Buyers of expensive homes appear to be getting good bargains.
A Vancouver property sold recently at almost $5 million below its first listing price, according to market tracking by fisherly.com.
The single-family home at 5988 Newton Wynd in the University Endowment Lands was originally listed on November 20, 2018 by Royal Pacific Realty Corp. for $11,280,000.
The listing was terminated, and on the same day, it was back on the market for $9,980,000.
After 590 days on the market, the three-bedroom house sold for $6,500,000 on July 2, 2020.
Compared to its first price of $11,280,000, the final selling price was $4,780,000 less.
If the second listing price of $9,980,000 were to be used as comparator, the selling price was less than $3,480,000.
Accoding to the listing, 5988 Newton Wynd is the “best location in Vancouver”.
The listing also noted that this “lovely development property” features ocean and mountain views, plus a “great academic” and “safe environment”.
The house was built in 1946 on an 18,241-square-foot lot.
According to the listing, one can “live in the house comfortably while planning to build a luxury new house”.
The home has three bedrooms and two baths.