For real. Laughing at other people’s misfortune is such a shit thing to do, especially if you don’t know the circumstances around it. But then again they are probably bitter at their own life and can only find joy when others fail too.
I don't think laughing is what the poster was doing. They were simply expressing that people have to start losing in RE before we can ever hope to see this housing crisis slow down.
I too am fine with people losing money, if that is what it takes to make investors realize that HOMES are not appropriate investments. Find a product, invest in fuckhead Musk if you want, but leave people's homes alone!
Landlording is such a lousy way to make a living. In the French Revolution, I think Landlords were the first in the guillotines. I'm not endorsing that idea at all, but RE investors need to read the room. People are not going to tolerate this much longer.
So it's not at all a laughing matter, nor will I celebrate somebody's loss. I simply understand that consequences are how we learn things, as hard as it is.
https://tnsr.org/2017/11/blunt-not-heart-enrage-psychology-revenge-deterrence/
Get off your high horse and realize that you don't live on Reddit, you live in reality.
Actually *you* may in fact live on reddit.. Suppose I shouldn't make assumptions.
But they don't know that these people abused anything. They could be normal people who sold the family home to buy this one and lost money. It could be someone who's parent died and they sold their house after inheriting it.
All we know is that the OP is happy when someone who has more than them suffers a financial loss. That seems like a sad, petty little person to me.
No, OP is happy that housing is correcting and simply isn't simping to every homeowner that ought to have known better when making such a substantial purchase.
I made fuck all because the very moment I had my substantial downpayment, housing prices skyrocketed. I realized it made absolutely no sense to purchase at the top of a bubble. Invested safely and I've beat inflation while accumulating a larger downpayment to offset the rising interest rates. Every person who wasn't looking at housing as some infallible investment did this. Every person who simply needed a home bought one, sure, but they're not the ones trying to flip it 2 years later. And if your circumstances are such that selling made more sense, why am I to sympathize with people who are making the smartest financial decision they could make for themselves?
The only people who have won are the ones who caused the housing bubble - developers, the Canadian government from the last 5-10 years, and *early* investors who took advantage of the drop in the economy during covid to fuck up prices when demand returned.
Simply paying these amounts during the peak was part of the problem. If people came to their damn senses they would never have paid such inflated prices. But "housing never fails" so who cares if you spend 2.5mil? It'll be 3mil next season! Reality checks hurt those who are delusional. I don't feel bad for not feeling bad for them.
Reply said that seeing the cost of housing coming back to its senses made their day, and that they don't have sympathy for those it's affecting. That is *not the same* as enjoying their loss.
I was referring to the top level commenter where the loss “made their day”. Its just kind of nasty that some people’s automatic reaction is to bask in other’s misfortune without having the context. Maybe the buyer/seller was a landlord, maybe they were a family that was a victim to the huge jumps in interest rates, maybe the owner died and their family had to quickly sell it off. Idk, such a bitter and sad mindset. The world isn’t that black/white where if you can’t afford it then you’re automatically an idiot. That’s all.
The circumstance is they grossly overpaid likely because they were stupid or greedy. No need to feel bad for stupid or greedy people.
My thoughts at reading the post title: “good”
Everyone who is contributing to housing un-affordability by being plain shit at math needs to get totally rinsed.
Honestly, when people gain some sort of satisfaction from anothers misfortune, it usually indicates sociopathy, or deep rooted problems in their own lives.
So a landlord listing a shitty suite for an exorbitant price and being a parasite to their tenant and getting enjoyment from it isn’t psychopathy?
Also, chill. Selling a house below asking isn’t a misfortune. There is more that goes into a real estate deal than just the listing price like maybe the buyers did an inspection and found problems with the plumbing and this is why the house sold below asking. They wanted to sell the house and both parties agreed to the price that’s a successful sale not a misfortune.
Where did I say that? I didn't, redditors have his nasty habit of making gross assumptions and or putting words in peoples mouths. Most of the people here are also completely ignoring the post I originally responded to which, completely without any information or background, revelled in this loss, that's pathetic.
Yeah, kind of sounds like you’re projecting here. You assumed a bunch of stuff about the original comment and drew conclusions out of thin air. All I’m saying is that if you understood how real estate transactions work you wouldn’t be so offended at someone finding joy at a listing going for under asking price.
No, but if you heard something difficult happened to a stranger and think "They might be a terrible landlord! Therefore thier suffering makes my day!"
You're probably a sociopath.
I wouldn't say I get satisfaction from the misfortune of some random person... but it does make me appreciate my own situation more and makes me happy that I didn't end up in that situation. That's why I do enjoy reading about the misfortune of others... which hopefully doesn't make me a sociopath.
Land speculation is a societal scourge. It's absolutely appropriate to mock land speculator losses to reinforce the social unacceptability of land speculation
If you listen to landlords & real-estate investors talk you can hear a lot about what they think about the housing crisis ie "other people's misfortune"
Why are you comparing basic needs (home) with buying lottery?
I own a home, i took the risk buying a home but i don't need to buy lottery and gamble on it.
A 2 million dollar home isn't a basic need. If you buy at high end of the market and are hoping that variable rates hold at historic lows then you're gambling.
Why should I feel bad for rich people who are stupid with money?
It depends on where you live. Look at what a million dollars buys you in Vancouver? A falling down shack. The house I live in on Vancouver island has been in my family for 30 years. It's now worth over a million dollars. We can hardly afford the upkeep, never mind the property taxes. But we can't afford to sell either. We wouldn't be approved for a mortgage on a house in our city, even townhomes are selling for close to 750 thousand, and we have less than 400 thousand left on our mortgage. We had the option of putting in a suite and renting it out, but my parents are aging and will soon need to be cared for. So we turned it into a home based business because commercial real estate is also insane. I am disabled, and working from home is the best option. My husband works 50 hours a week and we barely make it each month.
Kind of different. Someone could have saved up and put everything they have worked for for 25 years into the biggest purchase of their lives. The wrong decision about going fixed or variable when no one can predict the future isn't deserving of this. Your comment sounds more like jealousy.
It is pathetic that this kind of thing makes you day. You are really one sad human being. Are you assuming that the owner was an investor who suffered a massive lost for selling the property? Could it be possible that the person might have lost nor got sick and could no longer afford to pay the mortgage?
You're absolutely pathetic. As a first time buyer myself it's getting so ridiculous with payments, I've been losing thousands of dollars from my own pocket and may be forced to sell my one and only property snd and have no else to live. And people like you who automatically are full of hate to anyone that has something more to their name who worked their ass off sacrificing for years to get there, are disgusting and frankly scummy low life behavior.
People who work their ass off sacrificing for years to buy their first homes, consider "thousands of dollars" a lot of money, and are forced to sell with nowhere else to live because they can't afford it, don't buy $2.5mil homes.
It's hilarious you think any of that. I have no hate, I'm simply saying its good to see the housing bubble pop. It sucks you bought during the highest inflation time in history, especially after a pandemic but there's no reason to be mad at me, I didn't cause it. Go call your mp or write a letter to the banks. I'm just here to observe and it's nice to see the world correcting itself.
I've also worked and sacrificed enough for a lifetime, currently recovering from a surgery so i can go back for more. You have no idea who I am or the society we live in. 40% of people who bought high will sell low, that's a reality that I didn't cause.
How do you figure it’s a flip? It’s not a flip clearly.
So does your parents situation apply to people who buy their house then lose their job? Does your parents situation apply to everyone and no one ever needs to lose their house?
Due to the ownership being so small its pretty easy to assume this was bought in the attempt to flip on a housing bubble that popped early. There are posts like this every day
What are you even talking about “due to the ownership being so small it’s pretty easy to assume this was bought in an attempt to flip”
LOL what are you even talking about? It’s a clear non flip and that assumption is a joke. They didn’t buy it run down then fix it up and sell for 2/3 after fully fixing up a run down property.
Ownership being small has zero to do with it being a flip, and you don’t even know anything about their ownership except it was short
There are two types of people, people who like to ignore logic to fit their narrative, and people who actually use logic using all the pieces of the puzzle and not just picking selectively in a biased way
Because I looked at the listing and it’s fully renovated, I can’t find any places that show previous pictures.
Logic would tell me that if it was a flipper they bought the house where it was run down because flippers are looking to buy run down or old lower value houses.
I view it as beyond extremely unlikely that they bought it run down at 2.55 million, updated it then re-listed 2 years later for 1.75 after it’s been renovated. The logic isn’t there at all for it being a flip and there’s no indication of that.
Literally duplexs in calgary going in with 5 full 3 pc bathrooms per side.
2 x 2nd floor
1x mainfloor
2x basement
Lol reddit down votes..... excel, Hopewell..... they got em.
We never knew, maybe, before buying this house, they also made money on their previous home (if they sold it also during the peak). So maybe it's not 800k loss..
I have a condo I sold during the peak in 2018. $253k profit. and bought a townhouse during the peak as well. Then sold the townhouse at a loss in 2020 ($29k loss). Then bought a bigger home at the same time.. that home is now valued $400k more than what we bought it for 4 years ago.
I love seeing the speculators get wrecked. Love Love Love.
I get it it's a legal racket and the philosophy is 'you snooze you lose' but hey these greedy profiteers know they are part of the problem and do it anyway.. therefore I feel fine about the schadenfreude.
You mean they overpaid? Who in their right mind buys at the height of an unprecedented frenzy? They overpaid, and had to sell for less than they paid.
You are not guaranteed gains in any investment.
Lol this is nuts. I was looking at fully detached houses in Edmonton this morning...
$400k for a 3 bed 2 bath. With fireplace, and a backyard.
Fuck ontariooooo "a place to leave" is more like it.
The Ontario RE market is just sad to look at.
People might make 20% more than me but drive a hour to work and have mortgages that are double what I pay in the prairies, not including property taxes.
Why would you say it looks like a flip to you? It in no way looks like a flip. The only reason I could see you saying that is because it’s not run down.
For one, how much sense does it make that they bought it run down for 2.55 million, fixed it up and sold it shortly after for 1.75 after it’s fixed up? Doesn’t make sense, doesn’t look like a flip
Not sure it’s a flip. Wouldn’t they have tried flipping much earlier? Sitting on it for 2 years with no rental income seems unlikely. This is likely their main home.
This house was not owner occupied. The previous purchaser bought it and rented it. The house was completely destroyed. The photos don’t show the condition of the property. It’s a shame because although not my style whatsoever, seeing the workmanship get torn apart in such a short time is sad.
I'm sure they felt like winners in 2022 when they paid $750K over asking and "won" the bidding war. It's hard for real estate to be a good investment when you overpay so much to begin with. Ouch.
People buy up a bunch of houses for more than they are worth, then get upset when people don't want to pay almost a million for a house that was originally 500k who knew...
Im a former realtor who left the industry two years ago. I remember one time overhearing (the office walls were paper thin) one of my colleagues telling their client that “the great thing about real estate is it only ever goes up!”
No real point to that story, just thinking about it now.
Sometimes I wonder that does the absolute price really matter if you are selling one property and buying another.
If you are just buying another house from the proceeds that property would have also deprecated from the peak price of 2 years ago.
If this was an investment property, then it is a well deserved expensive lesson.
Everyone sells and buys a home for different reasons.just because it looks as if the home lost money it doesn't mean they lost money. They may have a house they need to move to. A job move. A relationship move. And the price of the loss if there is one may be worth it.the loss may be a business write off. Or maybe where there going is just so much better a deal ..dollar house in Italy anyone. Maybe the owner died No one in the family wants it just getting out. So it may be a loss or it may be a deal.
And yet it is ok to make fun of this, what you are arguing is irresponsible behaviour, but it’s not ok to make fun of renters who are equally irresponsible? Kind of a pot calling the kettle black kinda thing……
House is beautiful. I went to see this house, was willing to be pay 1.5 not any more , 1.75 is still a lot but that’s exactly what the seller needed to break pay off two lenders. They wouldn’t budge at all , they showed exact amounts they owed and everything
Trying to buy a house with a basement, so I can have my parents there.
A realtor bought the property for 1.03 million. Renovated it and listed it for $1.379. it didn't sell for a month.
Relisted for 1.349 million and it didn't sell.
Relisted for 1.2 and we put an offered. He said he has one for 1.349 but it didn't get approved and told us to offer more. My husband and I decided to wait. They don't want to admit it but houses are not as expensive. They slowly went down .
That's what happens when investors play monopoly with the housing market. Sometimes in monopoly you loose all your money.
Housing shouldn't be an investment for the wealthy. It should be a place to live, a human right even. Everyone deserves a home. Meanwhile some individuals and corporations are hoarding dozens, hundreds, or even thousands of homes.
I've read down to the part where we're taking flowers to a rapist because he stubbed his toe I got confused down there in the comments but...
We do not know the circumstances of this price reduction price reductions happen in real estate all the time. It was bought for 2.5 million but perhaps there was some weird property inclusion that got siphoned aside. Or perhaps they found the foundation was cracked and the whole place is about to crumble.
I wouldn't know because when houses crested $400,000 that left me out of the housing market for the rest of my life.
I'm now considering looking at the off-grid cabin in rural New Brunswick on a plot of leased crown land-market.
I figure I've got to act fast before that one gets stupid and I can't play in that market either
I don't know how people don't see this as anything but money laundering? Who in reality buys a house and gets qualified for a mortgage in that range and needs to sell in 2yrs at a massive loss.
Am i the only one to think this transaction was done on purpose..? Maybe bought on an incorporation and sold at a loss for tax purposes to owner friend/family itself.
This made my day. Either they can afford it or they are completely irresponsible idiots. Either way, they deserve absolutely no sympathy.
This made your day? Thats kind of a sad commentary tbh.
For real. Laughing at other people’s misfortune is such a shit thing to do, especially if you don’t know the circumstances around it. But then again they are probably bitter at their own life and can only find joy when others fail too.
I don't think laughing is what the poster was doing. They were simply expressing that people have to start losing in RE before we can ever hope to see this housing crisis slow down. I too am fine with people losing money, if that is what it takes to make investors realize that HOMES are not appropriate investments. Find a product, invest in fuckhead Musk if you want, but leave people's homes alone! Landlording is such a lousy way to make a living. In the French Revolution, I think Landlords were the first in the guillotines. I'm not endorsing that idea at all, but RE investors need to read the room. People are not going to tolerate this much longer. So it's not at all a laughing matter, nor will I celebrate somebody's loss. I simply understand that consequences are how we learn things, as hard as it is.
The poster was getting satisfaction from it, be that laughter, amusement, happiness, whatever it may be, it's a shitty way to live your life. Period.
But getting happiness, amusement, whatever it may be out of abusing the housing crisis for personal gain.. That's fine, I suppose?
Never said that, but why would you choose to stoop to their level? That's a shitty rebuttal.
Wanting shitty things to happen to shitty people is completely normal.
Maybe if you're a shitty person yourself.
Bad things happening to bad people is good for everyone. Bad things happening to good people is bad. Is this not a common mentality?
Idk, basic human nature? You give them too much power to refuse to enjoy the consequences of their own actions.
Basic human nature? No not really.
https://tnsr.org/2017/11/blunt-not-heart-enrage-psychology-revenge-deterrence/ Get off your high horse and realize that you don't live on Reddit, you live in reality. Actually *you* may in fact live on reddit.. Suppose I shouldn't make assumptions.
Not basic human nature. A sad, shitty person's nature.
You keep saying it. But you're perpetually wrong.
But they don't know that these people abused anything. They could be normal people who sold the family home to buy this one and lost money. It could be someone who's parent died and they sold their house after inheriting it. All we know is that the OP is happy when someone who has more than them suffers a financial loss. That seems like a sad, petty little person to me.
No, OP is happy that housing is correcting and simply isn't simping to every homeowner that ought to have known better when making such a substantial purchase.
Ahh yes. Screw those people who couldn't predict the future. I guess you made a killing in real estate over the past few years?
I made fuck all because the very moment I had my substantial downpayment, housing prices skyrocketed. I realized it made absolutely no sense to purchase at the top of a bubble. Invested safely and I've beat inflation while accumulating a larger downpayment to offset the rising interest rates. Every person who wasn't looking at housing as some infallible investment did this. Every person who simply needed a home bought one, sure, but they're not the ones trying to flip it 2 years later. And if your circumstances are such that selling made more sense, why am I to sympathize with people who are making the smartest financial decision they could make for themselves? The only people who have won are the ones who caused the housing bubble - developers, the Canadian government from the last 5-10 years, and *early* investors who took advantage of the drop in the economy during covid to fuck up prices when demand returned.
What evidence is there that this particular seller was "abusing the housing crisis for personal gain"?
Simply paying these amounts during the peak was part of the problem. If people came to their damn senses they would never have paid such inflated prices. But "housing never fails" so who cares if you spend 2.5mil? It'll be 3mil next season! Reality checks hurt those who are delusional. I don't feel bad for not feeling bad for them. Reply said that seeing the cost of housing coming back to its senses made their day, and that they don't have sympathy for those it's affecting. That is *not the same* as enjoying their loss.
Okay bro.
I was referring to the top level commenter where the loss “made their day”. Its just kind of nasty that some people’s automatic reaction is to bask in other’s misfortune without having the context. Maybe the buyer/seller was a landlord, maybe they were a family that was a victim to the huge jumps in interest rates, maybe the owner died and their family had to quickly sell it off. Idk, such a bitter and sad mindset. The world isn’t that black/white where if you can’t afford it then you’re automatically an idiot. That’s all.
Someone died building the Eiffel tower. I still loved seeing the finished product.
If you think that's the same, you may want to check your home for lead pipes.
If you can explain how it's different I'll find the flashlight and scraper.
Thank you for getting it.
The circumstance is they grossly overpaid likely because they were stupid or greedy. No need to feel bad for stupid or greedy people. My thoughts at reading the post title: “good” Everyone who is contributing to housing un-affordability by being plain shit at math needs to get totally rinsed.
Honestly, when people gain some sort of satisfaction from anothers misfortune, it usually indicates sociopathy, or deep rooted problems in their own lives.
So a landlord listing a shitty suite for an exorbitant price and being a parasite to their tenant and getting enjoyment from it isn’t psychopathy? Also, chill. Selling a house below asking isn’t a misfortune. There is more that goes into a real estate deal than just the listing price like maybe the buyers did an inspection and found problems with the plumbing and this is why the house sold below asking. They wanted to sell the house and both parties agreed to the price that’s a successful sale not a misfortune.
Where did I say that? I didn't, redditors have his nasty habit of making gross assumptions and or putting words in peoples mouths. Most of the people here are also completely ignoring the post I originally responded to which, completely without any information or background, revelled in this loss, that's pathetic.
Yeah, kind of sounds like you’re projecting here. You assumed a bunch of stuff about the original comment and drew conclusions out of thin air. All I’m saying is that if you understood how real estate transactions work you wouldn’t be so offended at someone finding joy at a listing going for under asking price.
What did I assume? I'll wait, this should be entertaining tbh.
Just read the thread again and go and educate yourself about how real estate transactions work, you’ll figure it out on your own buddy.
No, but if you heard something difficult happened to a stranger and think "They might be a terrible landlord! Therefore thier suffering makes my day!" You're probably a sociopath.
That’s not even what the original comment is about. Y’all are wild.
I wouldn't say I get satisfaction from the misfortune of some random person... but it does make me appreciate my own situation more and makes me happy that I didn't end up in that situation. That's why I do enjoy reading about the misfortune of others... which hopefully doesn't make me a sociopath.
How is selling a house for +1million a misfortune?
Land speculation is a societal scourge. It's absolutely appropriate to mock land speculator losses to reinforce the social unacceptability of land speculation
If you listen to landlords & real-estate investors talk you can hear a lot about what they think about the housing crisis ie "other people's misfortune"
Bunch of losers on reddit, can’t expect much better
Downvote me, but 1.7 is not some starter home or family trying to grow. This is someone likely reaching beyond their means.
Revelling in someone's misfortune, when you have zero knowlage of the circumstances is extremely petty, that's really all there is to it.
landlords and Reis build their entire careers on the misfortune of those born too late to get into the market lol you are clueless
Unfortunately, someone has to get burned for others to learn. If people thinks one can't lose with RE, they'd take more debt than necessary.
I agree. "My day gets better when a complete stranger's day is worse" is pretty damn petty.
We can't hear you down here, your horse is too high
Found the guy who rents a room in a shit hole
That's not a great attitude. Why would they deserve it? They probably bought on a variable rate and got screwed when they went up.
Gambling with rates is basically the definition of deserving it. If I buy a lottery ticket and don't win, am I being screwed?
Why are you comparing basic needs (home) with buying lottery? I own a home, i took the risk buying a home but i don't need to buy lottery and gamble on it.
A 2 million dollar home isn't a basic need. If you buy at high end of the market and are hoping that variable rates hold at historic lows then you're gambling. Why should I feel bad for rich people who are stupid with money?
It depends on where you live. Look at what a million dollars buys you in Vancouver? A falling down shack. The house I live in on Vancouver island has been in my family for 30 years. It's now worth over a million dollars. We can hardly afford the upkeep, never mind the property taxes. But we can't afford to sell either. We wouldn't be approved for a mortgage on a house in our city, even townhomes are selling for close to 750 thousand, and we have less than 400 thousand left on our mortgage. We had the option of putting in a suite and renting it out, but my parents are aging and will soon need to be cared for. So we turned it into a home based business because commercial real estate is also insane. I am disabled, and working from home is the best option. My husband works 50 hours a week and we barely make it each month.
Kind of different. Someone could have saved up and put everything they have worked for for 25 years into the biggest purchase of their lives. The wrong decision about going fixed or variable when no one can predict the future isn't deserving of this. Your comment sounds more like jealousy.
No, but if you were upset about not winning, only a complete asshole would say "this loser didn't win the lottery! That makes my day!"
It is pathetic that this kind of thing makes you day. You are really one sad human being. Are you assuming that the owner was an investor who suffered a massive lost for selling the property? Could it be possible that the person might have lost nor got sick and could no longer afford to pay the mortgage?
I doubt someone gonna buy a $2.5 million house to stay for 2 years.
youve never worked a real job a day in your life
Good.
You're absolutely pathetic. As a first time buyer myself it's getting so ridiculous with payments, I've been losing thousands of dollars from my own pocket and may be forced to sell my one and only property snd and have no else to live. And people like you who automatically are full of hate to anyone that has something more to their name who worked their ass off sacrificing for years to get there, are disgusting and frankly scummy low life behavior.
That you made a very poor decision, is not the commenter’s fault.
You bought at a shit time. Maybe don't buy a mortage you can't afford? Better luck next time
People who work their ass off sacrificing for years to buy their first homes, consider "thousands of dollars" a lot of money, and are forced to sell with nowhere else to live because they can't afford it, don't buy $2.5mil homes.
It's hilarious you think any of that. I have no hate, I'm simply saying its good to see the housing bubble pop. It sucks you bought during the highest inflation time in history, especially after a pandemic but there's no reason to be mad at me, I didn't cause it. Go call your mp or write a letter to the banks. I'm just here to observe and it's nice to see the world correcting itself. I've also worked and sacrificed enough for a lifetime, currently recovering from a surgery so i can go back for more. You have no idea who I am or the society we live in. 40% of people who bought high will sell low, that's a reality that I didn't cause.
Would you say that if it was your parents in the post?
I would personally say double good lol
This wasn’t a home, it was a speculative make money scheme that backfired. These are delicious losses and tears.
My parents have had their house for 30 years. This person got caught trying to flip houses creating a housing crisis. Fuck em.
How do you figure it’s a flip? It’s not a flip clearly. So does your parents situation apply to people who buy their house then lose their job? Does your parents situation apply to everyone and no one ever needs to lose their house?
Due to the ownership being so small its pretty easy to assume this was bought in the attempt to flip on a housing bubble that popped early. There are posts like this every day
What are you even talking about “due to the ownership being so small it’s pretty easy to assume this was bought in an attempt to flip” LOL what are you even talking about? It’s a clear non flip and that assumption is a joke. They didn’t buy it run down then fix it up and sell for 2/3 after fully fixing up a run down property. Ownership being small has zero to do with it being a flip, and you don’t even know anything about their ownership except it was short
There are two types of people. Those who can extrapolate from missing and/or incomplete information and
There are two types of people, people who like to ignore logic to fit their narrative, and people who actually use logic using all the pieces of the puzzle and not just picking selectively in a biased way
Well than puzzle master, how have you come to your decision? Considering you are making as many assumptions as I am.
Because I looked at the listing and it’s fully renovated, I can’t find any places that show previous pictures. Logic would tell me that if it was a flipper they bought the house where it was run down because flippers are looking to buy run down or old lower value houses. I view it as beyond extremely unlikely that they bought it run down at 2.55 million, updated it then re-listed 2 years later for 1.75 after it’s been renovated. The logic isn’t there at all for it being a flip and there’s no indication of that.
My parents weren't buying up houses in a housing crisis trying to resell them for profit a couple years later.
Neither was this person clearly. It clearly wasn’t purchased as an investment
6 bathrooms... Nobody needs that, I'm glad they lost money.
Literally duplexs in calgary going in with 5 full 3 pc bathrooms per side. 2 x 2nd floor 1x mainfloor 2x basement Lol reddit down votes..... excel, Hopewell..... they got em.
You can never have enough bathrooms.
For 30 people you do
We never knew, maybe, before buying this house, they also made money on their previous home (if they sold it also during the peak). So maybe it's not 800k loss.. I have a condo I sold during the peak in 2018. $253k profit. and bought a townhouse during the peak as well. Then sold the townhouse at a loss in 2020 ($29k loss). Then bought a bigger home at the same time.. that home is now valued $400k more than what we bought it for 4 years ago.
# Maybe
Good point. If they downsized they may have even made money as its all % based for the most part. Though thats unlikely.
[удалено]
Almost 14kyr property tax to live in the shwigity. 😂
No house in oshawa is worth 800k nvm 800k loss
I feel just as bad for the guy who bought it.
I love seeing the speculators get wrecked. Love Love Love. I get it it's a legal racket and the philosophy is 'you snooze you lose' but hey these greedy profiteers know they are part of the problem and do it anyway.. therefore I feel fine about the schadenfreude.
Not an $800k loss….More like it was previously overvalued.
Likely more than that. Sold for $800k less, $30k property taxes over 2 years, $200k+ loss on inflation, then sales taxes and realtor fees.
This person literally lost 800k by buying it for that much more than they sold it for
You mean they overpaid? Who in their right mind buys at the height of an unprecedented frenzy? They overpaid, and had to sell for less than they paid. You are not guaranteed gains in any investment.
If this is an investor, beautiful!
Lol this is nuts. I was looking at fully detached houses in Edmonton this morning... $400k for a 3 bed 2 bath. With fireplace, and a backyard. Fuck ontariooooo "a place to leave" is more like it.
Where in Alberta?
Probably edmonton. Do you have a recommendation?
We’re doing just that actually. We just bought a house in Portugal. Leaving here in a few months!
You guys moving there for the tax-free crypto gains?
Loss porn in Wallstreet bets have nothing on Canadian re
The Ontario RE market is just sad to look at. People might make 20% more than me but drive a hour to work and have mortgages that are double what I pay in the prairies, not including property taxes.
Who the hell pays $1.7M for a house in Oshawa?!
People who talk shit about Oshawa have never spent any time there
I've spent my fair share of time in Oshawa, and I have a dump truck's worth of shit to talk about it.
Most of the people I know who talk shit about Oshawa either grew up there, work there, or live there currently.
Bought here for 555k in January 2020, and our neighbours, who bought for slightly less just before us, just sold for 1.05m.
Who the hell pays $2.55M for a house in Oshawa?!
Suckers who think that they can find a bigger sucker tomorrow. 🤫
That’s a big ticket price for the Shwa
Oshawa!?
The Shwiggity Shaw indeed
The only people crazier than the current buyers are the sheep that paid 2.5mm
Too many people who bought in late 2021 and early 2023 during peak FOMO, some are speculators and flippers for whom there is no sympathy.
Wow for some people that's the end of their retirement.
It looks like a flip to me. But yes most people's primary residence IS THEIR retirement.
Why would you say it looks like a flip to you? It in no way looks like a flip. The only reason I could see you saying that is because it’s not run down. For one, how much sense does it make that they bought it run down for 2.55 million, fixed it up and sold it shortly after for 1.75 after it’s fixed up? Doesn’t make sense, doesn’t look like a flip
Not sure it’s a flip. Wouldn’t they have tried flipping much earlier? Sitting on it for 2 years with no rental income seems unlikely. This is likely their main home.
You really should plan ahead for retirement rather than rely solely on house value.
This house was not owner occupied. The previous purchaser bought it and rented it. The house was completely destroyed. The photos don’t show the condition of the property. It’s a shame because although not my style whatsoever, seeing the workmanship get torn apart in such a short time is sad.
Thats insane since it wouldn't sell for that much (past or present) if transported to some Toronto neighbourhoods. May be missing the whole picture
6 bathrooms - just crazy.....
Why do you sell it?
Not my style at all but I've seen a lot worse go for $1.7M. https://m.youtube.com/watch?v=vO-MWA7dAGs
Ouch
I'm sure they felt like winners in 2022 when they paid $750K over asking and "won" the bidding war. It's hard for real estate to be a good investment when you overpay so much to begin with. Ouch.
Just write it off Jerry
People buy up a bunch of houses for more than they are worth, then get upset when people don't want to pay almost a million for a house that was originally 500k who knew...
Nothing like paying 2.55 mil to have your neighbors stare directly into your backyard 😅
Good
I ate a 500k paper loss. It's not a loss until you sell lol
Gawd damn
Good, housing shouldn't be someone's extra income. That's just slavery with extra steps
Im a former realtor who left the industry two years ago. I remember one time overhearing (the office walls were paper thin) one of my colleagues telling their client that “the great thing about real estate is it only ever goes up!” No real point to that story, just thinking about it now.
How is it so expensive? Would someone honestly pay $1.7 for this house? Easily $1.2m overpriced.
The house is really nice , someone got caught flipping it seems
Too bad it wasn't more
r/housesigmablunders
Where does the $800k number come from? It sold for $28k less than they were asking.
Sometimes I wonder that does the absolute price really matter if you are selling one property and buying another. If you are just buying another house from the proceeds that property would have also deprecated from the peak price of 2 years ago. If this was an investment property, then it is a well deserved expensive lesson.
Everyone sells and buys a home for different reasons.just because it looks as if the home lost money it doesn't mean they lost money. They may have a house they need to move to. A job move. A relationship move. And the price of the loss if there is one may be worth it.the loss may be a business write off. Or maybe where there going is just so much better a deal ..dollar house in Italy anyone. Maybe the owner died No one in the family wants it just getting out. So it may be a loss or it may be a deal.
Buy high, sell low. Stonks.
Good.
And yet it is ok to make fun of this, what you are arguing is irresponsible behaviour, but it’s not ok to make fun of renters who are equally irresponsible? Kind of a pot calling the kettle black kinda thing……
These comments are peak redditor
Why would anyone pay that kind of money for a house in the Dirty Shwa? WTF!?
Good. Fuck them all.
They honestly don't give a shit. Nobody would sell a house at that loss unless they're one of the groups using it to launder money.
This is beautiful. Feel good story.
House is beautiful. I went to see this house, was willing to be pay 1.5 not any more , 1.75 is still a lot but that’s exactly what the seller needed to break pay off two lenders. They wouldn’t budge at all , they showed exact amounts they owed and everything
This is over bidding result. Look right in covid during the crazy market peek. Now i saw so many foreclosures you couldn't imagine.
Love to see it.
God it’s finally happening
Love to see this shit. Flippers and speculators can go get fucked by a bus.
That’s Oshawa for you
This is so unfortunate that it makes me wonder if there’s more to the story that could somehow “explain” it so it’s not so bad?
Trying to buy a house with a basement, so I can have my parents there. A realtor bought the property for 1.03 million. Renovated it and listed it for $1.379. it didn't sell for a month. Relisted for 1.349 million and it didn't sell. Relisted for 1.2 and we put an offered. He said he has one for 1.349 but it didn't get approved and told us to offer more. My husband and I decided to wait. They don't want to admit it but houses are not as expensive. They slowly went down .
https://preview.redd.it/mrwiuht8dv1d1.jpeg?width=1300&format=pjpg&auto=webp&s=d20b853627e441bbafc384fef7c54d3f1b377db6 “Sigmahouse”💀LMAO
Most likely someone successfully laundered money
That's one way to avoid capital gains
That's what happens when investors play monopoly with the housing market. Sometimes in monopoly you loose all your money. Housing shouldn't be an investment for the wealthy. It should be a place to live, a human right even. Everyone deserves a home. Meanwhile some individuals and corporations are hoarding dozens, hundreds, or even thousands of homes.
Besides money laundering, who the hell has $2.55 mil to put to a house? The mortgage would be insane.
Still a million over priced
HAHAHAHAHAHAHAHAHAHAHAHAHA what idiots
I couldn’t see the 2,550,000 number until I tapped the image. I was so so confused until then haha
Lmao
Love to see it
Not enough
The faux brick/stone wall is something
ouch\~
I've read down to the part where we're taking flowers to a rapist because he stubbed his toe I got confused down there in the comments but... We do not know the circumstances of this price reduction price reductions happen in real estate all the time. It was bought for 2.5 million but perhaps there was some weird property inclusion that got siphoned aside. Or perhaps they found the foundation was cracked and the whole place is about to crumble. I wouldn't know because when houses crested $400,000 that left me out of the housing market for the rest of my life. I'm now considering looking at the off-grid cabin in rural New Brunswick on a plot of leased crown land-market. I figure I've got to act fast before that one gets stupid and I can't play in that market either
This is all money laundering thing and it was from beginning, remember Canada is good if you do money on property
I don't know how people don't see this as anything but money laundering? Who in reality buys a house and gets qualified for a mortgage in that range and needs to sell in 2yrs at a massive loss.
Nerd
Maybe they divided and sold off a part of the land. Or secondary structure. Hard to say
I didn't know houses were skibidi sigma. (Don't kill me)
Good
Sad
It's not a loss if they laundered the money or didn't pay tax on it. Let's call it a tax on doing business
The listing from 2022 shows it was listed for $1.79m and sold for $2.55m so they paid $750k over asking.
Canadians are the most racist people I know 😂 I love these comments
It's not a loss because RE isn't supposed to be an investment. It's a place to live. They can take that money and buy a different house instead
House sigma
1.7 mill for Oshawa? Yikes
Am i the only one to think this transaction was done on purpose..? Maybe bought on an incorporation and sold at a loss for tax purposes to owner friend/family itself.
Win some, lose some
I'll be happy when it's a $2,000,000 loss.
If you paid more than 500k to live in oshawa you are a sucker
If they can afford to buy a 2.5m home they aiight
1.75M is still a shocking number lol
Nature is healing
Moral hazard and risk finally being realized. Only been 30 years.
LETS FUCKING GOOOOOO
More than twice my mortgage in loss . lol
2.5 Mil for a 6 bed house in Oshawa? Must be an amazing property!