A house was listed in Shaughnessy on February 5 for $5.99 million and had 10 prospective buyers all bidding at once, but it didn’t end there. The house was later sold on February 17 for $8.01 million only 12 days after it was originally listed. That’s a total of $2.9 million more than requested.
This three-storey Tudor mansion located on 1383 West 32nd Avenue in Shaughnessy was built in 1937 and is a magnificent older house with a total of 4,410 square footage, and sitting on a 16,502 square foot lot. It contains four bedrooms, three bathrooms, an elevator, kitchen, recreational room, private patio, and secluded swimming pool and garden.
In the city the demand for detached dwellings has increased greatly over the last few years while the supply has dwindled. Also this spring a 2,154 square foot house in the Main Street and King Edward Avenue area of Vancouver was sold for almost $1.6 million. A total of $567,260 over the originally asking price.
In a recent House Price Survey found that the prices for a two-storey detached home in Vancouver has increased by 10.6 percent over the last year to the price of $1.267 million.
What where all wondering now is how long will this housing price spike last?