West Vancouver is one of the priciest markets in BC for buying a home, but a recently sold home saw a massive drop in value compared to just nine years ago.
1925 Russet Way was sold on April 17 for $3,770,000, according to Zealty. It was listed for the asking price of $4,250,000.
However, in 2016, the home was listed for $4,680,000 and sold above the asking price, earning $5,000,000, amounting to a $1,230,000 loss in value.
The West Vancouver home also sold well under the assessed value of $4,065,400, of which $3,991,000 is the land value alone.
The sale spawned some social media chatter.
Renanza Realty
In 2021, the owner attempted to sell the home for $4,900,000. It was listed in May 2021 before the listing was terminated in October of the same year.
Renanza Realty
The mustard-coloured West Vancouver home, equipped with a sweet pool, features five bedrooms and two bathrooms.
Renanza Realty
Zealty states the home was on the market for 104 days before finally selling this April. The 66-year-old property features 2,414 sq ft of space and stunning ocean and city views.
Renanza Realty
The listing suggests the future owner could build the home of their dreams on the land or hold it in its current form to rent out.
Renanza Realty
Despite the age, the home is in great shape.
Renanza Realty
Since 2020 ($3,159,200), the home’s assessed value increased by around $1.3 million in 2023 ($4,483,800) before dropping to its most recent value of $4,065,400 this year.
One person on social media called the sale the potentially biggest loser of 2024 so far.
🍾🍾 We have a contender for biggest #VanRE loser of 2024 🍾🍾
West Vancouver seller took a beating
Sold $3.77M
Assessed $4,065,400
Purchased June 2016 $5M !!!Nearly $1.5M loss after PTT and commissions and not even factoring inflation. pic.twitter.com/9lJVz9Rzr4
— John 🇨🇦 (@johnny_33) April 18, 2024
Another person responded, saying it was a “pretty brutal loss.”
What do you think about this mustard mansion?