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(CBC)   Today on Houseflippers, this home, originally bought for $15,000, is now listed for sale at $2,000,000   (cbc.ca) divider line 52
    More: Interesting, Houseflippers  
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17529 clicks; posted to Main » on 23 Jun 2012 at 11:53 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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nrw
2012-06-23 11:45:51 AM  
The listing for the home

Listing

The video doesnt show most of the house, but the pictures on the listing isnt bad.
 
2012-06-23 11:57:38 AM  
That's not really a flip, so much as a restoration
 
2012-06-23 11:59:15 AM  
Hines, a photographer, bought the house in 1982 for $15,000 and a restoration was 30 years in the making.

So he made almost two million dollars in thirty years. That's about what a reasonably well paid professional makes in thirty years.
 
2012-06-23 11:59:20 AM  

loonatic112358: That's not really a flip, so much as a restoration


And it is Canadian money, to boot.
 
2012-06-23 12:00:17 PM  

loonatic112358: That's not really a flip, so much as a restoration


Agreed. If it takes you 30 years to flip a house, you're doing it wrong.
 
2012-06-23 12:01:50 PM  

Kaiser Bill's Batman: And it is Canadian money, to boot.


I should do a parity joke, but I'm not feeling truly loony enough to do so at the moment
 
2012-06-23 12:02:19 PM  

nrw: The listing for the home

Listing

The video doesnt show most of the house, but the pictures on the listing isnt bad.


Wow. Yeah for $15k that wasn't that nice to start with no way.

Kaiser Bill's Batman: loonatic112358: That's not really a flip, so much as a restoration

And it is Canadian money, to boot.


A boot?
 
2012-06-23 12:03:51 PM  
1% problems.
 
2012-06-23 12:05:18 PM  

Posh Naranek: A boot?


about 19500000
 
2012-06-23 12:11:43 PM  

Kaiser Bill's Batman: loonatic112358: That's not really a flip, so much as a restoration

And it is Canadian money, to boot.


Oh, so it's like five million USD then.
 
2012-06-23 12:12:06 PM  
How much did he spend on the restoration?
 
2012-06-23 12:25:35 PM  

loonatic112358: That's not really a flip, so much as a restoration


A 'Compensated Passion for Historical Preservation?'
 
2012-06-23 12:29:05 PM  
Funny... I'm watching house flipping shows right now.

2 things jump out at me:

1) Housing prices are outrageous if those pieces of crap are $200K before renovation.

2) Flipping seems to be largely done by gay white men who hire black people to do the actual work.
 
2012-06-23 12:35:54 PM  
I'd buy it and turn it in to a winery if I had that kind of scratch.
 
2012-06-23 12:38:15 PM  
House Flippers are the Nazi's of our generation.
 
2012-06-23 12:42:38 PM  
The basement looks like Skyrim.
 
2012-06-23 12:44:20 PM  
Amazing what some fresh paint and an area rug from Lowe's will do.
 
2012-06-23 12:46:55 PM  
First things first, get rid of that ugly deer statue thing on the right.
 
2012-06-23 12:47:49 PM  

SharkTrager: Funny... I'm watching house flipping shows right now.

2 things jump out at me:

1) Housing prices are outrageous if those pieces of crap are $200K before renovation.

2) Flipping seems to be largely done by gay white men who hire black people to do the actual work.


Not blacks, Mexicans.
 
2012-06-23 12:57:13 PM  

Ravage: SharkTrager: Funny... I'm watching house flipping shows right now.

2 things jump out at me:

1) Housing prices are outrageous if those pieces of crap are $200K before renovation.

2) Flipping seems to be largely done by gay white men who hire black people to do the actual work.

Not blacks, Mexicans.


This is Canada.
 
2012-06-23 01:00:55 PM  

MrSpot: Amazing what some fresh paint and an area rug from Lowe's will do.


The rug really tied the room together.
 
2012-06-23 01:02:45 PM  

johnnyboog: Not blacks, Mexicans.

This is Canada.



Your Mexicans are black in Canada?
 
2012-06-23 01:07:02 PM  
Why do all that work (he said it was mainly for his children) and turn around and sell it to strangers? Why doesn't he find a way to keep it in the family?
 
2012-06-23 01:10:53 PM  
A winery? Screw that, I wanna live in the basement and rent out the upstairs...
 
2012-06-23 01:13:37 PM  

Ravage: SharkTrager: Funny... I'm watching house flipping shows right now.

2 things jump out at me:

1) Housing prices are outrageous if those pieces of crap are $200K before renovation.

2) Flipping seems to be largely done by gay white men who hire black people to do the actual work.

Not blacks, Mexicans.


You need to watch the shows. It's almost all blacks. In fact, they seem to be avoiding showing Mexicans.
 
2012-06-23 01:21:36 PM  
Wish the pictures of the basement were better. It looks f'ing awesome.
 
2012-06-23 01:22:58 PM  
www.solarnavigator.net
 
2012-06-23 01:24:07 PM  

get real: Why do all that work (he said it was mainly for his children) and turn around and sell it to strangers? Why doesn't he find a way to keep it in the family?


Could you pay the taxes on a $3,000,000 home on a photographer's salary?
 
2012-06-23 01:35:05 PM  
"You want to flip a house, I'll tell you how to flip a house...30 year timeline...NO WAY...we do it in 15 days with no permits, undocumented workers, browbeaten contractors, lots of lipstick on the pig, and flip the sucker"

lansner.ocregister.com
 
2012-06-23 01:38:32 PM  
That's just gorgeous. If I had $2M, I'd buy it for the kitchen alone. But damn, that wine cellar would make a great dungeon.

/What? It would! I'm just sayin'.
 
2012-06-23 01:39:47 PM  

gglibertine: That's just gorgeous. If I had $2M, I'd buy it for the kitchen alone. But damn, that wine cellar would make a great dungeon.

/What? It would! I'm just sayin'.


dungeon or SEX DUNGEON?? i guess either
 
2012-06-23 01:41:04 PM  

Jon iz teh kewl: gglibertine: That's just gorgeous. If I had $2M, I'd buy it for the kitchen alone. But damn, that wine cellar would make a great dungeon.

/What? It would! I'm just sayin'.

dungeon or SEX DUNGEON?? i guess either


If you have to ask...
 
2012-06-23 01:42:32 PM  
Trailer in Revelstoke, BC?

*checks article*

No? Carry on.
 
2012-06-23 02:08:51 PM  

JohnCarter: "You want to flip a house, I'll tell you how to flip a house...30 year timeline...NO WAY...we do it in 15 days with no permits, undocumented workers, browbeaten contractors, lots of lipstick on the pig, and flip the sucker"

[lansner.ocregister.com image 230x172]


Pretty much spot on.

I pray I never run into the schmuck that bought my last flip.
 
2012-06-23 02:11:47 PM  

johnnyboog: This is Canada.


3.bp.blogspot.com
 
2012-06-23 02:13:45 PM  
I had no idea there was anything like this still standing in Nova Scotia.

The Maclean's Book of Lists has a list of eight of the oldest buildings still in use in Canada and it contains only two churches in Quebec older than 1699, plus another two from the 1700s.

It's certainly not definitive--they missed a lot of old churches and probably other buildings--there are certainly many houses in Quebec older than that, including some cottages and manor houses where my ancestors lived, but the Maritime Provinces doesn't have the frugality and respect for the past that the French do, so the grand upper middle class and lower upper class houses built by the new rich tend to fall into ruin as soon as the money runs out, if not before. Furthermore, most of them were built in wood, with a few stone or brick buildings, mostly from the 1700s or early 1800s.

This place is very nearly unique in its age, quality and depth of history outside of Quebec, New England and maybe the coastal plantations of the South or Louisiana. No doubt it will be purchased by some rich American or Canadian who wants to found a hobby winery as proposed by the real estate agents and use the house for a summer retreat. It's the sort of Old Money-looking place that the newly rich buy to put patina on their family name and wealth. Even Old Money doesn't get a chance to buy something this old every day in North America.

Although $2,000,000 is well within the budget of a professional or merchantile family in the 1%, even in Canada, where the 1% aren't nearly as rich as the American 1%, I would expect somebody with a lot of money even for the upper classes to be interested in such a property. They don't come along every year. They probably don't come along every century in much of North America. Old and comfortable homes are buy and hold properties. Hold forever if you can.

If there are any buildings like this one they are almost assuredly in Quebec or Northern France, where they were built as minor nobility manor houses or the homes of rich peasants.

The owner clearly planned this for his retirement (and hoped his children would be interested) but outside of Old Money, children very often aren't interested in remote country houses that cost a fortune to maintain on top of your Gold Coast apartments and leafy suburban dream houses. The house would be a white elephant to anybody NOT interested in a hobby winery or a posh cottage. There simply isn't the depth of ancestor-worship or Old World style worship in North America that you find in a few of the richer and older enclaves on the East (or West) Coast and in Europe and the UK.

If the Five Year Rule of Thumb applies, you'd need more than $400,000 a year to buy this as a first house, at least double that to buy it is a second house and investment, and $10,000,000 in productive wealth at least to make it affordable, in addition to non productive money sinks, such as homes, cars, children, yachts, etc.

It's not super-rich, but certainly mass affluent money that's required to buy, although there might be some interest from the families of skilled vintners elsewhere. Nova Scotia ought to be an up-and-coming region for wine-making as global warming destroys the great wine-growing regions or forces them to grow different varieties better adapted to drought, heat, or other climate changes (climate change is not all about the world heating--climate changes in every direction, often bringing more of the same--scientists expect entirely new climates, new hydrology, and new soils in much of the world).

It takes a very long time for vines to become productive, however, so we can't expect to see any half decent wine from this place until some of us are very old and others are middle-aged. Maybe some of the younger trolls can make a note and look into it.

Canada has three wine-growing regions (Nova Scotia, Southern Ontario, the Interior of British Columbia) but doesn't make a lot of wine and doesn't export much of what it does. Ice wines are our best because we have the climate for them. In the future, Oregon and Canada may produce better and better wines due to growth of the industry and climate change.
 
2012-06-23 02:29:34 PM  

Xenomech: So he made almost two million dollars in thirty years. That's about what a reasonably well paid professional makes in thirty years.


How many hobbyists can claim that their hobby earned them 2 million dollars?
 
2012-06-23 02:31:48 PM  

adeist69: A winery? Screw that, I wanna live in the basement and rent out the upstairs...


THIS!

That place looks awesome.

/Beautiful restoration work
 
2012-06-23 02:33:57 PM  

Rev.K: The basement looks like Skyrim.


adeist69: A winery? Screw that, I wanna live in the basement and rent out the upstairs...


Satanic_Hamster: Wish the pictures of the basement were better. It looks f'ing awesome.


Loreweaver: adeist69: A winery? Screw that, I wanna live in the basement and rent out the upstairs...

THIS!

That place looks awesome.

/Beautiful restoration work


These.
 
2012-06-23 02:49:33 PM  

Xenomech: Hines, a photographer, bought the house in 1982 for $15,000 and a restoration was 30 years in the making.
So he made almost two million dollars in thirty years. That's about what a reasonably well paid professional makes in thirty years.


Only if someone buys the house.
 
2012-06-23 03:16:16 PM  

dalovindj: johnnyboog: Not blacks, Mexicans.

This is Canada.


Your Mexicans are black in Canada?


No, our Mexicans are Filipino.
 
2012-06-23 03:20:13 PM  
OMG. That place is gorgeous. I believe that is the first time that I have seen a home that is actually worth the list price. If I had an extra few million hanging around, I would buy it. I would learn to love vacationing in Nova Scotia.
 
2012-06-23 03:43:12 PM  

Martonio: dalovindj: johnnyboog: Not blacks, Mexicans.

This is Canada.


Your Mexicans are black in Canada?

No, our Mexicans are Filipino.


They make phenomenal sub sandwiches.
 
2012-06-23 03:47:48 PM  

maggoo: Xenomech: So he made almost two million dollars in thirty years. That's about what a reasonably well paid professional makes in thirty years.

How many hobbyists can claim that their hobby earned them 2 million dollars?


You're forgetting about the money and effort that went into the restoration. That house was not much more than a pile of rocks and mud when he bought it, judging by the pictures. To go from that to what he has now I can only guess at what it cost, but it was certainly many hundreds of thousands plus years and years of toil. I wouldn't be surprised if part of the reason he is selling it now is to pay off debts he incurred restoring it. The guy is a photographer, not a surgeon.
 
2012-06-23 04:28:34 PM  

SharkTrager: Funny... I'm watching house flipping shows right now.

2 things jump out at me:

1) Housing prices are outrageous if those pieces of crap are $200K before renovation.

2) Flipping seems to be largely done by gay white men who hire black people to do the actual work.


Thats the teevee, and the teevee only shows teh sexy.

Most flipping and rental restro for flipping is done in economicly depressed "working class" nieghborhoods.

The guy doing the flipping is usually the owner,, who also doubles as the property manager doing thier damndest to make sure the tennent doesn't know that they are the owner.
The restroation or turnover is usually fixing the plumbing up, patch the holes, replace the carpet and slap a fresh coat of paint on it.
Maximize the profit by reducing the overhead because more than likely the tennent is just going to destroy the place anyways. Because its a rental property in the hood.
If you are trying to sell the place, then the only person who's going to buy it is going to be another flipper who is going to just do the same anyways so your only hope at that point is breaking even on the investment.

Those intrest only mortgages that caused the bubble to inflate and pop? Those were originaly made available for people who were buying these properties cheap to resell immeditly. Makes no sence to signe a 15 or 30 year bill on a house you dont intend to own for more than six months or so.
The banks started selling those interst only home loans to regular schmoes who couldnt handle the vagrancies of the market.
If you do hold onto the property and rent it you you usually charge 20% over the value of the mortgage payment with 10% going into a maintence budget for the property.
If the tennent isnt paying,, then you cant pay the mortgage on the property, then everyone is in line to get hosed.

This was the usual course of action of those late night get rich on realestate infomertials. The no money down part was applying for a shiat load of credit cards and zero downpayment, interst only flipper mortgages. And useing the returns to pay those bills.

Theyre not going to show that on the teevee house flipper shows.
 
2012-06-23 04:30:42 PM  
Sherman Hines is a well known photographer in NS. I'm sure he makes a fairly good living off that work.

But as is pointed out in the comments, there is a lot of disagreement on this building. It has yet to be officially recognized as what he claims it to be. And it's probably worth pointing out that that particular region has probably seen the most archeological attention of any spot in NS thanks to the Acadian history. With the record keeping in NS as decent as it is, I would think there would be more evidence to support his claim of it being built in the late 1600s.
 
2012-06-23 04:52:12 PM  

apoptotic: loonatic112358: That's not really a flip, so much as a restoration

Agreed. If it takes you 30 years to flip a house, you're doing it wrong.


It sounds like it's something he enjoys doing. If your hobby makes you a million or two over the three decades you're doing it, that's not too freakin' shabby.

Wonder what the restoration costs were, though. And if the furniture is included in that $2 mill. But I've seen far crappier houses on bland lots by a drainage "lake" go for that much, at least you know the thing is freaking sturdy.

And it would probably be great to rent out for weddings.
 
2012-06-23 04:53:41 PM  
Just watched the video - he was freaking living in it with his family. So this flipping talk is nonsense. Just a decent investment that took a lot of work (again, depending on how much the restoration cost I suppose).
 
2012-06-23 05:42:59 PM  
Glad I stayed to watch the reporter at the end of the clip.

/ fap, fap, fap
 
2012-06-23 07:12:45 PM  

Another Government Employee: 1% problems.


Yeah; patience, investment, hard work -- something most 99%ers couldn't fathom.
 
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