A recently sold Vancouver home lost some big money in just over a year.
The home at 6869 Beechwood Street was listed for sale in September 2023 for $9,998,000, but it didn’t sell for over a year after that last week for $7,281,580. It sold for nearly $3 million under the asking price of $9,998,000.
According to Zealty, the home was last sold in May 2023 for $8,100,000, with the same asking price of $9,998,000. That means that between May 2023 and November 2024, there was a loss of $819,420.
Zealty says the Beechwood Street home in the Vancouver SouthWest Marine region was built in 2018. It features seven bedrooms and nine bathrooms, and is a sizeable 7,889 sq ft. The lot is quite large, at 11,814 sq ft.
Royal Pacific Realty Corp.
Royal Pacific Realty Corporation’s listing says the home is an “exquisite mansion” with premium hardwood flooring and European stone throughout.
Royal Pacific Realty Corp.
It also features an indoor swimming pool, sauna, hot tub, and even golf training equipment, but the listing doesn’t include pictures of the fun stuff.
Royal Pacific Realty Corp.
The home’s most recent assessed value was $6,702,000.
Royal Pacific Realty Corp.
After the Vancouver home sold, there was discussion on X surrounding the amount it lost compared to the previous sale.
Massive loss of capital. Almost 1 mil. That stings big time.
— Law of Reflection (@david_door57003) November 15, 2024
This is another example of a long line of similar sales over the past year, with many owners looking to sell for more than the assessed value but having to bring the price down to snag a buyer.
“October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” said Greater Vancouver Realtors in last month’s report.
Earlier this month, we spoke to Ryan Dash, who works with eXp Realty and is one of the people behind the Vancouver Life Real Estate Podcast; he also had some thoughts on the current real estate climate.
Dash said there’s been a bit of a stalemate, as everyone thought buyers would flood the market after rates went down. Instead, sellers flooded the market. “They wanted to sell and move on and a lot of sellers that wanted to sell a year ago chose not to because interest rates were so high.”
After that, inventory wasn’t moving, and sellers kept flooding the market with housing supply.
“We’ve seen a lot of buyers sit on the sidelines, and they’re letting sellers compete. Sellers are lowering their prices to try and make buyers come and put a deal together.”