1962 ACADIA RD., UNIVERSITY ENDOWMENT LANDS, VANCOUVER WEST
ASKING PRICE $3,998,000
SELLING PRICE $4,550,000
PREVIOUS SELLING PRICE $802,000 (1992); $785,000 (1991); $230,000 (1985)
TAXES $9,253 (2011)
DAYS ON THE MARKET five
LISTING AGENTS Andrew and Jill Hasman, Re/Max Real Estate Services
THE ACTION: Within just a few days, this detached bungalow in the University Endowment Lands was surveyed by over 120 groups, including four off-shore buyers all eager to pay more than the asking price to claim the property as their own.
WHAT THEY GOT: Built in 1939, this 3,255 square-foot bungalow encompasses five bedrooms, four bathrooms, a fireside living room and dining area, as well as a casual family room off a sky lit, eat-in kitchen and a lower level recreation room.
Outside, the grounds span 80- by 175-feet, allowing for a large private backyard, a deep front lawn and private driveway to the double garage.
THE AGENT’S TAKE: “We have recently seen on the news some less than positive information about Vancouver’s housing market. [But]it appears that there are still many buyers willing and able to purchase land value properties at these price levels,” states agent Jill Hasman.
“On the west side of Vancouver, over the past 18 months to two years, we’ve had most of the sales over $3.5-million – 85 per cent or more – go to mainland Chinese buyers.”
Like many properties in the area, this one was larger than average and ideal for redevelopment. “A standard lot in Vancouver would be 33- by 122-feet,” says Ms. Hasman. “It’s flat, which is preferable for buyers that have been looking at the property, it’s on a quiet street and it backs onto a ravine.”