Free Shangri-La condo listing "too good to be true": realtor

Free Shangri-La condo listing "too good to be true": realtor

Nov 4 2020, 5:40 pm
 

A Vancouver realtor says a recent Craigslist post advertising a free one-bedroom, one-bathroom unit at the Shangri-La tower that garnered media attention is “too good to be true.”

 

The 677-sq-ft, north-facing apartment was recently posted on Craigslist for “no money down,” but it came with a catch — the apartment could be yours “just as long as you assume the owner’s debt.”

According to the listing, which has since been flagged for removal, the owner has “a couple of mortgages” on the unit at 1111 Alberni Street.

“There is essentially no equity left — given that the market has now fallen,” reads the post. “However, if someone wants to simply assume the debts I am happy to give the unit away.”

Kevin Chao, a licensed realtor with RE/MAX Real Estate Services, said the listing looks suspicious, and that most people in the rising market are trying to get the most out of their properties — the opposite of the lister’s “the market has fallen” claims.

 
free Shangri-La

Craigslist

“It could very likely be a scam, where they set you up with an offer you can’t refuse, and as you communicate to them, they will bring up some complication which can be resolved as soon as you are able to transfer funds in some way,” Chao told Daily Hive Urbanized in an email.

free Shangri-La

Craigslist

The listing says the apartment is on a high floor, has partial water views, and comes with a parking stall. There’s also an electric fireplace and air conditioning, granite countertops in the kitchen, and a spa-like bath.

Amenities at the residences and hotel of Metro Vancouver’s tallest tower include a 24-hour concierge, fitness centre, infinity pool, and hot tub.

ADVERTISEMENT

“If I had a client that brought this to me, I would want them to not get their hopes up and approach this situation with extreme caution,” Chao said.

“If anything sounds too good to be true, it more than likely is, especially when it comes to real estate in Vancouver.”

 
ADVERTISEMENT

Conversation

 
 
 
 | 
 
 

All Comments

 
 
 
 
  1.  
     
     
    6 HRS AGO

    Its legit.

    The property has 3 mortgages on it, assuming the debt is a heck of a trade off.

    Primary mortgage with TD, and 2 secondary loans with double digit interest rates on top.

    Add to this the unit will be owing $100,000+ for the special assesment disaster in the making at Shangri-La and "giving away" this unit starts to make a lot of sense.

     
     
     
 
Powered byViafoura
ADVERTISEMENT
 
ADVERTISEMENT
 

Condo rental prices have 

Comments:
No comments

Post Your Comment:

Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.