Property in the Coal Harbour area of Vancouver can be pretty pricey, but one home that sold for nearly $4 million seven years ago has just been listed for sale for way less.
L302 at 1550 Coal Harbour Quay is a corner unit with spectacular views.
Since it was last sold in 2018, it has had quite the listing history, with eight listings, including the most recent one — eight listings and no buyer so far over seven years.
In March 2018, the apartment was sold for $3,889,000, slightly under the asking price of $4,088,000. Just over a year later, it was listed again in October 2019 for $4,580,000. The assessed value history over that period shows that the apartment was assessed at $3,549,000 in 2018 and $3,754,000 in 2019.
So even though the assessed value only jumped by around $200,000, the owner and realtor decided to list it for almost $500,000 more than the previous sale price.
After that, it was listed several more times, with the home’s value dropping more each listing. It is now listed for $3,399,000, which is still way above the assessed value of $2,887,000. The current assessed value is also a drop compared to last year when the home was assessed at $3,014,000.
YVR International Realty
The apartment features four bedrooms, three bathrooms, and beautiful unobstructed ocean views. Unobstructed aside from all the boats parked in the water.
YVR International Realty
Some areas of the home feature an aesthetically pleasing design and choice of colour, like the kitchen tiling.
YVR International Realty
YVR International Realty’s listing states that the home has been “tastefully renovated.” It also mentions that the new owner would have access to an outdoor terrace and a kitchen with those aforementioned views.
YVR International Realty
It adds that the primary suite has a spa-like ensuite with a steam shower.
YVR International Realty
The building offers nice amenities like a pool, a gym room, a library, a private courtyard, and a grand lobby. The location also has access to many restaurants and bars in the area, including what the listing calls the “famous Cardero’s.”
Based on previous listings we’ve covered, the fact that this Vancouver home is being sold at a loss compared to a recent sale is not unique.
According to a realtor we spoke to, it’s not like there aren’t people still profiting in the Vancouver housing market. However, in cases like this, they believe it’s still the lingering effects of the offshore bubble from 2016.