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done deal

Sutton Group West Coast Realty

5780 Gibbons Dr., Richmond, B.C.

Asking price: $4.288 million (April, 2021)

Previous asking prices: $5.8-million (2018) (*under previous agent); $4.499-million (October, 2020)

Sale price: $4,081,800 (May, 2021)

Previous sale price: $695,000 (1997)

Days on market: 24

Taxes: $9,781 (2021)

Listing agent: Shali Tark, Sutton Group West Coast Realty

The action

The seller had owned the property for 24 years and he raised his family there. He had purchased the house in 1997 for $695,000. It was getting to be too much to manage, so he decided to downsize and move closer to his parents. It had previously been listed with another agent in 2018 for $5.8-million.

Ms. Tark listed the price at $4.499-million in October, 2020 then reduced it to $4.288 million in April, 2021. The sale completed in August.

“We had many verbal offers … all low balls because the last similar sale in the area was $3.48-million. But this was the largest, and the last lot left that had not been developed,” Ms. Tark says.

What they got

Although the current house, built in 1983, is well maintained, the property has zoning to build a mansion more than 9,000 square feet in size.Sutton Group West Coast Realty

The buyer purchased the largest lot in the neighbourhood of Riverdale, a 0.6-acre lot north of Westminster Highway, on which sits a 3,817-square-foot, four-bedroom, three-bathroom house.

Although the current house, built in 1983, is well maintained, the property has zoning to build a mansion more than 9,000 square feet in size, according to the agent. More than $100,000 has already been spent in site preparation, including fencing, retaining walls, and ditch in-fill. It is steps to the Fraser River, and a short drive to Richmond Centre.

“This is sort of the Point Grey of Richmond,” said listing agent Shali Tark, referring to a prestigious west side neighbourhood in Vancouver.

The agent’s take

Many of the adjacent properties had been subdivided, but because of its irregular shape, this property retained its original size.

“We wanted to get the best value based on the last opportunity to own this unique property,” Ms. Tark said. “We have limited buyers in this price range but we were confident the right buyer would see the value.”

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