2709 VENABLES ST., VANCOUVER
LISTING PRICE $1.499-million
SELLING PRICE $1.575-million
DAYS ON MARKET 7
LISTING AGENT Ruth Chuang, The Ruth and David Group, Re/Max Select
The Action: Listing agent Ruth Chuang says young families are still driving the east side single-family home market. "The market is not as slow as all the negative news suggests," says Ms. Chuang. "Life happens. You have a baby, and you can't live in your one-bedroom any more. You want to move." After holding a realtors' viewing and one open house, she received four offers – all from families with young children, who planned on living in the home. It sold subject free.
What They Got: The house, built in 1926, sits on a 33-by-110 foot lot, located on a quiet section of Venables. It has restored character features, including fir floors, exposed brick, original windows, vintage fixtures, doors and mouldings. The home has 2,643 square feet of living space, with three bedrooms upstairs, mountain views, a finished attic, and a one-bedroom "mortgage helper" suite in the basement. It is a 10-minute walk to shops and schools.
The Agent's Take: Ms. Chuang believes that even though some areas of the city have dipped in price, this type of product has stayed strong. "For this particular house on Venables, I think it's a neighbourhood that's gentrifying, shall we say. People are saying, 'Hey this is a cool neighbourhood, close to shopping and transit.'" The house is close to Renfrew, which, she says, is becoming "the new Drive." The sellers had owned the house for at least two decades.
Although the price is beyond the reach of the average household income, buyers are making it work. "This is the new norm. If you want a house in Vancouver, this is the price point. You might have to have a big mortgage, and think of a much longer amortization, or get help from the family."