically impossible and stated only to get re-elected.

two cents
Guest
two cents
I dont think it is a bad idea at all. There are costs associated with empty homes that the city is currently subsidizing for the vacant home owner: underutilized infrastructure; need for additional infrastructure in more distant areas; small business become less viable; environmental costs related to long commutes; time needed for long commutes. The tax is needed to discourage the practice of vacant homes, and in the case of transit, to offset the additional cost. The bad idea is the lists of excemptions and the reporting. The tax should be applied to all homes with 2 exemptions: 1) designation by the home owner as a principal residence; and 2) evidence provided by the homeowner of occupancy (rental income, postal address of designated family member, etc) or rental restriction. If the homeowner does not want to rent or occupy the… Read more »
Billybonger
Guest
Billybonger

Have Oracle and his cousins buy up all the houses until inventory gets down to 7,000.

He can then rent them out.

What will happen to tents and vacancy levels if construction and RE economy go into the tank?

Oracle
Guest
Oracle

Empty Buyers tax….hot air.

To avoid:

1) put ad in craigslist 4 times a year for a very high rent.
2) have overseas relatives ‘live’ in it for a mont.
3) Have weekend get togethers there. Take pictures.

Solved.

Dave
Member

This seems like a tax on low IQ more than anything.

Bear Vancouverite
Member
Bear Vancouverite

This avoidance won’t work if the entire thing is done properly. You avoid the empty home tax and pay revenue tax on your rent.

Also, my intent is to let the city know I consider a home empty for more than 6months of the year to be empty for tax purposes. Renting out your relatives for 6 months and pay taxes on that revenue to avoid the Empty Home taxes will still generate some nice tax revenue and be a disincentive.

Bo Xilai
Member
Bo Xilai

Do it through BC Hydro… Have a minimum electrical bill on every property based on square footage, property type, age, etc… The only people excluded would be hippies in the Slocan Valley who live “off-grid”

Bear Vancouverite
Member
Bear Vancouverite

It’s been intimated that people would just hire people to turn on and off appliances, or might just buy a nest to automate it. This will have people waste power in order to make a home appear used, which is just shifting the problem elsewhere.

Dave
Member

It won’t be done right. More rules, more government busy bodies and no benefits. Lose-lose-lose.

Newcomer
Member
Newcomer

The guy in the original post who said his houses were too expensive to rent out was exactly the sort of person I have always imagined was causing the problem. He has a bunch of houses with 5K/month holding costs that would rent for half that (less in a market that wasn’t distored by people like him) so he sees no point in renting them. His strategy is to realise more than 60K/year in appreciation (pretty easy, recently) and having people living in his investement vehicles only complicates the picture. This tax should be a reminder that those boxes siting in the middle of lawns have a purpose other than investment. The problem is, of course, as everyone has said, is that it can’t ben enforced unless the city has a declaration on file for every house in town.

Bo Xilai
Member
Bo Xilai

Give a Tax Credit for renters in BC… match up every rental expense with a property… make sure rental income is taxed. Every property should be either a principal residence with homeowner’s grant applied or rented out for income. Anything which is not in either category gets taxed as an empty property… to prevent people renting out for a dollar, any rental income is simply deducted from tax which would be based on an implied rental based on assessed property value.

Newcomer
Member
Newcomer

Good, but a lot of work, especially for a tax that is meant to produce results immediately and may be ditched when vacancy rates return to normal.

I would suggest making the fine for failure to report 15% of the price of the house.

Best place on meth
Member
Best place on meth

30% for foreigners.

Bear Vancouverite
Member
Bear Vancouverite

This is an excellent proposal. As for it being a lot of work, this is one instance where I don’t mind having more public servants to enforce this.

Skook
Member
Skook

Hey everyone,

Thanks for driving up the stats. I fell off my chair this afternoon when I logged into the blog. Thanks, Pope, for shout-out.

I’ve just added the SC million dollar plus property sale stats. I think you might find the post interesting.

https://sunshinecoastbcrealestatestatistics.blogspot.ca/2016/10/sc-2016-stats-post-3.html#more

Skook

Dave
Member

I have been through a few of these cycles now and the trend I have observed is that places like Sechelt and Squamish are the last markets to move up in a real estate bull market.

I have been up to Sechelt 3 times in the last 1.5 years for business and hadn’t been there since prior to the 2008/2009 correction.

The end is nigh.

Simple Solution
Member
Simple Solution

Very simple…. Imputed rent… no rocket science needed at all…it is very basic economic theory.

Just assign a rental value to the property that owners are taxed on. Any rental income the property generates can be used to offset the tax. So owners are able to leave home empty and pay the tax OR rent it out and declare the income to avoid the tax.

IF the city is serious about taxing they will figure out a way to do it. IF…..

patriotz
Member

“IF the city is serious about taxing they will figure out a way to do it. ”

I’ve said this before and I will say it again. The problem is not figuring out effective measures. The problem is that Christy will not all allow effective measures to be implemented. All effective measures are beyond the powers of any BC city and Christy will not grant them those powers. So you know the solution.

Kim
Guest
Kim

There are so many other effective measures that the government will not put in because it’s not politically expedient.

1) Increase property taxes. Ridiculous that a 2m assessed property pays 6K in taxes. In San Francisco, that would be 20K a year.

2) Tax capital gains, but make interest payments tax deductable.

Those two measures by itself will curb speculation and make buying an investment property not worth it.

Newcomer
Member
Newcomer

Increasing property taxes would hurt the middle class and the poor. Capital gains are under federal not municipal jurisdiction.

How about a tax break for landlords? Rent your place out and get a 50% break on your property taxes.

Dave
Member

My vote is neither. Our tax system is far too complicated as is.

The quick fix is raising interest rates.

Simple Solution
Member
Simple Solution

the quick fix is treat ALL capital gains the same… no PRE – that will fix all speculation issues

Newcomer
Member
Newcomer

That would make it too hard for people to move.

Newcomer
Member
Newcomer

That would kill the economy.

Dave
Member

It will take the edge off for sure because real estate related spending is such a large part of our economy. But, it also needs to be done. Building an economy around real estate isn’t the smartest thing for us to do. I’d rather see investment go elsewhere and build jobs in other sectors.

The whole point of having a central bank and interest rates is to control the economy. Clearly, liquidity is too high and it has gotten out of hand. The job of the central bank is to take back the punch bowl.

Sometimes that means you get a recession. But, so what if it’s needed?

Newcomer
Member
Newcomer

I actually agree with you, but I wasn’t just talking about real estate. Interest rates are blunt tool and raising them also impacts business spending. Back in the day, before governments insured home loans, interest rate adjustments were only intended to impact businesses.

The best thing for the economy as a whole is to pop the housing bubble while spending on infrastructure and promoting business activity, which, by the way, is exactly what the federal government is trying to do. I would change CMHC insurance eligibility so that it only covered 4x median income, but even I would go there slowly.

Simple Solution
Member
Simple Solution

IF we are depending on a never ending increase in real estate prices to keep the economy going we are in serious trouble….

Newcomer
Member
Newcomer

See my answer to Dave.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

Increasing property taxes wouldn’t hurt the poor or middle class if the increase is matched by cuts in income taxes, making it revenue neutral.

That also would be a provide a boost to the economy because it would dis-incentivize an economically unproductive activity (house price speculation) while incentivizing an economically productive activity (working).

Newcomer
Member
Newcomer

But property taxes are municipal while income taxes are federal and provincial.

Its_the_ALR_stupid
Guest
Its_the_ALR_stupid

I didn’t say it would be easy. But if there was a will, I’m sure there would be a way to do it, e.g. a province-wide land value tax implemented along with a province-wide income tax cut.

Newcomer
Member
Newcomer

It’s a local problem. Just fine the hell out of violators and you could do the whole thing with ten city employees paid for out of the revenue.

Kim
Guest
Kim

What happens if people can’t afford property taxes? They sell. Then the market corrects. In SF, I was paying 10K a year on a 1 million dollar property. If you can’t afford it, you sell and rent.

patriotz
Member

“Tax capital gains, but make interest payments tax deductable.”

That is effectively the same as dropping interest rates as far as buying is concerned. Yes there’s a cost at selling time, but people pay attention to the present not the future.

No Money Down
Member
No Money Down

Nice Home East Side
http://www.remax.ca/bc/vancouver-real-estate/na-804-e-10th-avenue-na-wp_id151879937-lst/

Listed Aug 12 $1.798M
Reduced Oct 09 $1.698 (may be wrong on the date)
Reduced Oct 18 $1.598 (according to Zolo).

DOM 68.

Newcomer
Member
Newcomer

100K a week. Keep that up for a couple of months and pretty soon you’re talking real money.

HAMster
Guest
HAMster

A couple of years ago that place would have been under a million. There is a long way to go.

Ulsterman
Member

exactly, we need a 50% collapse just to get us back to overpriced. I’m not hopeful. I remember East Van houses costing $250 back in 2000.

Combat roach
Guest
Combat roach

OK house, but always all those ubiquitous 8s related to homes make one puke. It is disgusting what level of shit we are all exposed to…

CBM999
Guest
CBM999

Shows that the open house was cancelled. Must have sold over list to a foreign investor! 😉

No Money Down
Member
No Money Down

I go past there daily. The open house was cancelled about a week or so ago. Latest price reduction today according to Zolo.

No Money Down
Member
No Money Down

Open House this Sunday 2-4.

Best place on meth
Member
Best place on meth

Realtor describes it as a “rare opportunity”.

Those two words right there guarantee huge crowds at the open house.

UBC in Crisis Mode
Guest
UBC in Crisis Mode

Wow, it used to be so cheap:
Sale Date September 20, 2000
Sale Price $270,000

Whistler or Bust?
Guest
Whistler or Bust?

In many wonderful cities it would still be $270K

Ulsterman
Member

Before reading your post i commented above that i recall east van houses costing 250k in 2000. For a while i was really starting to think i may have imagined these numbers. Thank you for confirming this. For those too young to know, one bedroom condos on Commercial and 7th or 8th cost $80k in 2000, or about $95k in the trendier Commercial & 3rd. This city WAS once very affordable.

dyugle
Guest
dyugle

And the Liberals were first elected in what year?

ostritch
Member
ostritch

Says open cancelled. Usually that means sold.

Combat roach
Guest
Combat roach

The heat is on…

Rental Rates Spike In Canadian Cities, And Worse May Be On The Way

http://m.huffpost.com/ca/entry/12545848

HAMster
Guest
HAMster

Where do they get these rates from? I see lots of rental stuff for under those numbers.

Newcomer
Member
Newcomer

“What’s more, some market analysts say the rental market is in for more upward pressure in the coming months, thanks to a double whammy of new mortgage rules and declining home affordability.”

Which market analysts? Her mother?
Vacancy rates move inversely to purchases prices.

ostritch
Member
ostritch

If less first-time buyers buy what else would happen?

patriotz
Member

More properties for rent. If an owner-occupier doesn’t buy who does?

Also there’s the economic knock-off of a slowing RE market, which means lower incomes and less demand for shelter.

ostritch
Member
ostritch

Really? You’re still stuck There? You don’t think some people commuting from asshat suburb wouldn’t prefer the city? Not to mention we’re starting out with 0.5% vacancy in a city that never had a high vacancy rate?

Oracle
Guest
Oracle

That’s the truth.

It’s coming.

No Money Down
Member
No Money Down

Go to Zolo Vancouver price trends:
https://www.zolo.ca/vancouver-real-estate/trends

Scroll to bottom and view Vancouver Home Prices Graph.
Select Vancouver-Median-House from the drop-down menus

Notice the classic “head and shoulders” technical pattern, with median price just about to break down below $1.88M.

Currently 27% off the February all-time high median house price of $2.6M.

Newcomer
Member
Newcomer

Hey, I never noticed that feature before. Nice! I also see that the “all homes” HPI is back down under a million.

Kim
Guest
Kim

There’s also the typical dead cat bounce in September, then resuming its downward trend.

Oracle
Guest
Oracle

This is not stocks. Lol.

Head and shoulder pattern LMAO

Oracle
Guest
Oracle

Meaning algorithms and computers not executing sell orders.

Got a laugh out of it though.

Shut It Down Already
Guest
Shut It Down Already

Computers are smarter than what amounts to tea-leaf reading. Those patterns only emerge because dumb humans are trading with expectation that they’ll emerge.

ostritch
Member
ostritch

Really? Just made me roll my eyes. Bears always Talk stock talk about housing. Funny thing is, you’ll never know how their portfolios are doing either.

Hyper-mega-Bull
Member
Hyper-mega-Bull
Kim
Guest
Kim

“Chinese people come into this country; many don’t speak the language, so they don’t feel comfortable reporting it or think they will get into trouble or something,” explained Cheng.

Maybe they should learn the language.

Combat roach
Guest
Combat roach

“A “lack of participation from the Chinese community” in many aspects of daily life is also part of the safety problem, said Cheng.”

It pays off for some to regulary play dumb and not to speak English in order to get along with their shit and take advantage of whatever and whenever is possible. It is traditional old school approach.

HAMster
Guest
HAMster

the Chinese community in Richmond is being targeted because of a stereotype that “people in the Chinese community are rich and always carry lots of cash.”

So let’s see; almost every expensive high end car in Richmond is driven by a Chinese, the Chinese live in large garish mansions, the Chinese frequent the River Rock casino where they are big gamblers, the Chinese pay CASH for almost everything… nope, no reason to stereotype the Chinese for anything…

Best place on meth
Member
Best place on meth

Does anyone care what happens in Richmond anymore?

It’s a lost cause.

Doomcouver
Guest
Doomcouver

Yes without this rap song how else would criminals know that many Chinese people have money and valuables to steal? It’s not like mainlanders are known for flaunting their wealth or anything. Oh wait….

paulb
Member

New
218
Price Change
88
Sold
152
TI:10,042

http://www.paulboenisch.com

Oracle
Guest
Oracle

That’s pretty high Sold Numbers.

Foreign money inflows continue.

Boombust
Guest
Boombust

Probably chumps who think the market is “bottoming”. In other words, people who are catching a falling knife. Barring that, stupidity.

Newcomer
Member
Newcomer

Yes, that’s bound to be a popular idea until the spring.

Oh oh
Guest
Oh oh

Dumb money flows…lotsa sales from buyers beating mortgage change date

No Money Down
Member
No Money Down

Agreed.

Whistler or Bust?
Guest
Whistler or Bust?

Stop posting until you change your name to Mr. 7000.

We would also accept Dr. 7000, Dr. 7K or Joe 7K.

Best place on meth
Member
Best place on meth

The first two words are a sufficient response.

ostritch
Member
ostritch

This reflects what I’m seeing. Lots of sold signs. Even for $2-3M homes. So not about a rush to beat regulations.

Billybonger
Guest
Billybonger

Oracle

Remember that we have a surge in buying/borrowing to beat the new mortgage rules. That will be supportive of sales for a few weeks as closings trickle in.

Don’t be such a ealtard.

Shut It Down Already
Guest
Shut It Down Already

Surely a more obvious loophole is to make it not habitable. Or will the city tax people for having a broken boiler?

YVR
Guest
YVR

Unoccupied is unoccupied. Broken boilers get the tax. A $20K plus per year incentive to get it fixed.

Shut It Down Already
Guest
Shut It Down Already

Ridiculous.

Skook
Member
Skook

Off topic…

I have a question. Has there been any mention anywhere that in September Greater Van set a new record high benchmark price? I’ve been too busy with the SC stuff to notice.

A couple weeks ago, I pulled all the stats packages back to 2011 and began noting the Greater Vancouver detached sales, benchmark sales price and average sales price. I have put all that data together in a table and chart noting key events. I’ve just uploaded both to the stats blog.

https://sunshinecoastbcrealestatestatistics.blogspot.ca/2016/10/van-sdh-salesprices-2011-2016.html

I will keep both updated. Hope you find them helpful. I’m going to go rest now for a few days.

Skook

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah
Newcomer
Member
Newcomer

Interesting.

Combat roach
Guest
Combat roach

No sale! The movie star had originally agreed to sell her home for $19.8 million in August 2015 but the deal collapsed when the buyer was unable to move the necessary funds out of China

Read more: http://www.dailymail.co.uk/tvshowbiz/article-3850202/Cate-Blanchett-s-stunning-20-million-six-bedroom-Sydney-home-remains-unsold.html#ixzz4NVoMqpex
Follow us: @MailOnline on Twitter | DailyMail on Facebook

HAMster
Guest
HAMster

Not enough relatives to smurf with…

Madashell
Guest
Madashell

Only 400 smurfs are needed.

vangrl
Member
vangrl

Pretty sure this just got reduced again to $1.2M – 632 east 20th

“Sold July 2016: $1.2M
Listed September 2016: $1.288M
Reduced October 2016: $1.248M

Currently tenanted at $2600/m. Based on $250k down, your monthly payments + taxes+ins would be about $5000/m. You need to come up with another $2400 every month. No surprise the current owners want to dump it after 3 months.

Bonus: it’s on peat bog soil and the floor slopes about 8 inches from the back to the front.”

http://www.estateblock.com/vancouver-real-estate/632-e-20th-ave-vancouver-bc-v5v-1n1-mls-r2117821-1

Combat roach
Guest
Combat roach

It still has to go about 70% down to make any sense to be bought to actually live in it.

No Money Down
Member
No Money Down

Your’re right. Motivated sellers! Open house this weekend.

No Money Down
Member
No Money Down

You’re

Best place on meth
Member
Best place on meth

It’s showing up as a new listing, they obviously cancelled and re-listed to hide the previous price reductions.

Also says “sellers have bought”.

space889
Member
space889

Seems like most bears on this blog are a bunch of closet communists who don’t believe property owners should have full rights to use their property as they see fit. You would all make Mao very proud!

And yes, who knew! Forcing people to do stuff via a punishment scheme is really a great motivator to get things done! Maybe we should have that at your work places too? Instead of bonus for a good job well done, you get pay deducted for not giving 120%. That will really motivate you to do go above & beyond at your work, wouldn’t it?

Add in all the new retrictions / rules at reining in greedy scummy landlords, you got a receipe for success in increasing rental supply in CoV and make renting a better option!

Newcomer
Member
Newcomer

Hey, if you prefer the laissez-faire route, we could just close the CMHC. That would work for me too.

It seems plenty of would be free marketers are happy to see the government involved when it benefits them. But if you want the government running things, there has to be some give to go with the take.

Royce McCutcheon
Member
Royce McCutcheon

100% right. In my experience, this reality will only rarely be acknowledged by existing owners decrying intervention in the free market though.

YVR
Guest
YVR

“closet communists who don’t believe property owners should have full rights to use their property as they see fit. ”

Lets not stop at allowing houses and condos to be turned into hotels. How would you like your neighbour opening a convenience store in their living room? How about a gas station? Maybe a neighbour decides to rent plots of their back yard as a graveyard? How about I turn my condo into a nightclub or strip joint? I make my townhouse into a bottle depot? Maybe I decide to start up a funeral home in my basement? I turn my vacant lot into an auto wrecking yard or a storage depot for used oil drums?

Ulsterman
Member

I think some home owners hear the word “landlord” and think they are the lord of the manor. You own a house and our society has some restrictions on what you can do with it. You own a car and you have to obey rules laid down on how you use it, right. Housing is no different. That doesn’t make us a bunch of closet communists. It just makes us more like the type of society that people who fled those commie countries wanted to escape to.

Shut It Down Already
Guest
Shut It Down Already

Badanalogyman.

Ulsterman
Member

not really. i’m comparing the ownership rights and restrictions on the two most expensive items most people ever own.

D Trump
Guest
D Trump

hmm, wait until someone opens a love motel next door THEN you’ll have a a different opinion on “full rights to use the property as they see fit.”

These free market shit only works when it works in your favourite.

Get you head check, and listen to your mom about being nice to others.

Oh NO
Guest
Oh NO

632 E 20th down to 1.2

UBC in Crisis Mode
Guest
UBC in Crisis Mode

632 E 20th is such a hot property to flip:
Sale Date August 3, 2011
Sale Price $638,000

Sale Date May 20, 2008
Sale Price $621,000

Sale Date May 5, 2005
Sale Price $406,000

Sale Date February 22, 1999
Sale Price $220,000

Sellnoworbepricedin4evah
Guest
Sellnoworbepricedin4evah

Interesting. 2011 flip basically broke even. (Assuming some rent was collected along the way). This time will be a loss.
End of flipping days for this house ?

Oh NO
Guest
Oh NO

Oracle will pay over asking just to bruise us bears

No Money Down
Member
No Money Down

Apparently, it is a “New Listing” LOL

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