Proximity to good school draws buyers to house in Point Grey area

4008 W. 8th Ave., Vancouver

LISTING PRICE

$8.280-million

SELLING PRICE

$8-million

DAYS ON MARKET

TAXES

$21,969

LISTING AGENT

Bryan Yan, Regent Park Realty

The Action: "I would say 80 to 90 per cent of buyers were from Mainland China and spoke in Mandarin," listing agent Bryan Yan says. The draw, he says, was the prestigious school across the street. However, the house took two weeks to sell in a hot market because the house is not new. As well, Mr. Yan says, it had several stairs to the entrance, which put some buyers off.

The seller had owned the house for two years. The buyers were from Mainland China.

What They Got: This 15-year-old house with views of the city and mountains is across the street from West Point Grey Academy and close to Queen Mary Elementary, Lord Byng Secondary, the University of British Columbia and Spanish Banks. It has six bedrooms, six bathrooms, a chef's kitchen, a wok kitchen, a library with custom shelving, a theatre room and a nanny suite with separate entrance.

The Agent's Take: "I always tell people to buy beside famous schools because people from Mainland China are buying close to those reputable schools." Mr. Yan says. He believes the concentration of good schools has made Dunbar an extremely desirable area.

"About 20 years ago, Marpole and Dunbar were the cheapest areas on the west side. That's why we had so many antique shops down Dunbar. Now, the overseas buyers come over, and they buy in Dunbar."

The $8-million price tag set a record for April and May out of 165 sold properties in Point Grey, Kitsilano and Dunbar, according to listings data. Other Dunbar properties sold for $7.7-million, $7.45-million, $6.85-million and $6-million. The average sale price was $3.657-million.