Pandemic flip goes flop: flipper loses $880,000

The pandemic may have been boom time for real estate speculators, but one home flipper has managed to make a serious loss with a failed property flip.

The numbered company 1330138 B.C. LTD bought the condo at 1388-2088 Barclay Street, Vancouver, for $4,380,000 on Sep 23, 2021, according to BC Assessment1

The owners put it back on the market on Jan 18, 2022, for $5,442,000 with John Kardos of Rennie & Associates Realty Ltd. as the listing agent.

“Rarely available in the West-End is the superior PRESIDIO. Overlooking Lost Lagoon & Stanley Park, this 3,012Sq.Ft condo occupies the entire 13th floor,” said the property listing2. “Boasting 360 degree views of the City, NS mountains and beyond, there is a view from every room. 3 generous size bedrooms all en-suited, with an additional powder room. This home offers an extremely open living & dining area, large kitchen & home office, there is no shortage of space. Centrally located next to Vancouver’s shopping mecca and largest urban park, just steps to tennis courts, bike trails, the Sea Wall and so much more. Designed by Canadian architect Richard Henriquez, some other features include air conditioning, elevator to unit, 24hr building caretaker, 2 side by side parking & storage. It’s a must see!”

The views, the location, and the amenities were clearly not enough to entice buyers willing to pay the hefty asking price, as the condo finally sold it last Friday for $3,500,000, according to real estate sold price records.

The flip flop cost the flipper $880,000, or 20%, before selling costs.

Deborah Paes-Braga is listed as the sole director of 1330138 B.C. LTD and the director’s home address appears to be in an exclusive gated community in Furry Creek, BC, about 50km north of Vancouver.

Brian Paes-Braga, the former CEO of Lithium X who sold his mining company to China, also once used that home address for registering his businesses.

This does not appear to be Deborah Paes-Braga’s first rodeo.

Deborah Paes-Braga was listed as the sole director of 1141975 B.C. LTD, which once resold a property in West Vancouver for a $1.68 million dollar loss.


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