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Vancouver teardown sells for $1 million over asking price

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Kenneth Chan Mar 04, 2016 7:23 am

A Vancouver home in the Point Grey neighbourhood has sold for over one million dollars over its asking price, providing another example of just how heated the region’s real estate market is.

Bo Park, a realtor with Sutton West Coast Realty, told Vancity Buzz that the property – a short downhill walk away from Spanish Banks – was listed for $7.88 million in mid-February.

The 4,060-square-foot home sits on a 65′ x 110′ foot property and has sweeping views of Burrard Inlet, the mountains, and the downtown skyline. It was constructed in 1928 and its last renovation was in 1980. Today, it is in dire need of a major renovation, but a new house will likely cost the same amount to construct.

A week after the property was listed, it was sold for a little over $9 million. And as it turns out, there were eleven offers – all cash.

“I’ve been doing this for quite a few years,” said Park. “I did see the market when it was going up, but I’ve never seen anything like this.”

She says a lot of properties are being sold for over asking, with many going for 10 to 20 per cent more than asking.

“It’s definitely a sellers market right now, and a lot of people ask how to determine the price of the property. Right now, it is whatever the buyer is willing to pay.”

Park says that she recently handled the deal for a small one-bedroom apartment, a little over 600 square feet, in Kitsilano. The unit was listed for $429,000, and it was ultimately sold for $495,000 after eight offers.

Last month as well, another real estate agent sold a Kitsilano home for $735,000 over the asking price of $3.5 million.

The Real Estate Board of Greater Vancouver’s (REBGV) February market update indicated that a low supply of listings, the lowest in years, is largely responsible for the record prices. But there were some small increases over the past few months.

In February 2016, there were 5,812 new listings for detached, attached and apartment properties – an increase of 7.1 per cent compared to the 5,425 listings during the same period in 2015. It also represents a 30.8 per cent increase compared to January 2016 when there were 4,442 properties listed.

“We’re beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today’s demand,” said Darcy McLeod, the president of REBGV.

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Kenneth Chan
National Features Editor at Daily Hive, the evolution of Vancity Buzz. He covers local architecture, urban issues, politics, business, retail, economic development, transportation and infrastructure, and the travel industry. Kenneth is also a Co-Founder of New Year's Eve Vancouver. Connect with him at kenneth[at]dailyhive.com

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