Here’s an example of how real estate creates wealth.
On November 9 this year, a Vancouver property in Kitsilano sold for $3.5 million.
The transaction was tracked by real-estate site fisherly.com.
Realtor and market observer David Hutchinson shared the sales history of this property at 3472 West 12th Avenue to illustrate what the market does.
Some people make money and, of course, some lose. Others break even, Hutchinson told the Georgia Straight.
The property was sold on December 22, 1986, for $138,000, based on information from the real-estate site Redfin.ca.
Years later, it again sold on April 20, 2012, for $1,510,000.
In 2013, a new house was built on the property.
The house features four bedrooms and six baths.
On June 2, 2014, the property sold again, this time for $2,475,000.
B.C. Assessment placed the 2020 value of 3472 West 12th Avenue as of July 1, 2019, at 2,810,000.
After more than six years, the Kitsilano property was back on the market.
Sutton Group-West Coast Realty listed the property on October 28, 2020, for $3,688,888.
The realty agency described the “stunning Kitsilano family home” as one of “highest quality with lavish, elegant finishes”.
Plus, it has “nanny or in-law accommodation with roughed in laundry & separate entrance”.
It sold after 12 days on November 9 at $3.5 million.
“This one is a big money maker,” said Hutchinson, who watches the market closely.
According to Hutchinson, the market is “fickle”, and results are “unpredictable”.