There go all my Brad Lamb on his balcony sightings!
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Baby, we got a bubble!?
- Thread starter simuls
- Start date
interested
Senior Member
Eug
Senior Member
Oh, was that in the video? If so I missed it.
Yes, very nice, and a nice patio too.
My sis's place is around 1800 sq. feet, and I don't think it's two combined units, but it's not a penthouse.
interested
Senior Member
Your sister sounds like she got quite the bargain. Not a penthouse but she paid considerably less/sq.ft.
cdr108
Senior Member
Eug
Senior Member
Yeah, but she still did well nonetheless IMO at around $576 per square foot (with a parking space too). That's what the sellers get for pricing too high. I kept on telling my sis' that the place was overpriced, but maybe she didn't need the advice. She lowballed, and then played hardball during the back and forth negotiations. She eventually gave them a take-it-leave-it offer and they took it, for a 9% haircut off the listing price.
The sellers made the mistake of listing high, and few were interested. Then they listed lower but ran into problems because they had a renter that wasn't fully cooperating with the viewings. So then they got rid of the renter but by then it had been a few months on the market, still priced somewhat too high.
This is in stark contrast to the way BJL marketed his place, of course.
The sellers made the mistake of listing high, and few were interested. Then they listed lower but ran into problems because they had a renter that wasn't fully cooperating with the viewings. So then they got rid of the renter but by then it had been a few months on the market, still priced somewhat too high.
This is in stark contrast to the way BJL marketed his place, of course.
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wang888
Active Member
there are a massive of condos coming online in 2014! is that the year we crash?
ponyboy
Active Member
So is lamb now a renter?
Eug
Senior Member
I doubt it. I betcha he's a flipper.
A contractor family I know does this all the time. Family members get houses built inexpensively, and then live in them for a few years as their primary homes, and then they sell them at market price. Since these are their primary residences, there is no tax on the capital gains.
EDIT:
Here are the details.
http://www.theglobeandmail.com/life...condo-king-sells-his-own-home/article2112809/
$1635000, 2300 square feet = $711 per square foot, but includes two adjacent parking spots and a locker. Condo fee is $1432.
He makes the claim the unit would usually be worth $2 million, which is of course baloney because if true he would have listed it for more than he did.
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Kenny
Active Member
All top tier real estate agents are flippers. They get ridiculous discounts compared to the public.
cdr108
Senior Member
plus they get the 4% pre-con broker commission and save at least 1/2 of the seller commission, which is one of the largest cost for R/E transactions buy/sell.
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daveto
Active Member
Seems entirely ethical to me.
cdr108
Senior Member
of course it is.
what other industry can:
* guarantee prices will go up without penalty or sanctions;
* front run a purchase in pre-construction with brokers, friends and family before the public;
* have complete lack of transparency in the resale bidding transactions;
* insert your item here
interested
Senior Member
Remember BJL is a developer.
I would bet he is going to take a unit in one of his buildings or perhaps the condo king wants a house.
I doubt he would rent other than perhaps for the short term. It would make no sense for him to do so.
I would bet he is going to take a unit in one of his buildings or perhaps the condo king wants a house.
I doubt he would rent other than perhaps for the short term. It would make no sense for him to do so.