The owner of a Vancouver home failed to recoup their investment after it sold this week for over $1 million less than the 2017 sale.
According to the listing, 6850 Beechwood Street is a huge property with over 11,000 sq ft of land surrounded by many million-dollar homes.
The home itself features six bedrooms, five bathrooms, and 5,157 sq ft of space.
eXp Realty’s listing adds, “This is a great home for a family!”
Zealty says the property sold for $5,593,000, a drop from the original asking price of $5,980,000. Despite not making anywhere near as much as the 2017 sale ($6,620,000), it managed to sell over the assessed value ($4,803,000).
Zealty
The land at 6850 Beechwood is currently valued at $3,829,000, with $974,000 of the total value attributed to the buildings.
eXp Realty
There’s nothing wrong with the home outside of the price, which might mean that buyers are more hesitant to purchase properties assessed at much higher values than the asking price.
eXp Realty
Everything looks to be in immaculate condition, and it definitely seems like the 33-year-old home has seen some renovations.
eXp Realty
It wasn’t that long ago that this home sold for a price that some Vancouverites might even consider affordable today. In 2003, presumably before major renovations took place, the house sold for $1,080,000.
eXp Realty
As for bells and whistles, the home features a wine cellar, a sauna, and a huge backyard.
eXp Realty
The listing was correct about this property being a great family home, as the backyard would have adequate space to accommodate a batch of little kiddos who need to run around.
eXp Realty
The home is in South Vancouver and is not far from the brand-new Oakridge Mall, which will open next spring.
eXp Realty
This Vancouver home was on the market for nearly three months before its eventual sale. It isn’t the only home that has had trouble finding a buyer. The luxury real estate market in Vancouver seems to be slowing down significantly.