Vancouver real estate: bought for $4.2 million in 2018, Marpole house now selling at a loss, for $2.9 million
Not everyone gets to make money in the hot real-estate market of Vancouver.
Some risk losing their shirt.
Let’s look at 380 West 62nd Avenue, a Marpole area property listed this week.
B.C. Assessment record shows that the single-family home on a 50-foot lot was purchased on February 11, 2018 for $4,280,000.
In that year, the provincial assessment agency pegged the value of the two-storey property located east of Cambie Street at $3,130,000.
On August 6, 2019, the same property came on the market, when RE/MAX Real Estate Services listed it for $4,380,000.
No buyer came forward, and so the listing terminated on September 19 of the same year.
Another listing agency, Sutton Group-West Coast Realty, tried to sell the four-bedroom, two-bath home less than a week later.
On September 25, 2019, the Marpole home in front of Winona Park returned on the market with a price of $4,280,000.
After more than a year, the listing expired on November 1, 2020. By that time, the price has been reduced to $3,980,000.
Now it’s the turn of RE/MAX Real Estate Services again to try and sell the home.
On April 21 this year, the property was listed for $2,990,000.
Note that the new selling price is also below the 2021 assessed value of the residence.
As of July 1, 2020, the B.C. Assessment valuation of 380 West 62nd Avenue was $3,130,000.
It’s the same assessment as 2018 when the property was bought for $4,280,000.
The property’s value increased to at least $3.7 million in 2019, and dropped to over $3.6 million in 2020.
The listing and history of the 380 West 62nd Avenue were tracked by real-estate sites Redfin and Zealty.ca.
Vancouver realtor David Hutchinson took note of the listing on a Twitter post.
The Straight sought comment from the Sutton Group-West Coast Realty property agent, and Hutchinson said this example speaks about the “blessing and the curse of the Cambie Corridor”.
“A lot of people made money. There was a lot of investment and speculation. And, of course, some people lost money,” Hutchinson said.
“What the city got in return was a lot of overpriced housing,” Hutchinson added.
But there may be hope that 380 West 62nd Avenue will get a good price.
The listing notes that it is an "excellent holding property for future redevelopment ".
It mentions the city's community plan for Marpole, which allows apartment buildings of up to four storeys on the site.
The house is currently tenanted.
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