East Vancouver $1 million house 'will cause a riot,' says real estate agent on TikTok

East Vancouver $1 million house ‘will cause a riot,’ says real estate agent on TikTok

The (relatively) cheap price of an East Vancouver home now on the market is “ridiculous,” says a local real estate agent.

In a TikTok video, realtor Jimmy Ly says the price for the property at 4493 Fleming Street is “stupid” because of all the buyer gets in the deal and Vancouver’s hot housing market.

“Ridiculous” price? $1,000,000.

“What the sellers are doing to this house is going to cause a riot,” Ly says in a video on social media.

BC Assessment values ​​the address at $1.76 million.

Built in 1965, the main house has been thoroughly renovated and updated. It is also divided into two legal units, with a 3 bedroom unit below and a separate 2 bedroom unit above. In addition, there is a new house on the street in the backyard.

Ly estimates that a house on the street could rent for up to $2,000, while a three-bedroom unit could go for $3,000 a month, leaving the owners with a two-bedroom main unit to live out of.

“I understand it’s listed below market value, but that’s absolutely ridiculous,” he says. “A house down the street could sell for a million dollars by itself.”

In the comments on the video, Ly notes that the listing – which is being represented by another realtor – may be giving people false hope and wasting time because the price will go up.

“The list price is fake,” writes one comment.

In the second video, Ly states that such low prices can cause confidence problems in the real estate market.

“I understand the strategy behind this marketing game, I have also listed for bidding wars, so I have no problem with undercutting,” he says. “My problem is that it wastes so much people’s time and gives us real estate agents, who already have a bad reputation with the public, an even worse reputation.”

He notes that there would still be a bidding war for the property at higher, more realistic prices, such as $1.6 million or $1.7 million.

@jimmyly_ Terrible price for a great property. #realestate #realestatemarketupdate #newlistings #newlistingsvancouver #newlistingsburnaby #newlistingssurrey #newlistingscalgary #newlistingstoronto #newlistingsburnaby #howtobuyrealestatewithnomoneydown #howtoinvestinrealestate #howtobuyarentalproperty #howtofliphouses #westvancouver#vancouver #burnaby #burnabybc #burnabynorth #burnabyrealestate #vancouverrealestate #beautifulhomes #realestateinvesting #luxurylifehomes #luxuryestateagent #realestatemarket2022 #realestatecrash #howtobuyahouse #howtobuyahome #propertytour #realestateagent #realtor #becomearealestateagent #realestateagentforbeginners #becomeasuccessfulrealestateagent #howtobecomearealtor #realestateagentlifestyle #howtobeasuccessfulrealtor #howtobeasuccessfulrealestateagent #realtoroftiktok #realestateagentsontiktok #realtorsontiktok #newrealestateagent #newrealtortips #realestateagentontario #realestateagentalberta #realestateagentcalgary #realestateagentvancouver #shouldibecomearealtor #howtobecomearealtor #nemo smart real estate tips #condo #apartment #vancouvercondos #burnabycondos #calgarycondos #torontocondos #realestatetiktok #realestate #realestatevancouver #realestatebeginner #realestatetiktok #realestatevideography #realestatemarketing #realestateagent #realestateinvesting #realestateinvesting #realestate


#East #Vancouver #million #house #riot #real #estate #agent #TikTok

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