A massive home in Vancouver was just listed for $7,500,000, and while the price tag is high, it’s way below the assessed value and being sold at a loss.
The five-bedroom, eight-bathroom home at 1925 SW Marine Drive features 8,514 sq ft of space on a massive 18,000 sq ft lot.
This is the eighth time the home has been listed since it was last sold in 2015.
Re/Max Select Properties
In 2015, the home sold for $8,050,000 under the asking price of $8,888,000. Following that sale, it stayed off the market for five years until it was listed again in August 2020 for $9,980,000. That listing failed to attract a buyer, and the asking price was reduced to $9,180,000 for a new listing in September.
Re/Max Select Properties
In March 2022, the price fell below the $9 million mark. It was listed for $8,980,000 and later terminated at $8,680,000. It fell below $8 million in December 2022, when it was listed for $7,988,000.
Re/Max Select Properties
It then stayed off the market until January 2024, when it was listed for $8,388,000. After one more listing under $8 million, it was listed for $7,500,000 in the most recent listing.
Re/Max Select Properties
The asking price is over $2 million under the current assessed value of $9,514,000.
Zealty
The home uses marble and hardwood floors extensively. It also has a gourmet kitchen with high-end cabinetry, appliances, and a granite countertop.
Re/Max Select Properties
Re/Max Select Properties describes the home as “absolutely gorgeous” and magnificently custom-built.
Re/Max Select Properties
The home features a “park-like garden” with its own putting green.
Re/Max Select Properties
The home also features a private elevator and a fairly cozy-looking entertainment room.
Re/Max Select Properties
There is also an indoor swimming pool, a steam shower, a gym, a wet bar, and a built-in smart home security system.
Re/Max Select Properties
As Daily Hive Urbanized has been reporting, this Vancouver home is part of a trend of high-end properties sold at a loss over the past year.
Several real estate publications, including Property Pistol and Re/Max, have published reports on the cooling luxury real estate market.
Earlier this year, Re/Max said that demand for these uber-luxe properties in Metro Vancouver has cooled due partly to the foreign buyer ban, vacant home taxes, land transfer taxes, high property taxes, and interest rates.
Property Pistol also had similar findings, blaming “high-interest rates, stringent taxes, and a significant regulatory environment.”
Here are some other luxury properties that have had a tough time on the market: