Great story here about some toff having his Ferrari 458 impounded for doing 200 kph on the Lion's Gate Bridge.
No indication in the story, but I'll hazard a guess that said toff was a Chinese kid studying at SFU who lives alone in a 4,000 foot waterview abode.
Vancouver is stuffed full of irascible youngsters just like that.
What's that poor kid gonna do for a week while his Ferrari is in impound?
Why, drive his Lambo of course!
Showing posts with label Vancouver real estate. Show all posts
Showing posts with label Vancouver real estate. Show all posts
Tuesday, July 4, 2017
Saturday, February 13, 2016
More bullshit about the shady underbelly of the world 'o real estate
Marsha Lederman, who has apparently kissed enough ass to get the page two opinion slot at Canada's national newspaper of record, today holds forth on the criminal conspiracies that are driving Vancouver real estate values.
She's waxing wise on the shadow flipping that many Vancouver realtors allegedly engage in. Here's a quote: ...a real estate agent resells a property multiple times with increasingly higher values before the sale closes, giving the agent multiple commissions...
I don't pretend to be an expert on the real estate business, but as I understand it, a real estate agent gets paid only when a deal closes. If an "agreement of sale" contract changes hands a few times before a deal closes, this does not in any way mean the agent got multiple commissions.
Shame on Marsha for sliming the real estate industry with this tawdry innuendo.
She's waxing wise on the shadow flipping that many Vancouver realtors allegedly engage in. Here's a quote: ...a real estate agent resells a property multiple times with increasingly higher values before the sale closes, giving the agent multiple commissions...
I don't pretend to be an expert on the real estate business, but as I understand it, a real estate agent gets paid only when a deal closes. If an "agreement of sale" contract changes hands a few times before a deal closes, this does not in any way mean the agent got multiple commissions.
Shame on Marsha for sliming the real estate industry with this tawdry innuendo.
Monday, February 8, 2016
"Shadow flipping" comes out of the shadows
Here's a story from CBC about a time-honoured tradition in the world 'o real estate; assigning a contract.
That's where, having sealed an agreement to purchase, you sell that agreement to a third party.
This has been going on since forever, and it's actually where the free-market highway meets the rubber of contract law.
If I'm not mistaken, one of the Vancouver papers broke this and coined the "shadow flipping" meme, and then the CBC ran with it.
This "flipping" happens in virtually every new condo development. Most of the folks who buy at the intro are looking to sell their contracts on.
This story, such as it is, is not about a handful of opportunists looking for easy money; it's about a handful of desperate journalists looking for one last kick at the can.
That's where, having sealed an agreement to purchase, you sell that agreement to a third party.
This has been going on since forever, and it's actually where the free-market highway meets the rubber of contract law.
If I'm not mistaken, one of the Vancouver papers broke this and coined the "shadow flipping" meme, and then the CBC ran with it.
This "flipping" happens in virtually every new condo development. Most of the folks who buy at the intro are looking to sell their contracts on.
This story, such as it is, is not about a handful of opportunists looking for easy money; it's about a handful of desperate journalists looking for one last kick at the can.
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