The red-hot real estate market on the West Side of Vancouver has just celebrated another million dollar milestone.
For the second time in just over a month, a single-family home has sold for more than $1-million over the asking price.
Nestled in the Dunbar neighbourhood, the 71-year-old home boasts “stunning” views of the water, North Shore mountains and the city’s downtown core. The 3,100-square-foot residence in the 3400-block of West 19th Avenue was listed for $3.188-million and fetched $4.19-million.
Unlike the $7.88-million teardown in Point Grey that sold seven figures over asking in March, this four-bedroom home in Dunbar is fully renovated and tastefully decorated.
It has a gourmet kitchen, one-bedroom unauthorized basement suite and wine cellar. The 44x122 lot has several large outdoor entertaining areas, and is close to parks and shopping.
Despite that it is “perfect for families,” according to the selling agent, the MLS listing for the newly sold home says it would also be a suitable property to “hold and build,” meaning tear down and start fresh.
Taxes on the property were listed at $8,350 in 2015.
The average price of a detached home in Vancouver is now $1,083,177, according to the Canadian Real Estate Association, nearly 15 times the average income.
The average price jumped an astounding 30.9 per cent from January 2015 to January 2016.
