The heavily discounted sale of a French-inspired villa may be the best deal in Vancouver in 2020.
That’s according to Adam Major, managing broker with Holywell Properties, a real-estate company that also runs Zealty.ca, an online property-information site.
When asked by the Straight to name the most interesting transaction in the city for the year 2020, Major pointed to 3688 East Boulevard.
The listing details of the property located in the tony neighbourhood of Shaughnessy were tracked by Zealty.ca.
The mansion was listed on January 23, 2017 for $17,388,000. The price was reduced to $14,880,000. It did not sell, and the listing expired July 29 of that year.
The property came on the market again on August 1, 2017, with a price of $14,880,000. The listing by Macdonald Realty - Manyee Lui expired on January 1, 2018.
A week later, on January 9, 2018, the same agent listed the property again, this time for $14,689,000. It spent nearly a year on the market without getting sold. On January 1, 2019, the listing expired.
After two days, on Junary 3, 2019, Macdonald Realty – Manyee Lui listed the property once more. The price was reduced to $13,980,000.
Finally, on February 20, 2020, the villa sold for $7 million.
Major noted that the sale price of the 3688 East Boulevard property represents a nearly 60 percent discount from its original 2017 list price of $17.3 million.
As well, the buyer offered and paid a $30,000 bonus commission to the buyer’s agent, Multiple Realty Ltd.
“The seller end up with a fair bit less,” Major told the Straight.
There’s more to the story.
The mansion also sold below its assessed value.
Major noted that the 2020 B.C. Assessment value of the two-story-plus-basement home totalled $9,370,000.
“So at $7 million, it also sold for a 25 percent discount to assessed value,” Major explained.
According to the Holywell Properties managing broker, this was one of the lowest sale-price-to-assessed-value ratios in 2020.
The home has five bedrooms and eight baths. Luxury features include manicured gardens and a golf putting green.
As for Zealty.ca, Major said that the site had over two million visits last year.
Also, his company made enhancements for the real-estate-information portal in 2020.
These include adding bonus commissions for buyer’s agents, expired listings, daily sales, information of live-stream open houses, and others.