Only in Vancouver: luxury property increases in value by 1,000 percent to $22 million in 10 years (with video)
Adam Major has seen a lot of property turnovers in his long years as a realtor.
That said, a $22 million listing strikes him as the “craziest house flip” in Greater Vancouver.
It’s a luxury home in the posh Altamont neighbourhood of West Vancouver, which, according to Major, “looks like it got lost on the way to Beverly Hills”.
“What is so crazy about this house is that it is not new,” the managing broker of Holywell Properties said about 2919 Mathers Avenue.
Major recalled that the home sold six years ago on April 2, 2016 for nearly $10 million or $9.6 million to be exact.
It was then “a brand new six-bedroom, eight-bathroom, 8,930-square-foot house with a beautiful pool”.
According to B.C. Assessment records, the custom-built home was completed in 2014.
This means that the residence was about two years old when it sold in 2016.
After buying the property, the new owner went on and “completely gutted” the home.
“The $22 million version has the same shape and bones as the $10-million house, but everything that was brand new in 2016 — the kitchens, the bathrooms, the flooring, the windows, the garage doors, the banisters, even the pool — were all ripped apart and rebuilt,” Major recalled.
The pool became an infinity pool.
“They actually made the square footage 919 square feet smaller in the $22 million version by tearing out the internal walkway to the garage and guest suite,” Major noted.
The result is a “gorgeous” seven-bedroom, 11-bath, 8,011-square-foot home.
It also has an 11,000-litre tropical aquarium.
“You could put a whale in there,” Major said, adding, tongue in cheek, that cetaceans “enjoy captivity”.
Major noted that the $22 million home has the “same shape and bones as the $10 million home, but completely rebuilt”.
The old appliances and all the fixtures were replaced.
“Can you really do a flip reno on a brand new $10 million house?” Major asked.
And there’s more about the history of this West Vancouver property.
The original 2919 Mathers Avenue residence was sold on August 5, 2011 for less than $2 million, or $1.9 to be exact. [The transactions were tracked by Holywell Property’s real-estate information site Zealty.ca]
“It was bought, torn down and a new house flipped for a tidy profit,” Major said.
The managing broker with Holywell Properties explained that if one assumes about $4 million to have been the cost of building a new home, then the seller earned around $4 million in 2016 when the property was resold in 2016 for $9.6 million.
And now, Major said that the same property is being flipped twice in 10 years, and its value has increased by “over $20 million or 1,000 percent”.
Major has this to say: “Only in Vancouver!”