Recently sold Vancouver home shows staggering loss in just seven years

A Vancouver home was just sold for $6,398,000, and while that’s a staggering amount for many, it’s the amount lost since the last purchase that has caught some by storm.

The home sold just above the assessed value of $6,297,000 but below the asking price of $6,980,000.

According to Zealty, it earned way more than that in 2017 when it was bought for $8,050,000 (listed for $9,680,000), and the sale has sparked a lot of conversation about the real estate market on X.

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Sutton Group-West Coast Realty

The home is located at 6112 Adera Street near the prestigious Shaughnessy neighbourhood.

Sutton Group-West Coast Realty

Built in 1930, the 94-year-old home offers a whopping eight bedrooms and six bathrooms inside a vast 3,600 sq ft house, plus an additional 900 sq ft laneway built in 2022.

Sutton Group-West Coast Realty

Despite the 2024 sold price of $6,398,000, in 2023, it was listed for $8,980,000 before that listing was terminated.

Sutton Group-West Coast Realty

Sutton Group-West Coast Realty’s listing suggests that the sold home offers many options: move in or build a new mansion close to 9,000 sq ft. The listing also suggests multiplex potential.

Sutton Group-West Coast Realty

In the last nine years, the home hit its peak assessed value in 2018, when it was assessed at $7,291,000.

Many people on X are confused by the sale, as the market seems to be a bit of a roller coaster right now.

And yet inexplicably, a house in West Vancouver just sold for $700K over asking. There were over 200 bids. Mind boggling.
What is happening?

— Mica 🎸 (@mica_metal_) March 25, 2024

Some are suggesting that the loss is even more significant than the actual numbers indicate.

Nominal numbers, too 😂

$8,050,000 in 2017 is like $12,000,000+ in today’s dollars. Essentially a 50% loss in Real terms. REKT 😂🤣😂

— Corey Leyhee (@CLeyhee) March 25, 2024

Others indicate that this is a reminder that they’ll never buy a home.

And yet you still can’t afford it.

— Al K (@AlKarumbAh) March 26, 2024

Do you think this home was worth the final sale price? Let us know in the comments.