A home in Vancouver that has been listed six times since its last sale has been listed for much less than its previous sale price.
LeHomes Realty Premier is listing the South Granville home at 5978 Angus Drive for $5,688,000. It has ten bedrooms, seven bathrooms, and 5,872 sq ft of space on a 9,715 sq ft lot.
That’s slightly over the assessed value of $5,525,000.
LeHomes Realty Premier
According to REW, the spacious Vancouver home was sold for $6,500,000 in 2016, but even that was under the asking price of $7,380,000.
In 2017, when the assessed value was $5,933,000, it was back on the market for the first time at an asking price of $7,890,900. That listing was terminated in 2018 despite lowering the asking price to $7,580,000. It was then re-listed the same year for $7,380,000, but that listing was also terminated.
LeHomes Realty Premier
In 2018, it was again put back on the market at another lowered rate of $6,988,000. After that listing expired, it stayed off the market for six years. This April, it was listed again for $5,990,000. That listing was terminated in July. In July, it was back on the market for $5,688,000 and again subsequently terminated.
LeHomes Realty Premier
The current listing, which was listed just last week, kept the asking price the same ($5,688,000). Interestingly, a different real estate agent handled every listing we mentioned.
LeHomes Realty Premier
LeHomes says this property is situated on a tree-lined street in South Granville. It has a gourmet kitchen, top-of-the-line appliances, and “expansive living spaces.”
The primary bedroom even has its own gas fireplace. The listing adds that the basement is “entertainment-focused” and includes a large rec room, wet bar, pool table, and workout space. Sadly, the listing doesn’t contain any pictures of the entertainment-focused basement.
This loss in value isn’t unique to this one Vancouver home; it has been well documented, and properties around Metro Vancouver have seen a similar fate over the past year.
One Vancouver realtor told Daily Hive Urbanized that everyone’s waiting for the December 11 interest rate drop, adding that the last few drops haven’t moved the needle.
“It’s okay that buyers get a deal once in a while.”
Regarding 5978 Angus Drive, there’s still a chance that a bidding war will raise its value above the 2016 sold price, but based on the history of listings and subsequent price drops, that looks unlikely.