74-year-old Shaughnessy home sold for well above assessed value

A 74-year-old Shaughnessy home is no longer on the market after selling for well above the assessed value.

BC Assessment pegs 5311 Cypress Street at $4,991,300, but it sold on March 23 for $5,480,000, slightly below the asking price of $5,495,000, according to Zealty.

Macdonald Realty’s listing offered multiple propositions to buyers, including multiplex development opportunities, renovation options, having the basement finished, or just updating with the potential to explore the property as a development site in the future.

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Macdonald Realty

The 4,362 sq ft home features four bedrooms and five bathrooms.

Macdonald Realty

There’s no other recent sales history for the home, which could potentially signal that this is the first time the home has been sold in a long, long time.

Macdonald Realty

Some of the kitchen appliances suggest that there has been at least one relatively recent renovation, though the listing doesn’t specifically state when that may have been.

While photos of the home show a somewhat dated interior, the home has been kept in relatively good condition for its age.

The land value of the home peaked in 2017 when it reached $5,884,000. BC Assessment has the current land value listed at $4,911,000, with buildings valued at $80,300.

One of the bathrooms has an interesting design featuring ducks.

Macdonald Realty

One of the other bathrooms has an eye-catching design as well.

Macdonald Realty

Shaughnessy is considered a prestigious neighbourhood for property, which could be one of the reasons the home sold for so much more than the assessed value.

It was recently the subject of some major political debate due to a motion proposing more density in the mansion-filled neighbourhood.