Salim Kara stole $2M in coins with a magnet and a car antenna

Re:Salim Kara stole $2M in coins with a magnet and a car ant... by margalabargala on Tuesday January 02, 2024 @10:19AM (#38842508)

Holy cow. 5% would be high. 30% is dizzying. You're saying that if I pick a random recently sold BC property, there's a one in three chance it's bought with cash?

That's not a money laundering problem, that's a money laundering infestation.

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by beambot on Tuesday January 02, 2024 @11:28AM (#38843417)

1 in 3 U.S. Homebuyers Are Paying All Cash, the Highest Share in Nearly a Decade

Just over one-third (34.1%) of U.S. home purchases in September were made in cash, up from 29.5% a year earlier and the highest share in nearly a decade. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.

https://www.businesswire.com/news/home/20231108812516/en/1-i...

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by gruez on Tuesday January 02, 2024 @11:48AM (#38843699)

AFAIK "Paying All Cash" doesn't necessarily mean the buyer has $1M (or whatever the purchase price of the house) saved up. It just means their offer isn't contingent on them securing a mortgage, and they have the money secured somehow (probably through a preexisting loan).

https://www.bankrate.com/real-estate/all-cash-offer-upfront-...

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by Scoundreller on Tuesday January 02, 2024 @12:23PM (#38844166)

100%. Not unusual for a multi-property investor to buy “cash” through a cheque on their line of credit to close quickly (you’ve already decided you want to properly and quick close can be a competitive advantage).

Then arrange the mortgage later, possibly after some capital-value improving… improvements.

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by margalabargala on Tuesday January 02, 2024 @01:20PM (#38844939)

Huh. Apparently it's my expectations that are wrong, not the market. Thanks, I learned something today!

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Re:Salim Kara stole $2M in coins with a magnet and a car ant... by sbarre on Tuesday January 02, 2024 @10:42AM (#38842725)

Again, not across all of BC, but in hot markets like parts of Vancouver and Victoria..

It sounds high but it seems to be normal enough?

I found this with some quick Googling:

https://www.thestreet.com/housing/a-surprising-number-of-hom...

https://www.washingtonpost.com/business/interactive/2023/all...

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