Hot neighbourhood helps Vancouver home sell for $3.4-million

6926 HEATHER ST., VANCOUVER

LISTING PRICE $3.68-million

SELLING PRICE $3.4-million

PREVIOUS PRICE $347,000 (1988)

DAYS ON MARKET 3

TAXES $8,328.88

LISTING AGENT Bryan Yan, Regent Park Realty

The Action: The sellers had done several upgrades over the years, including a new roof and deck. But it's the lot that has value. Listing agent Bryan Yan says the proximity to schools makes the area a draw. "It's a really hot area … with a lot of monster homes," he says. "It's always a good investment to buy close to a school. There's so much potential in this area."

What They Got: The 58-by-120-foot lot in South Cambie is in a highly desirable location with new immigrants and builders, Mr. Yan says. The area is undergoing redevelopment from small bungalows to large houses because of the big lot sizes. As a result, there are many large new houses already on the street. The six-bedroom house that now sits on the lot is 3,240 square feet, with plenty of natural light, a full-height basement with separate entrance, huge sundeck and two-car garage. It was built in 1958.

The Agent's Take: The house sold in May and only recently completed. Since then, sales have slowed considerably. "Nothing is selling with the 15-per-cent foreign buyers tax, mortgage stress test, higher interest rates and uncertain political situation [around the world]. I've advised all my buyers to never try to catch a falling knife." The property, however, will still hold its value in the long run, he adds.