Another day, another head-spinning deal.
Demand for homes amid what realtors and analysts say is a low-inventory market seems to have driven buyers into a frenzy.
Money seems to be no object as purchasers offer hundreds of thousands of dollars above listed prices of properties.
A recent deal in East Vancouver serves as another example.
The two-level detached home at 7315 Rupert Street went on the market on February 23.
It was listed for $1,688,000.
Home buyers submitted multiple offers.
The seller’s realtor, A.V. Sayson, told the Straight that the five-bedroom, three-bath residence received a total of 21 bids.
After seven days on the market, the home sold on March 2 for $2.3 million.
That’s $612,000 above its original asking price.
The Fraserview property has a 2021 assessed value of $1,664,200.
“Fraserview has been trending up,” Sayson said in a phone interview.
According to the property agent with RE/MAX Pinpoint Listings Team, the neighbourhood is considered to be “one of the nicest areas in East Vancouver to live in”.
“It’s super quiet,” said Sayson, whose team is affiliated with RE/MAX City Realty.
Sayson also shared detailed figures about the market for detached homes in East Vancouver, based on official statistics from the Real Estate Board of Greater Vancouver.
In an indication of strong demand for single-family homes, REBGV numbers show that 136 detached homes on this side of the city sold in February 2021.
The total represents an increase from the 110 sales of freestanding homes in January.
Also, the benchmark price of a detached home in East Vancouver increased to $1,565,800 in February 2021, marking a 10.5 percent one-year change.
Remarkably, Sayson noted that as shown by REBGV statistics for February 2021, the benchmark price for Fraserview was already at $1,945,100.
This places the price of a typical home in Fraserview as the highest in all neighbourhoods in East Vancouver, Sayson said.
"The sale of this listing and the attention it attracted was not unexpected," the Philippine-born and -raised realtor said.
According to Sayson, 7315 Rupert Street started to receive inquiries on day one of the listing.
“A number of the buyers who wrote offers did so without seeing the interior of the house,” he related.
The Straight has reported on a number of deals like the one Sayson did.
To cite an example, a Kitsilano home sold on October 27, 2020 for $2,811,000. This was $613,000 over the asking price. The 1842 Collingwood Street residence has a 2020 assessed value of $1,898,300.
Another one was 2930 West 28th Avenue in the MacKenzie Heights neighbourhood. It was bought on February 9, 2021 for $2,950,000. That’s $551,000 over the listed price. The home has a 2021 assessed value of $2,411,000
One that got a lot of attention was 3285 Victoria Drive, a detached home located across from Trout Lake.
A successful buyer offered $872,134 over its original asking price. The property sold on February 24 for $2,600,134. Its 2021 assessed value was $1,741,000.
The Straight learned about the 7315 Rupert Street deal from David Hutchinson, a realtor with Sutton Group West Coast Realty and a keen market observer.
Hutchinson noted that although Fraserview is not as transit-friendly as other locations in Vancouver, the neighbourhood has many pluses.
The area is close to neighbourhood malls, the Fraserview golf course, schools, local parks, the Killarney Community Centre, and the emerging River District community to the south.
Central Park and Metrotown, both in Burnaby to the east, are also accessible.
With its frontage of 50 feet and depth of 110 feet, the property features a considerable-sized lot. The 3,089-square-foot home split on two levels offers generous space.
According to Hutchinson, it’s perfect for someone who’s willing to “pay a little more for location and home”.
Or, the property could be redeveloped. The home built around 1965 serves as a rental property. The seller does not live in Vancouver.
As Sayson related, the listing drew a lot of interest from home builders and property developers.
Sayson noted that potential redevelopment could see a brand-new luxury home built, with or without a laneway house. Or a duplex.
Back to Hutchinson, the long-time realtor asked: “Does all this warrant $600,000 over asking price for a house tax assessed at $1,664,200?”
Answering his own question, Hutchinson said: “In this crazy market, for someone it does.”