8199 Prince Edward St., Vancouver
Listing price: $1.788-million
Selling price: $1.615-million
Days on market: 27
Listing agent: Owen Bigland, Macdonald Realty Westmar
The action: The house was reduced in price to $1.738-million after two weeks on the market and sold more than a week later. Listing agent Owen Bigland showed it to at least 10 parties during weekend open houses, including investors and developers interested in rezoning, as well as families.
“The buyer for this home plans on moving in and enjoying the home for quite some time, while renting out the suites as mortgage helpers.”
The potential for future rezoning was also of interest, he said.
“There are no plans for rezoning at the present time, but a few blocks west of Main, there are land assemblies. I would say in the next 10 to 15 years, this side of Marine will be rezoned for multifamily.”
What they got: The house was built in 2007 and is a corner lot at Prince Edward Street and busy Marine Drive.
“The home is in excellent condition and well maintained,” Mr. Bigland said.
The 2,234-square-foot house has three levels and six bedrooms, including a master bedroom with balcony and views, and two rental units on the lower level. The living area includes crown moulding, engineered hardwood flooring and stone countertops. There is a three-car garage. The house is steps to shopping and Cambie SkyTrain station.
The agent’s take: Because the house is on a high-traffic street, it took a reduced price to attract an offer, Mr. Bigland says. As well, the detached-house market has slowed in the past year.
“Many buyers are in a wait-and-see mode to see where this detached market goes,” Mr. Bigland said.
“Prices on these types of homes are down about 10 [per cent] to 15 per cent from two years ago.”