Tuesday, July 9, 2013

Guess who's trying to cash out of the real estate market in Vancouver? - Updated



This 6 bedroom, 4 bathroom 2,922 square foot home sits at 912 W. 23rd Avenue in Vancouver. It just came on the market with an asking price of $1,950,000.  

Here is how the listing describes the house:
Wonderful Douglas Park. Converted big character family house w/5 bedrms up + lovely 1 bdm suite down situated on 2 legal lots. Built circa 1912, this beautiful mechanically updated Craftsman home retains its original charm with refinished fir floors, stained glass, casement windows, parlor pocket doors, deep baseboards & spacious principle rms. Very bright open plan with windows abound & an amazing light filled top floor master bedrm + ensuite. New electrical and plumbing(2005), new roof (2002/7), kitchen & bathrms(2005). Enjoy the lush perennial country garden from the south deck protected by established hedges & trees. Walk to schools, shops, parks and transit/Canada Line. Open Sunday/July 14, 2-4pm or call to view by appointment.
One of the interesting features is the kitchen.  The current owner once described the look as "city farmhouse."



For those who follow such things, the kitchen is familiar. Didn't we see it a couple of years back in an article over on the blog, The City Caucus?


The article was titled "Why does a corporation own Mayor Gregor's Vancouver home?" We can't speak to that particular issue, but damn that kitchen does look awfully similar, doesn't it?

Now... lest you think we base our revelation solely on the similarity in that photo alone, there's always this:


Clearly Gregor has decided to fold his R/E hand and cash in on his bubble inflated asset.

So it begs the question, if even the Mayor of Vancouver is bailing on the Vancouver real estate market, has the slide begun in earnest?

Especially since this move comes a mere six months after  it was revealed Robertson had divested himself of the company he co-founded, Happy Planet.



First Robertson sells his Vancouver based business, now he's trying to dump his overvalued - and overpriced - home (one faithful reader advises it's assessed at $1.6 mil). Is Gregor reading the city's economic tea leaves and pulling stakes before it's too late?  Sure looks like it.

Maybe it's time for his opponents to update that infamous video they released for the last election?



(hat tip: Duplicity)

For follow up post see June 10, 2013: Vancouver Mayor responds to yesterday's post - Updated: media speculating on Mayor's new home.

And, July 11, 2013 - Housegate: When did the Mayor buy and when did he know he would buy there?


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36 comments:

  1. now that is real news, gotta hand it to ya w, you are now the top dawg.

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  2. Amazing you are damn good!!!

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  3. Great find! Maybe he's stumbled on to some of our blogs and realized the "news" he usually gets from the local media is just propaganda!

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  4. City farmhouse. Orchard sold separately.

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  5. Assessed at 1.6mil, Gregor you got some waitin' to do.....

    Cheers,

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  6. Not sure you should read so much into this...the kids are grown, time to down-size, maybe a more eco-friendly bungalow.

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  7. Not that it has anything to do with anything, but I always thought he was gay. I don't know why I had that impression, but isn't he gay?

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  8. Purchased June 2005 for $420,000. Now since it belongs to a company, does he pay capital gains tax on the profit of the sale? I think we need some input from a tax expert dawg.

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  9. haha, this is awesome, what a goof. Maybe he's moving into a laneway home. Good luck selling Gregor, maybe we'll see his place on vancouverpricedrop.com in the near future, one can only hope

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  10. He is probably moving into social housing in the Olympic village. It will be an easier cycle to city hall.

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  11. what was the interest rate for residential mortgage in june 2005 ?

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  12. Open house Sunday... let's all go see the mayor's house!

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    1. I'm pulling out my Birkenstocks for the walk-through.

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  13. What's with these listing agents and their abbreviated descriptions? They can't type out "rooms" but have to type "rms"? They must be sooo busy they can't spend that extra time at the keyboard.

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  14. He can only 'cash out' if he has another home, bought before the bubble, he can move in to. Otherwise, he has to "cash back" into this inflated market.

    Or move to Kelowna.

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  15. 420k during 2005 seems cheep for West end. My parents bought in 2005 in East end for 500k+

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  16. 420k seems cheep. My parents bought east end around the same time for over500K. Luv you Whisperer

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  17. This will be a fantastic personal wake-up call for His Worship.

    One assumes that most of his context on Vancouver RE comes from the stories of how great and stable and profitable the market is from the banks, developers, and realtors.

    He'll now spend the summer, fall, and winter in the shoes of an actual rank-and-file Vancouverite: waiting, suffering empty open houses, incrementing his price down, readjusting his expectations. Slowly coming to the realization that not even his city assessment is realistic; never mind the wild dreams of bajillion-dollar profits that his realtor has convinced him of.

    If the cartel had a brain, it would send an angel in to buy Robertson's house at above asking price. It might even send in two or three of them to have a mock bidding war. His Worship must be protected from exposure to the reality of our market crash!

    I wonder if he'll become a renter.

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    1. I will be at every open house to cheer up his Worship. Pls come and join me.

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  18. Storm the Bastille ;>)

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  19. We can only dream of having the same wealth as the mayor has. He probably made a bunch of money for the Happy Planet thing and got paid a good salary as mayor. And don't forget the sweet defined benefit pension plan he'll be getting for life when he retires. Even if he sells the house for half asking, he'll still be far ahead of the rest of us.

    Seeking Knowledge...

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    1. Accdg to article (link supplied above), a corporation 'owns' his house, so it's probably not even 'his' house to sell. Just guessing.

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    2. The sole director of the 'corporation' is his wife.

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  20. http://www.straight.com/news/399096/gregor-robertsons-new-home-raises-question-about-his-political-ambitions

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  21. I'd rather have Rob Ford as mayor.

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  22. It is so disappointing to say the least that the Mayor of Vancouver's principle residence is owned by a corporation to dodge tax laws and skirt asset issues. Can Gregor spell slimy? Doesn't it leave a bad taste in anyone's mouth that he can't be like the majority of us 99% that don't put our homes the sole asset of a corporation where your wife is the director, and the husband is part owner, etc. It makes you think, "What the heck are they doing and why???"

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  23. 252 west 17th sold for over $2M. So I definitely think he'll get over asking for his house. Plus his is on a double lot, not as deep but very wide. I'm not saying that it will be worth less in a few years for the owner, but given the activity in the market right now, it will sell. When will this be over? Curious as to what his plans are. Where is he moving to? Is it a rental? Someone follow the moving vans!

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  24. Could it be...no...Is the house for sale? or is the company listing it's only asset for sale?

    Recently Global news did a piece on how companies that own property are sold. being the sole and only asset of each company. Because the company is sold, and nto the property it does not trigger a NEED to pay property transfer tax...hmmm...

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  25. It's been confirmed by City Hall that he has already purchased his new home elsewhere in the city. So, naturally he is selling his old home. I rent in the same neighbourhood and there are several homes here that are similar that have sold recently for as much or more, with less land. So the asking price doesn't seem unusual either (it's nothing I can afford, but that's nobody's problem but mine).

    Given his current career in politics it's not surprising that he sold his business. I'm sure he doesn't have time to relate to it properly, so it would be wise to move on. Furthermore, this also frees him up to further engage with his political life. Have any of you noticed how many Vancouver mayors have gone on to be MLA's, MP's or Premiers?

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  26. I noticed mayor has UNAUTHORIZED suite in the MLS listing for his house. (Suite: Unauthorized Suite).

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    1. Listing is gone from realtylink.org so I am unable to check details about suite.

      Plug in street address on following link and you will see on tax levy detail that the mayor is paying for water and sewer for suite, which means suite has permit. But he probably did not rent out the suite since he does not need rent income. Rental suite usually helps sell a property, as new owners may need rent income.
      https://revservices.vancouver.ca/tempestprd/webinquiry/frames.cfm

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    2. House apparently sold this weekend for the full asking price (but not a penny more, however, which is very odd). It's cute how this listing was removed at the snap of a finger as removal of listing info normally takes several days. When you factor in time for closing, paperwork, subject removal etc, I am thinking this must have sold long before the open house ever happened. Of course, the Vanc Sun will likely be in there like a dirty shirt reporting on this come next Sat with a full featured spread on the transaction and how he was able to sell this in ONE day (with the RE market being red hot and all that...).

      http://www.vancouversun.com/news/metro/Mayor+Gregor+Robertson+home+sells+million/8654478/story.html

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  27. Why does a corporation own the home?

    Could it be to avoid the property transfer tax? If they sell the corporation instead of the home then the home is not deemed to have changed hands and no property transfer tax is paid.

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    Replies
    1. Yes, it is policy to avoid property transfer tax.

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  28. He's a Tides Foundation Manchurian candidate. I have yet to here one coherent statement out of his mouth when he's not reading a speech. Another "Hope and Change" empty suit.

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