From $5.9M to $4.1M: Shaughnessy home sold well under assessed value
A Vancouver home in the Shaughnessy neighbourhood was listed for $5,980,000 in October 2022 but sold under the assessed value for $4,100,000 earlier this year, according to Zealty.
That final sale price was under the most recent assessed value of $4,807,000.
5584 Laburnum Street sold this March, with the sale being reported earlier this month.
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Macdonald Realty
In October 2022, Homeland Realty listed the home for $5,980,000, which was reduced to $5,180,000 before the listing was terminated. In September of the same year, it was listed again at $4,880,000 before being terminated at the same price in November.
Finally, it was re-listed by Macdonald Realty in December 2023 for $4,849,000 before selling for the reduced price of $4,100,000.
The listing states that with the “right vision, this home could be brought back” but goes on to say that the 103-year-old home “has seen better days.”
The Shaughnessy property offers 4,031 sq ft of space with four bedrooms and four bathrooms. Since 2015, it reached peak value in 2017, when it was assessed at $5,473,000.
Macdonald Realty
Based on photos of the home, “seen better days” seems to be an apt description. While it looks to be in relatively good shape, nothing really stands out, unlike this other Shaughnessy home that recently sold.
Macdonald Realty
You can feel the age of the home in some of the pictures.
(Out of bed, to the couch). Macdonald Realty
The listing proposed re-building “the home of your dreams here, or multiple duplexes could be constructed here.”
How does this sale compare to what we’re seeing in the market in Greater Vancouver?
According to Greater Vancouver Realtors (GVR), the benchmark price for detached homes in Greater Vancouver reached $2,040,000 as of April.
In April 2024, the overall benchmark home price in GVR reached $1.206 million, representing a 2.8% increase from April 2023 and a 0.8% increase from March 2024.
Meanwhile, the number of homes actively listed in Metro Vancouver has reached an almost four-year high, according to GVR, previously known as the Real Estate Board of Greater Vancouver (REBGV).
With files from Kenneth Chan