Crazy Realty Stories: $31 Mil. Mansion Owned by Student and The $1.2 Mil. Shack in East Van

[DonLever]

 

http://business.financialpost.com/personal-finance/mortgages-real-estate/vancouver-mansion-sold-by-canaccord-founder-for-record-31-1-million-now-owned-by-student-records-show

 

The majority owner of a Point Grey mansion that was sold earlier this year by Canaccord founder Peter Brown for a record $31.1 million is a “student,” property records show.

 

Land title documents list Tian Yu Zhou as having a 99-per-cent interest in the five-bedroom, eight-bathroom, 14,600 square-foot mansion on a 1.7-acre lot at 4833 Belmont Ave.

Zhou’s occupation is listed as a “student.” The other owner of the property, which boasts sweeping views of the North Shore mountains and Vancouver, is listed as Cuie Feng, a “businesswoman.”

Feng has a one-per-cent interest in the property, which was assessed this year as having a total value of about $25.6 million, records show.

Efforts to reach Zhou and Feng through the lawyer listed on the land title documents were not successful, and realtor Cherry Xu, who reportedly served as the buyer’s agent, did not want to comment on the sale, citing privacy considerations

 

NDP housing critic David Eby said the fact that a student was able to buy one of the most expensive homes in the city contradicts the government’s messaging that “everything is under control in the Vancouver real estate market.”

Eby said it also links to a theme uncovered in a 2015 study by Andy Yan, an adjunct professor at the University of B.C., which found homemakers and, to a lesser extent, students, are often the listed occupations of the owners of many newly purchased multi-million dollar Vancouver properties.

“It’s incredibly strange that a student would be able to afford such a luxurious and multi-million-dollar property,” said Eby. “This is part of a trend of homemakers and students mass-buying property. I don’t know how that can be possible with the income of homemakers and students typically have, which is close to zero.”

 

Mortgage documents attached to the land title papers show that a mortgage of $9.9 million was taken out by Zhou and Feng from the Canadian Imperial Bank of Commerce on April 28. The bi-weekly payments are listed as $17,079.41.

 

[Dral]

So unless you just moved to the GVRD area last week, this isn't really news...

[TheRussianRocket.]

Caught in the bait I see lol. 

 

...if anyone knows a bit about business and housing, you'd know you don't have to show your occupation. Bank obviously knows for financial purposes but on the transfer form you can essentially write down anything you wish.

 

AKA probably want some privacy for ordinary folks like me and you from knowing what they do. That, or mommy and daddy have deep pockets  

[Intoewsables]

Man, being a student sure pays well!

[SaintPatrick33]

been a few weeks since another chinese takeover story, well timed province, well timed.  

[canuktravella]

 this is bs  theres should be no foreign sale of bc properties  unless they actually live in a residence  hell all this rich a holes come in i can barely even afford rent let alone buying a 31 mill property  thats ridiculous 

[DonLever]

The other real estate story is the shack that is selling for $1.19 Million in East Vancouver.

 

http://globalnews.ca/news/2698519/east-vancouver-shack-selling-for-1-1-million/

[Ossi Vaananen]

I've been following this for close to two years now. There has to be corruption at the provincial government level to enable this to continue to happen. Sam Cooper is the guy who's dedicated much of his time examining these questionable acquisitions. It's no longer tax evasion, a skewing of vacancy rates, or even foreign investment. It's money laundering plain and simple. It's acquiring property in a foreign country for huge cash sums, then seeing the market increase while they hold the money, and promptly flipping the house to clean the money. 

 

As a young person in Vancouver, I am absolutely livid. It's at the point now where I have to question whether I will ever own a house, whether I could consider even supporting children as mortgage costs near 50% net income. I mean he has 99% stake in a 31 million$ house, is claiming no real net income and I can only assume isn't paying income tax. 

 

I've also been following a guy named Mark Cohodes. He's a former wallstreet guy, and his opinion is that of the Vancouver housing market in addition to the failure of non-banks lenders, Canada is looking at widespread economic collapse. He mocks HCG (home capital group, been lending at sub prime for nearly 2 years) as being fiscally irresponsible. Up to this point he's been right as CEO Solloway was replaced 2 days ago, the stock declining from 61 to 22 in 18 months. We've seen what happens when people default on their mortgages, but what about when lenders do?

 

------------

 

I'm decidedly left in my political views. I feel the need to preface this as my next statement might appear xenophobic. It's time to shut the gates. I'm getting sick of this crap, of 60 year old 2 bedroom ranchers being sold for 2.5 million and left vacant. I'm tired of reports of $10 million being recovered from a Chinese carry-on, only to have the same person buy a house 2 months later. I'm most livid that a Richmond resident of 30 years has to have his own strata meetings translated into English, because everyone else in the council is Chinese. There comes a point where it's not necessarily being open or accepting to foreign investment, as it's legitimately hurting the people that live here. Do what every other country has mandated in immigration, learn the language, prove residency, get a work visa, and pay your f---cking taxes. 

 

 

[SaintPatrick33]

57 minutes ago, Ossi Vaananen said:

 

I'm decidedly left in my political views. I feel the need to preface this as my next statement might appear xenophobic. It's time to shut the gates. I'm getting sick of this crap, of 60 year old 2 bedroom ranchers being sold for 2.5 million and left vacant. I'm tired of reports of $10 million being recovered from a Chinese carry-on, only to have the same person buy a house 2 months later. I'm most livid that a Richmond resident of 30 years has to have his own strata meetings translated into English, because everyone else in the council is Chinese. There comes a point where it's not necessarily being open or accepting to foreign investment, as it's legitimately hurting the people that live here. Do what every other country has mandated in immigration, learn the language, prove residency, get a work visa, and pay your f---cking taxes. 

 

 

 

You are on the right track my friend....it is obvious you possess intelligence, however I urge you to broaden you perspective even more than you already have, in particular what other countries have done with land reform. At the very least, government should ensure its citizens of rights to own their own land. What is going on now is shameful and worthy of introspection, and only reinforces the perspective that the "elites" hold much more power than the average individual. 

 

Just keep following the money and you will find your answer. 

[Hairy Kneel]

So we're a tax haven for sketchy foreign investors, wouldn't be surprised if organized crime is in on this too.

 

 

 

 

so someone's palms are getting greased.

[D-Money]

Life is so much easier after moving from Vancouver to Calgary. I have a house on a lot in the inner-city - I can walk to the heart of downtown in <1hr. And the basement rent pays over 80% of my mortgage payment - over 50% of mortgage/utilities/prop taxes.

 

My kids each have their own bedroom, and a yard to play in. And with the extra money we can work less, and drink more (we still have kids and live in Calgary after all)...

[Hobble]

Can't wait for the "Vancouver Papers" to be released to the public.

[surtur]

1 hour ago, Hairy Kneel said:

So we're a tax haven for sketchy foreign investors, wouldn't be surprised if organized crime is in on this too.

My bet is they always have been. Have you not seen some of the houses used for grow ops. 

[Shift-4]

Well kids

 

Don't do drugs

 

AND STAY IN SCHOOL!!!!!!

[Canuck_Fan_52]

If they can afford it, more power to them. 

[Hairy Kneel]

28 minutes ago, surtur said:

My bet is they always have been. Have you not seen some of the houses used for grow ops. 

Right!And those brothels they've busted.

[theminister]

Rennie/Brenhill targeting offshore buyers for controversial Helmcken/Richards project?

Posted on May 11, 2016 by urbanizta

Advertisement in Sing Tao newspaper and online

(Updated – italics) This is an interesting case study. A secret public-private land swap between the developer and City of Vancouver senior officials paved the way for a 35-storey tower on land that had been promised to be added to Emery Barnes Park. This is precious green space in a densely populated downtown urban environment, rapidly becoming increasingly densified. The secret deal was concealed until persistent inquiries by the Citizens Association of New Yaletown using Freedom of Information legislation brought them out into the open. (Further research suggests that the City accepted significantly less than what the site was worth in the land swap.)

The devious process triggered an expensive court challenge funded by the personal sacrifice of citizens who had believed City’s the long-standing promise to eventually make that site part of the urban park. They won the first round in court, and it resulted in a wrist-slapping for the City by the B.C. Supreme Court, which also overturned the rezoning and ordered the public hearing to be held again. This sent shockwaves into the legal profession and development industry across Canada. The City spent a huge amount of taxpayer’s money defending itself and the developer in court, and launched an appeal of the Supreme Court ruling. The City finessed some administrative tweaks to reverse-engineer the deal and tidy up the legal loose ends, allowing it to ram the approvals through a second time. The citizens applied for leave with the Supreme Court of Canada, to appeal the Superior Court decision at the federal level, but the application was denied. For people who followed the intricate details, the entire process undermined public trust in the municipal government, and even in the provincial justice system. Had it not been for the careful research and scrutiny by citizens, none of the messy details would ever have been known.

And now the “8X ON THE PARK” at Helmcken and Richards Streets is at the marketing phase, with a showroom and previews on May 14. Unsurprisingly, the marketing brand features the public park on which it sits — on a site that should have become a public park for generations to enjoy. The public will never know the proportion of buyers with local versus overseas funds, or what proportion are going to be used as safety deposit boxes in the sky, but Chinese buyers certainly appear to be targeted. There is no way for anyone to verify statements from the marketers about who’s bought in.

The land swap did not create new additional social housing–only a one-to-one replacement of the Jubilee housing, a building just a few decades old that could have been better maintained to make it last longer. The rest of the rental units produced in the swap is just market-priced rental — which rents at the top price the market will bear.

This development was supposed to create family housing. That’s what the two and three-bedroom units were supposed to be for. However, the 8X ON THE PARK units are being marketed as luxury condos. The starting prices are advertised as $1,400,900 for a three bedroom unit (preview prices), $1,090,900 for two bedrooms, and $625,900 for one bedroom.

How is this project — so forcefully enabled, on what was publicly-owned land, by civil servants and elected officials — helping solve Vancouver’s housing affordability problem for local people? At what cost to society? And at what benefit, to whom? Could this whole process been done better for the neighbourhood and for people who need housing?

For the chronology and past coverage, search for 508 Helmcken, 1111 Richards, or Brenhill on CityHallWatch, or visit the Community Association of New Yaletown website (www.newyaletown.ca).

Examples of Chinese language sites promoting 8X ON THE PARK:

• http://van.ad.singtao.ca/customer/2772/
• http://www.presalevancouver.com/8x-on-the-park/
• http://qoofan.com/read/R846epa9ld.html
• http://www.58van.com/newshow.asp?info_9772.html (has small text ad for 8x)
• http://newvancouverhome.com/ (Brenhill display ad in Chinese, on right side)
• http://www.peep-squirrel.com/hotcontent-2637178.html
• http://www.vandaily.com/House/newhomedetail/newhomeid=6035/Brenhill_Developments_8X_on_the_Park/
• http://www.vanskyca.com/info/adfree/693775.html

RELATED…

More foreign buyers snatching up Canada’s high-end homes: survey. Global News. 12-May-2016. Excerpts: More foreign buyers are snapping up Canada’s luxury properties, according to a new survey of Canadian real estate advisers. Nearly one quarter of real estate advisors believe that 25 per cent or more of luxury homes in their region were purchased by foreign buyers, according to the Royal LePage Carriage Trade Luxury Properties report released Thursday. The real estate company polled 250 real estate advisors across the country between February 26 and March 9, and nearly 66 per cent said they believe the sale of luxury properties to foreign buyers has increased in their region over the last decade. “Over half of the advisors polled (51 per cent) cited China as the primary international region generating real estate purchases in Canada,” the report said….In British Columbia, 83 per cent of respondents said sales have increased since January and nearly three-quarters feel that sales will continue to increase over the remainder of the year.

http://globalnews.ca/news/2697546/more-foreign-buyers-snatching-up-canadas-high-end-homes-survey/

The Royal LePage Carriage Trade Luxury Properties Report polled 250 real estate advisors, specializing in luxury properties across Canada, between February 26 and March 9, 2016. Each respondent was asked to complete a survey composed of 31 questions spanning a variety of topics including regional luxury market trends, buyer/seller demographics, foreign buyer activity and unit sales. Separate interviews were conducted with regional luxury real estate professionals to validate the survey findings and acquire additional insight on the market’s overall drivers and performance. For the survey, luxury properties are defined as those which cost no less than four times the average home price in the Greater Toronto Area, Greater Vancouver, Greater Montreal Area and Calgary markets.

One in Four Real Estate Advisors Believe that 25 Per Cent or More of Luxury Properties Are Purchased by Foreign Buyers

Press release with summary: http://www.royallepage.ca/realestate/news/one-in-four-real-estate-advisors-believe-that-25-per-cent-or-more-of-luxury-properties-are-purchased-by-foreign-buyers/

[Kakanucks]

I bet that business woman is his mom.

 

Obviously bought by his parents, given to him in name.

He's not the only one, and he won't be the only one.

 

And there is nothing we can do until government gets its head out of its rear end.

 

^^Article posted by TM pisses me off even more. This will happen with the land after the georgia viaduct gets taken down too. As for Chinese ads, it goes further than that. There are agents actively selling properties in Asia. I've even seen FB groups that mainly focuses on listings from Canada/US/Europe to Chinese buyers.

 

 

[taxi]

 

16 minutes ago, Kakanucks said:

I bet that business woman is his mom.

 

Obviously bought by his parents, given to him in name.

He's not the only one, and he won't be the only one.

 

And there is nothing we can do until government gets its head out of its rear end.

 

^^Article posted by TM pisses me off even more. This will happen with the land after the georgia viaduct gets taken down too. As for Chinese ads, it goes further than that. There are agents actively selling properties in Asia. I've even seen FB groups that mainly focuses on listings from Canada/US/Europe to Chinese buyers.

 

 

There may not even be people buying the property anymore. Instead, Chinese people are buying stocks in companies that in turn buy properties in Canada. They find some random anchor and put the property in their name.

[DJSkingz]

This whole development is having a serious trickle down effect. I am trying to buy a home now and I effectively have to start looking in Chilliwack (currently live in Langley but can't afford $600k+ for a first time home and I don't want a condo). Even Chilliwack is becoming unaffordable for the common person living in BC.

 

A friend put an offer on a home in Chilliwack at $410k which was $20k over asking price. This home, according to my friend, was not worth the money they offered but they just wanted a house at that point. The home ended up selling for $480k. How can the average person afford this? When will it stop?

 

Apparently the foreign investors are now looking at gobbling up all property anywhere in the lower mainland. It is killing the housing market for any first time buyers. But of course all these foreign people could give a rat's ass how it affects people that live here. All they care about is making more money.

 

If you are already a home-owner my advise to you is keep what you have. Sure you could sell now and make a lot of money potentially but good F'ing luck finding another home to buy for cheaper than what you sell yours for.