Done Deal, 5828 Lanark St., Vancouver
5828 LANARK ST., VANCOUVER
LISTING PRICE: $1.35-million
SELLING PRICE: $1,325,000
PREVIOUS SELLING PRICE (2001): $266,000
DAYS ON MARKET: 67
TAXES: $4,210.55
LISTING AGENTS: Owen Bigland, Macdonald Realty Westmar
The Action: "Interest in the home was quite high, but we didn't get serious offers for the first 45 days on market," listing agent Owen Bigland said.
Mr. Bigland says more than 25 parties viewed the home during weekend open houses. Buyers were a mix of investors looking for holding properties, builders looking for teardown homes and condo owners looking to move up into the detached market. The house was originally listed at $1.388-million and with a small reduction they got an offer. The buyer plans on doing some basic renovations and moving into the house, and possibly building a new home in the next eight years, Mr. Bigland says.
What They Got: This 2,272-square-foot bungalow at Knight Street and East 41st Avenue has four bedrooms, one-and-a-half bathrooms, a large sundeck and a full basement. The house, built in 1947, sits on a standard 33-by-122-foot lot on a quiet, tree-lined street.
It has had many updates, such as a five-year-old roof, windows replaced 10 years ago, new hot-water tank and refinished hardwood floors. It is within walking distance of Kensington Park, public transit and shopping.
The Agent's Take: Houses softened in price about 18 to 20 months ago, the listing agent says.
"Detached homes are on sale right now," Mr. Bigland said. "Many buyers are in await-and-see mode to see where this detached market goes. The opposite is currently happening in the condo market, where prices are at all-time highs. This is one of those rare occurrences in Vancouver where condo owners should be seriously looking at moving up the ladder to a detached home."
Kerry Gold