Asking price drops by $17M in court-ordered Vancouver home sale
A Vancouver home subject to a court-ordered sale saw the initial asking price plummet dramatically.
According to Zealty, 3998 Granville Street was previously sold in 2006 for $1,218,000.
Since then, the property has undergone many renovations and looks in excellent shape today. After the 2006 sale, the home was off the market until 2023, when it was listed for $24,888,000. That listing was cancelled in May 2024 after a price reduction to $18,888,000.
It was listed again for $17,999,000 in June of this year, but that listing was terminated in September.
RE/MAX Heights Realty
It was listed one more time for $14,880,000 in September, and that listing was terminated in October.
RE/MAX Heights Realty
Real Estate Vancity states, “A court-ordered sale happens when a homeowner defaults on their mortgage payments.” The urgency to sell, likely due to the court order, has brought the asking price down to $7,980,000, a bit more than the assessed value of $6,160,000. BC Assessment values the buildings at $580,000.
RE/MAX Heights Realty
This home is located in the Shaughnessy neighbourhood and sits on a massive 20,000-square-foot lot. The current home features 5,350 sq ft of space.
RE/MAX Heights Realty
Regarding amenities, bells and whistles are an understatement of what this property offers, as it even has its own basketball court and outdoor entertainment area.
The basketball court has a large seating and viewing area.
RE/MAX Heights Realty
The outdoor theatre area looks cozy and perfect for summer nights.
RE/MAX Heights Realty
The listing says the property is “primed for redevelopment or personal enjoyment.”
“This 100 x 200 estate corner lot is a sweet opportunity for developers or an attractive investment for anyone looking to capitalize on its location and explore the various development options.”
Despite the major drop in asking price, the owner would still technically be recouping their investment if the Vancouver home sells for the current sale price.
Based on what’s being offered at this property, do you think it’s worth more than the $7,980,000 that it’s currently listed for? Let us know in the comments.