It’s story time again folks & it’s a real scary one this time!
- Older split-level home with a carport - in need of updating
- OK neighbourhood
- Listed at $489k in February 2017
- Sold 3 days later for 109% of the list price ($533k)
- Closed on May 1st 2017 just after the government dropped the hammer
- Extensive cosmetic work was done
- Split into 2 units. 3beds/1bath up & 1bed/1bath down
- Debuted on the market in November 2017 at $459k with a set offer date
- I showed it to my clients 3 days after it was listed & was not particularly wowed
- No offers
- Price raised to $619k
- Sat on the market for 74 days then terminated
- Back on the market listed at $599k
- No effort seemingly to try to mitigate what will be huge losses
- New listing still has exterior pictures from the fall
- No staging to try to enhance the property
Yikes! This is Cautionary Tale 101 when it comes to house flipping! And also a prime example of the kind of fallout we saw a lot of late last spring & summer after the Fair Housing Plan was introduced.
So what should this seller do? HOLD IT! RENT IT OUT!! STOP THE BLEEDING! Geez it’s not rocket science!
I’ll let you know what happens…
**This story was originally sent out on January 24th to my Daily Update peeps! If you would like to start getting my daily email too, just shoot me a message! M-W-F are real estate stories, either that I've written myself or that I consider share-worthy, & T-Th are new listings**