If you’re considering buying a home, there are many options when it comes to purchasing Distressed Properties in West Vancouver. There are several lenders available, including BlueShore Financial, Private lenders, and Neighbourhood Holdings. Using a mortgage broker can help you find the right one, but you’ll want to make sure that you’re not going to lose your money in the process.
Distressed properties in West Vancouver
With a little help from Point2, you can find distressed properties for sale in West Vancouver, BC. Using the filters, you can narrow your search based on keywords, and filter properties based on recent price drops. You can also save your searches to receive daily email updates with matching listings. Point2 is also a great resource for West Vancouver, BC real estate, with extensive demographic and market stats. With more than 300 listings, Point2 is sure to help you find a great home in the area.
The foreclosure listings in West Vancouver contain pictures and descriptions of each property. Sorting by price, street address, and date added to the real estate market can help you find a home you like. You can even contact the owner for free. The listings will show you the details of the foreclosure, and you can choose a date to view them. This is a great way to save money while locating a good home in West Vancouver.
After 45 years in the real estate business, Michael Geller has found himself struggling to sell his six-bedroom heritage home in West Vancouver. He has publicly offered realtors a $25,000 bonus to sell his property. Yet, BlueShore Financial says it is not seeing an increase in foreclosures. The real estate firm has over 40,000 members and no immediate plans to expand. This article has been edited to remove identifying details of its business practices and to reflect the most recent information about the company.
A recent Globe story outlines a story about a private lending operation in West Vancouver, British Columbia. Paul King Pao Jin and his wife have staked claims on more than twenty-seven properties in the Vancouver area since 2012. They claimed to be the sole lenders on the properties and have taken out more than $16.6 million in loans. Their company has allegedly targeted wealthy Chinese newcomers and tourists to get them to sign over their property. Some of those borrowers have been charged with crimes, but they have maintained their innocence.
In West Vancouver, there are currently five court-ordered sales in which private lenders are listed as sellers. Four of the properties are listed in this way. One of the foreclosures, 928 Groveland Rd., is listed at $6.998 million; however, the listing agent does not know who is behind the foreclosure sale. He only knows the lender is a private lending company. The home is being sold at less than half of its assessment value.
This new lending phenomenon has many benefits for homeowners, but there are a few drawbacks, too. First, the private lenders in Vancouver often charge higher interest rates than those offered by traditional banks. They focus more on the equity in a property than the borrowers’ incomes. The downside to this type of lending is that the market is a mystery, and there is no way to know for sure what impact it will have on Vancouver’s housing market.
Secondly, private lenders are not charitable, and they are not interested in taking on a bank’s rejected property. Because they are only in it for the short term, private lenders have a high risk premium. However, brokers are not reluctant to recommend private lenders to their clients. This is because they can charge up to 8% interest. If the property is not resold quickly, they can charge up to eight per cent more.
In West Vancouver, a company known as Neighbourhood Holdings has a list of distressed properties. These are the properties that the company is unable to sell. They include properties that have low appraisal values and are being marketed for sale at a fraction of their true value. The company also owns distressed properties in other parts of the city. A recent report shows that the company owns more than a hundred properties in the city, a sign of the current housing market’s problems.
In the first phase, Reliance Properties has sold the Burns Block building to the B.C. government for $10.9 million. The company is now planning to build a 10-storey social housing building on the site as well as a 50,000-square-foot health centre, which is also being sold at a steep discount. The project will cost around $110 million and be located on city-owned land at 58 West Hastings across from the iconic Save-On Meats.
Other distressed properties in West Vancouver are owned by the Arpeg Group. It owns the second floor of a former B.C. Collateral and Loans building, where 19 units are located. Most of the tenants live in the service sector and are young. The company supports the partnership to buy single-room occupancy hotels in the area. These properties are often vacant and poorly managed. This could create an opportunity for new uses for the buildings.
The company is partnered with B.C. Housing, which owns 25 properties on Hastings Street in Vancouver. The project will redevelop the area, adding 100 supportive housing units. The project will also feature a community healing centre. The company is working with the residents of the Downtown Eastside to create jobs and improve the area. There are many more opportunities for new business and housing development along Hastings Street, but the city is facing a serious housing shortage, resulting in an underdeveloped West Vancouver.
Taxes to rein in real-estate speculation
Whether or not these new taxes will slow down the speculative bubble in Vancouver’s housing market is another question entirely. The current tax structure for real estate speculation is inefficient and ineffective, and it hasn’t been the case for the past decade. While many politicians and governments blame immigration and foreign investors for the rise in housing prices, it is also possible that money laundering may have played a role. A government-appointed panel claims that $5.3 billion was laundered through the real estate market in 2018.
Until last year, housing prices in West Vancouver were undergoing a historic run up, with prices doubling since the spring of 2016. That’s when the BC Liberal government introduced a 15% foreign buyer tax. The government believed that by discouraging speculators, prices would drop and affordability would improve. However, those taxes have failed. In fact, housing prices in the city have increased faster than ever, with fewer permits issued than in previous years.
The current tax structure is flawed, and there are many unintended consequences. One example is a loophole that allows the price of a condominium to skyrocket. This means that the price of a condo can skyrocket in a matter of weeks. But there are other potential solutions. One option is to create a new tax on pending construction. A developer named Andrew Gellar is working to get an infill housing and heritage restoration project approved on a vacant piece of property in Ambleside, but has been told that he’ll need to wait 15 weeks before he gets a permit.
This tax will affect only a small percentage of homeowners in BC. But even if the tax does hit one percent of the population, it is unlikely to have a significant impact on home prices. Most British Columbia homeowners are already paying low property taxes and capital gains exemptions, so these measures will not significantly affect prices. This policy is an important step towards reducing housing prices in the province.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.