A custom-built Vancouver home in the Arbutus Ridge area is having trouble finding a buyer at its original asking price, and the home’s value has now dipped below less than what it sold for in 2016, a reality that has become a sales trend in Vancouver.
2402 W 19th Avenue is a reasonably large five-bedroom and five-bathroom home with 3,659 sq ft on a lot of 6,100 sq ft. It is 27 years old and is currently assessed at $3,879,000, higher than the current asking price of $3,699,000.
The home sold for $4,100,000 in 2016, but expectations have clearly been revised after a failed attempt in 2022 to sell it for $4,560,000. The 2016 sale price ($4,100,000) was almost $1 million more than the assessed value at the time, which was $3,186,000.
Royal Pacific Realty
The listing from Royal Pacific Realty says that the corner lot property is located in the heart of Arbutus Ridge. The custom-built family home has hardwood flooring, a bright kitchen with granite countertops, and a rec and theatre room downstairs.
Pictures highlight a well-maintained home with a slightly dated aesthetic. The listing doesn’t feature any photos of some of the more advertised aspects of the home, like the theatre and rec rooms.
Royal Pacific Realty
The Vancouver home also features a backyard courtyard-style patio.
Royal Pacific Realty
The home also offers “plenty of parking” with a three-car attached garage. The listing adds that the basement has a separate entrance and the potential to act as a rental suite for the new owner.
Looking even further back into the home’s history, it sold for $1,739,900 in 2009, and just three years later, its value saw a massive jump when it sold for $3,280,000 in 2012.
The recent drop in value for the Vancouver Arbutus Ridge home compared to the 2016 sale has become a trend in the Vancouver real estate market. According to Sotheby’s most recent report, luxury home sales and values for luxury homes in Vancouver are also dropping compared to other major cities in Canada.