You know Vancouver’s real estate market is really heated when a home listed for barely two weeks was sold for $2 million over its asking price.
A Tudor mansion at 1383 West 32nd Avenue, located in the Shaughnessy neighbourhood, was recently sold for $8.01 million – well over the listing price of $5.99 million.
According to the The Province, it was listed on February 5 and sold on February 17 and there were a total of 10 prospective buyers bidding for the property during that short timeframe.
The latest property assessment performed on the address valued the property at $5.095 million, which means the house sold for $2.9 million over its stated value.
The three-storey, 4,410 square foot home was built in 1937 and sits on a 16,502 square foot lot. It features four bedrooms, three baths, elevator, ‘period’ kitchen with eating area, recreational room, a large private patio, swimming pool and a garden.
There is a huge demand and lack of supply for detached dwellings in the city. Earlier this spring, a 2,154 square foot home near Main Street and King Edward Avenue in Vancouver sold for nearly $1.6 million, a price that was $567,260 over asking.
Royal Lepage’s recent House Price Survey found that the average price for a two-storey detached home in Vancouver soared by 10.6 per cent over the last year to $1.267 million.