No demand pushes Vancouver home in Shaughnessy $1.2M under assessed
The price of a Vancouver home in the prestigious, mansion-laden neighbourhood of Shaughnessy has dipped below the assessed value.
1350 West 32nd was last sold in 2009 for $7,500,000, and it was recently listed for $12,888,000, slightly under the assessed value of $13,088,000.
That reality represents a common theme that Daily Hive Urbanized has observed in the Vancouver real estate market, particularly in the luxury sector.
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Looking at the listing history, the home was first put on the market in September 2023 for $14,880,000, which would’ve been a bit over the assessed value. That listing was terminated several months later. In January 2024, it was re-listed for less than the assessed value at an asking price of $12,888,000.
Youlive Realty
That listing stayed up until July, when it expired. It was then re-listed in August at the same price. This week, the price dropped by another $1 million to $11,888,000.
Youlive Realty
The current listing calls the 16-year-old home the “epitome of elegance,” and various features of the home demonstrate that.
The kitchen is HUGE.
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It’s a massive property. The house boasts 9,087 sq ft of space on a 16,324 sq ft lot. It also features five bedrooms and five bathrooms.
The basement has an indoor pool with a waterfall and hot tub.
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It’s pretty gorgeous.
Youlive Realty
The home also features a great games room and bar/wine cellar.
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There’s even a sauna.
Youlive Realty
If you could afford the home at its current price, with a five-year fixed mortgage and a 20% down payment of $2,377,600, you’d be paying monthly mortgage payments of $53,380 — more than some people in the province make for their yearly income.
Over the last few months, we’ve covered several luxury properties that have experienced a similar fate. Demand is lower, and inventory is up, meaning buyers can play the waiting game a little bit longer.
What are your thoughts on this Vancouver Shaughnessy home?