87-year-old Vancouver Spanish mansion sells way above assessed value

An 87-year-old Vancouver mansion that sold on Monday earned more than its assessed value, just slightly less than the asking price.

The property, located at 1192 West 37th Avenue, was sold for $4,860,000, lower than the asking price of $4,980,000.

It sold for way more than the assessed value of $4,162,000.

The Spanish colonial mansion in the prestigious and pricey Shaughnessy neighbourhood of Vancouver has seen its fair share of improvements and does not look nearly a century old.

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Re/Max Select Properties

The home sold for $3,480,000 in 2011. In 2023, the owner attempted to sell it for $5,380,000 before the listing was terminated. The land alone is worth $3,868,000, according to BC Assessment.

Listed by Re/Max Select Properties, the home has 5,234 sq ft of space, five bedrooms, and six bathrooms. It was on the market for 25 days before it was sold.

Re/Max Select Properties

The home features many luxurious touches, including a massive living room, a primary bedroom with an oversized bathtub, a gourmet kitchen, air conditioning, a wine cellar, a sauna and a media room.

Re/Max Select Properties

But is there a pool?

Yes. Yes, there is:

Re/Max Select Properties

There’s also a chandelier:

Re/Max Select Properties

The listing calls the home a “must-see” that retains its original 87-year-old charm.

BC Assessment’s history on the property shows many ups and downs in the value of the home and land. In 2015, the land was valued at $3,244,000. In 2017, the land value peaked at $4,475,000. It dropped to $3,348,000 in 2020 and has held firm over the last couple of years at $3,868,000.