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 St is "stupid" because of all the buyer will get in the deal and Vancouver's hot housing market.
The "ridiculous" price? $1,000,000.
"What the sellers are doing to this house is going to cause a riot," Ly says in the social media video.
BC Assessment values the address at $1.76 million.
The main house, built in 1965, has been heavily renovated and updated. It's also been split into two legal units, with a three-bedroom unit below and a separate two-bedroom unit above. On top of that, there's a new laneway house in the backyard.
Ly estimates the laneway house could be rented for up to $2,000, while the three-bedroom unit could go for $3,000 per month, leaving the owners with the two-bedroom main section to live out of.
"I understand listing below market value, but this is absolutely ridiculous," he says. "The laneway house by itself could sell for a million dollars."
In the comments to the video Ly notes that the listing - which is represented by another realtor - may create false hope for people and waste their time as the price will rise.
"The listing price is make-believe," he writes in one comment.
In a second video, Ly notes listing prices this low can cause trust issues in the real estate market.
"I understand the strategy behind this marketing play, I've listed for bidding wars as well so I have no problem with under-listing," he says. "My problem with this is that it wastes so much of people's time and it gives us realtors, who already have a bad rep with the public, an even worse reputation."
He notes a bidding war would still happen for the property at higher, more realistic prices like $1.6 or $1.7 million.
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