On May 12, a person who goes by @SidhuMel posted a question on Twitter.
“Is there a resource available where you can see which houses/properties are resold the most often?” the guy asked.
“Curious to see which ones get continually flipped.”
@SidhuMel mentioned Vancouver realtor David Hutchinson and the Georgia Straight in the tweet after Hutchinson retweeted a May 12, 2021 report by this publication.
The report had the B.C. Real Estate Association saying that real estate markets are calming down after months of frenzied activity.
The Straight provided a copy of @SidhuMel’s tweet to Zealty.ca, a real estate information site owned and operated by Holywell Properties.
Adam Major and Gary Little, both with Holywell Properties, founded the site, which provides a wealth of data, like prices and sales histories.
What Major and Zealty did was look for some homes that were purchased in 2021 and sold a number of times as well in previous years.
“This is actually a tough search to pull off as there is no way to easily search which property has been bought and sold the most times in a given time period,” Major noted to the Straight.
“Also, even though there are a number of flips which happen in a given year, it is rare for the same house to be flipped multiple times in a short time period,” the managing broker of Hollywell Properties continued.
“It may be that houses that are bought, renovated and flipped are then least likely to be sold again quickly.”
That said, Major provided three examples.
Major said that a contender for most sold property might be 4606 Windsor Street in East Vancouver.
Major recalled that the property has been bought and sold six times since 2006.
The original house was torn down, and a new one built in 2018.
Major recounted that the property was sold in 2006 for $461,000. The price “slowly ticked up selling for $600,000 in 2008, and in 2010 it sold for $615,000”.
“That next owner made a killing, more than doubling their money in six years when the house was sold for $1,325,000 in 2016,” Major said.
A new house was built in 2018, and 4606 Windsor Street sold for $2.55 million in 2018.
And then on March 29, 2021, the same property sold for $3,018,000.
“Overall a 555 percent premium to what it sold for 15 years earlier,” Major said.
He added: “Vancouver real estate has been an awesome investment for those who got lucky and timed it right.”
The detached home at 1089 East 58th Avenue in Vancouver, which has been sold four times since 2016, has a different story.
Major recalled that the property was bought during the hot spring market of 2016 for $1,428,000.
It was sold six months during the same year for $1,200,000, or a $228,000 loss.
Major noted that the property was “actually still below its spring 2016 price” four years later in September 2020 when it sold a third time for $1,330,000.
But then on March 1, 2021, the selling price of 1089 East 58th Avenue went up $1,540,000, which is an increase of $210,000 in six months.
“Talk about roller coaster house prices!” Major said.
The third example is 4529 Caulfield Lane in West Vancouver.
The property was bought and sold five times since 2003.
The residence was sold in 2003 for 1,335,000, and “went up in value a million” in 2010, when it was purchased for $2,350,000.
In 2016, 4529 Caulfield Lane was sold for almost another million-dollar increase from 2010, when a buyer took it for $3,226,650.
Moreover, Major related that the price increased for less than $300,000 in the next four years, when the same property was sold again in 2020 for $3,512,000.
On February 28, 2021, the property sold for the fifth time, and its price went up $373,000 from the previous one seven months before. It sold for $3,885,000
“Price appreciation definitely does not follow a straight line,” Major said.