Why play the lottery when you can just buy and resell a house? Top 3 Vancouver property flips
What are the odds of winning the lotto jackpot?
The B.C. Lottery Corporation says it’s one in 13,983,816.
Adam Major, a realtor and managing broker with Holywell Properties, has a tip.
“Why buy a lottery ticket when you can just buy a house in Vancouver?” Major asks.
With that, Major lists three of the top property flips in the city tracked through Zealty.ca, a real-estate information site owned and operated by Holywell Properties.
Major said that the best contender might by 65 East 39th Avenue (see main photo in this story).
The two-storey home with four bedrooms and two baths is located near Main Street.
The property was reported sold on November 4, 2020 for $1,850,000.
On February 17, 2021, the same home was listed for $1,989,000.
No renovations were done. That would have to be done by the new owner.
The listing stated that the house is “stripped and ready for Reno...permits submitted to city and it's ready to roll”.
The 65 East 39th Avenue home sold five days later on February 22 for $2.3 million.
With a renovation cost of zero, the property made a $450,000 profit in just over three months, Major noted.
“Much easier just to buy a house and not actually do any work to it,” Major added.
The Holywell Properties executive mentioned 2188 Mannering Avenue as another contender.
The two-storey detached home with four bedrooms and three baths was reported sold on July 8, 2020 for $1,505,000.
The property located near Kingsway got a makeover, and returned to the market on March 3, 2021 for $1,950,000.
The listing notes that the home “made modern with the help of award winning interior design firm Kalu Interiors brings out an emerald in the heart of Vancouver”.
The 2188 Mannering Avenue sold five days later on March 8 for $2,121,000.
It’s a price bump of $616,000, and Major estimated the renovation cost at $175,000.
This means a profit $441,000 in seven months, Major said.
Then there’s 7460 Gatineau Place.
The Fraserview-area detached home of one-storey with four bedrooms and three baths was reported sold on June 3, 2020.
The purchase price was $1,675,000.
The buyer renovated the home, and listed the property on April 5, 2021 for $1,988,000.
“This home has been completely remodeled with re-finished oak floors, updated bathrooms, closet organizers, designer light fixtures and hardware throughout,” the listing advertised.
The home sold eight days later on April 13 for $2,400,000.
Major noted that the property increased in sold price by $725,000.
With an estimated renovation cost $225,000, Major said that the seller made a profit of $500,000.