A Shaughnessy home over a century old recently saw a sharp price decrease after being listed on the Vancouver real estate market in September last year without a buyer.
The 4,800-square-foot 103-year-old home, located at 4429 Angus Drive, has five bedrooms and four bathrooms and sits on a nearly 10,000-square-foot lot.
Despite its age, the home has been kept in great shape, but it appears the initial asking price was not right for potential buyers.
RE/MAX City Realty
Since 2016, the Angus Drive home reached its peak assessed value in 2017, when it was valued at $5,929,000. The current assessed value of $5,370,000 is $29,000 below the current asking price. Even though renovations have kept the home looking modern, the buildings only account for $185,000 of the assessed value, as the land is valued at $5,185,000.
RE/MAX City Realty
The home was previously listed for $5,970,000, but that listing was terminated. The house was last sold in 2003 at a much lower price than its current value. In June 2003, it sold for $1,365,000, slightly under the listed price of $1,373,000.
That’s right. At one point in our very recent history, you could purchase a home in Shaughnessy for $1.3 million. After that, it sold for $5,795,000 in 2018, nearly $400,000 more than the current asking price. So, in 15 years, the price shot up by $4.4 million.
RE/MAX City Realty
Compared to some homes at this price range, this one offers few bells and whistles. It’s a fairly straightforward family home with some modern touches. The listing says that the house was “extensively remodelled.”
Some fashionistas up in here. (RE/MAX City Realty)
The gourmet kitchen includes commercial-grade appliances, cherry wood cabinets, and granite countertops.
Some gamers up in here. (RE/MAX City Realty)
Outside of the home, there’s an entertainment deck with landscaped gardens. At the lower level, there’s a built-in home theatre, games room, gym, and workshop.
Some diners up in here. (RE/MAX City Realty)
On a standard five-year fixed-rate mortgage, with a 20% down payment ($1,079,800), monthly payments would amount to approximately $24,000, which is actually less than this bougie Vancouver penthouse.
Some sports fans up in here. (RE/MAX City Realty)
We’re probably not going to see the price of a Vancouver home like this return to 2003 values, but based on the number of homes we’ve seen that have been hit with price reductions, prices are trending in the right direction.