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Real Estate Bidding war for Vancouver home, but ‘nobody looked at it to live in’

7895 GRANVILLE ST., Vancouver

ASKING PRICE $1.298-million

SELLING PRICE $1.505-million

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DAYS ON MARKET 10

TAXES $4,079

LISTING AGENT Mackenzie Close, Sotheby's International Realty

The Action: Only investors showed interest in the house. The area is expected to undergo rezoning for higher density as part of the Marpole community plan, which could mean future land assembly.

"Nobody looked at it to live in," says listing agent Mackenzie Close.

"It was all investors looking to cash in later on with the land assembly. But they are getting $3,500 rent out of it. So it's not just a holding property, but it's a holding property that gets some good economic value out of it."

What They Got: The cute 1949 bungalow sits on a corner lot and has been lovingly maintained, with two bedrooms, inlaid hardwood floors, retro tiled wood burning fireplace, and updated kitchen. The 1,688-square-foot house includes a fully renovated downstairs suite, new furnace, hot water tank, and new electrical.

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The Agent's Take: "We had four offers. Two were below asking and two were over. We managed to pit them against each other and squeeze as much as we could out of them. And we got a lot more than that," Close said. "My guys were thrilled. It put them in a whole new bracket to go shopping on the east side."

Editor's note: Done Deals contain information gathered from real estate agents, home buyers, home sellers and sale prices that are publicly available from government sources. While we try to publish Done Deals as soon as possible after the transaction has occurred, long closings can cause delays.

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