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Real Estate UBC home sells again, at almost $1-million under asking

5612 NEWTON WYND, VANCOUVER, BC

LIST PRICE $12,800,000

SALE PRICE $11,830,000

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PREVIOUS SALE PRICE $9.98-million (2011)

TAXES $22,631 (2011)

DAYS ON MARKET 61

LISTING AGENT Gregory Carros, Sotheby's International Realty

The Action: It's not too often that a freehold University of B.C. property with a panoramic view of ocean and mountains comes onto the market – except for this house. 5612 Newton Wynd, built in 1990, comes onto the market every couple of years.

It was sold in 2004 for $3.8-million. It sold in 2009 for $6-million. It sold in 2011 for $9.98-million. It sold this year for $11.830-million, just above the tax assessment of $11.620-million. And the new owners are going to tear it down and start over again. There were four offers on the house.

What They Got: The buyers got a Japanese style, four-bedroom, 22-year-old house with vaulted ceilings, three fireplaces, floor to ceiling windows, and hardwood floors.

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The 6,000-square-foot house sits on 30,000 square feet of land, and it sold in two months.

The Agent's Take: The new owners are tearing down the home because it doesn't have three bedrooms on the upstairs floor, says listing agent Greg Carros.

"It didn't have enough bedrooms," Mr. Carros says. "It was a custom design and the bedrooms didn't make sense.

The buyers are from mainland China, still an active source of purchasers of Vancouver property, Mr. Carros says, with UBC properties in particularly high demand, even in a softer market.

"For this calibre of house, it's quite a quick sale," he says. "It takes awhile, but you do sell them."

The house next door to this property sold for $18-million and a 2,000-sqaure-foot house on nearby Belmont Drive just went for $17-million.

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