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Done Deal, 1392 West 53rd Ave., Vancouver, B.C.

1392 West 53rd Ave., Vancouver

ASKING PRICE $2,688,000

SELLING PRICE $2.52-million

TAXES $7,470 (2011)


LISTING AGENT Richard Morrison, Re/Max City Realty

THE ACTION: Though there was some trepidation over the oil tank beneath this 58-by 122-foot corner property, new monster homes nearby sell for upwards of $4.5-million, so four buyers saw its potential for growth in value and engaged in a bidding war after two busy weekend open houses.

WHAT THEY GOT: In 1956, this detached house was completed with a 1,613-square-foot plan above grade and 958-square-feet below with a separate entrance, two bedrooms, a bathroom and a recreation room.

The main section of the house encompasses a fireside living room, dining area and kitchen, in addition to two bathrooms, a main floor master suite and two second floor bedrooms.

Modern improvements include a new roof, windows and double garage off a laneway behind the private, southeast-facing backyard and shed.

THE AGENT'S TAKE: "The house was well maintained, despite being old and smaller, so it very much went for lot value," says agent Richard Morrison, who notes the buyers will rent the house before rebuilding.

"The lots in South Granville are about that size and this is a corner lot as well so you could build a pretty big home there."

Local amenities, from shops and schools to golf courses and treed streets, are also seen as a great asset.

"Many affluent buyers love this section of Vancouver," Mr. Morrison adds. "The area boasts some of the most expensive real estate in Vancouver."

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