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Ian Watt Personal Real Estate Corporation - Sotheby's International Realty Canada

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Flipping Condos and Any Real Estate in Downtown Vancouver is Dead People

Vancouver Condo Real Estate Video Blog #662 - May 9, 2011

 

Flipping Condos and Any Real Estate in Downtown Vancouver is Dead People 

 

Ian Watt video blogs about a buyer who had contacted Ian about buying a condo to renovate and flip to make a short term profit. However, Flipping Condos and Any Real Estate in Downtown Vancouver is Dead as after buying the condo, renovating it, making a financial gain on selling, minus the property transfer tax, legal fees, mortgage payments, realtor commission there most likely be no profit remaining. If you want to voice your opinion or if you don't care for Ian's comments please email your feedback to ianwatt@ianwatt.ca and visit http://www.ianwatt.ca/RealEstateVideos for all the Ian Watt Real Estate Video Blogs. Please note that opinions, real estate practices, prices and data always changes over time, so please keep in mind the date when this video was published as the information could have become irrelevant over the past days, months and years. Copyright iWatt Media © All Rights Reserved 2011 www.iWatt.ca .

 

Ian Watt: Hi good afternoon it's Ian Watt in Downtown Vancouver. A lot of email from a guy the other day and he says I'm thinking of buying this property and I was wondering your advice. My goal is to buy it, renovate it and flip it. I wanted to make sure everyone understands this, in this market in Downtown Vancouver in 2011 you're an idiot to think that way with anything unless it's a three million dollar place and maybe you can renovate it for five hundred and sell it for four something like that. But on a three hundred thousand dollar place or three hundred and fifty thousand dollars keep in mind renovations are gonna cost you twenty, twenty five thousand dollars. Property transfer tax is gonna cost you five whatever. All the legal fees couple of grand there and then on top of that of your gonna try and sell it. You gonna sell it for what? 3? 350? 375? I don't know but where is the profit there? Don't think you can flip anything in Downtown Vancouver right now and make a profit in a short term. Nobody's doing it, if anybody can do it realtors will be doing it because they can save commissions and they're not even doing it. Hold your real estate for a long long time and sell it if you have to but if you don't hang on to it pay off your mortgage. Flipping is dead. My name is Ian Watt and if you have any questions. You can always email me at ianwatt@ianwatt.ca. Thank you very much and have a great day!