902 2nd ST., NEW WESTMINSTER, B.C.
Listing price $2-million
Selling price $1.985-million
Days on market Nine
Taxes $7,310.31
Listing agent James Garbutt, Denny Dumas, Keller Williams Elite
The Action: The seller is also the co-listing agent, James Garbutt, who built the home two years ago.
"We expected the home to go to young professionals coming from Vancouver, but the buyers were empty nesters relocating within New Westminster," says Mr. Garbutt, who received the one offer.
What They Got: This 3,025-square-foot house sits on a 52-by-116-foot corner lot in the Glenbrooke North neighbourhood.
It includes five bedrooms, four full bathrooms, open concept living area and one bedroom suite.
The house features vaulted ceilings, a mud room, gourmet kitchen, air conditioning and two-car garage.
The Agent's Take: Mr. Garbutt says it was a record sale price for Glenbrooke North, which is a quiet family neighbourhood with large lots.
"New West didn't get the foreign investors, but we got the trickle down effect from more expensive Vancouver and Burnaby markets cashing out and relocating," Mr. Garbutt says of the city's high prices. "We achieved a high price because of a few things: there was a lack of quality listings in that price range at the time of our sale, we're in a desirable location and school catchment, and we sold in early June, which is seasonally a great time for more expensive homes to sell.
"I've been telling a lot of people that there aren't enough '$2-million-ers' out there, and now that we're 15 months into the foreign [buyers] tax, it's becoming apparent that there's too much supply and not enough demand in the luxury market. Most locals can't afford it."
Kerry Gold