Price of Vancouver home plummets below what it last sold for
A Vancouver home in the high-end neighbourhood of South Granville just saw a massive price drop, plummeting below the price it sold for in 2018.
According to REW, 5776 Angus Dr. sold for $5,400,000 in 2018, a considerable jump compared to the 2015 sold price of $3,700,000.
Initially, it was listed for $5,299,000 but has since seen a price drop, with the realtor dropping the asking price to $4,899,000. That’s just over $500,000 less than the last sold price but does align closer with the most recent assessed value of $4,925,000. A full $4,641,000 of that amount is just the land value alone.
- You might also like:
- Oceanfront Vancouver home listed at a loss just seven years after last sale
- Vancouver home value drops by nearly $1 million in just eight years
- Vancouver home listed well under 2016 sold price as value drops
Re/Max Heights Realty
In 2003, the four-bedroom home sold for just $1,110,000 — pennies relative to today’s market. In 1975, it sold for a measly $151,000.
According to the listing, despite the house being nearly 100 years old (built in 1929), it’s still in good shape and good living condition. Pictures prove this to be accurate as well. The 3,909 sq. ft. home is built on a massive 9,000 sq. ft. lot.
“Property is surrounded by all kinds of luxurious houses with [a] great neighbourhood,” the listing adds.
Pictures show a well-maintained, if not slightly worn, exterior.
Re/Max Heights Realty
While the interior’s condition doesn’t scream 96 years old, some of the design elements might seem a bit dated.
Re/Max Heights Realty
Out of all the rooms in the home, the kitchen seems to be the most recently updated.
Re/Max Heights Realty
In 2018, when the home sold for $5,400,000, it was assessed at $5,294,000. Your mortgage would not be cheap, even at the current reduced price of $4,899,999.
With a five-year fixed-rate mortgage based on a 20% down payment of $979,800, you’d be looking at monthly payments of approximately $22,500.
Re/Max Heights Realty
According to REW, the average asking price for a home in this Vancouver neighbourhood is $5,362,464.
The listing adds that the home sits on a flat rectangular lot, which is “perfect for holding and building.”