Vancouver real estate: Point Grey home listed at $5.8 million sells just over $4 million

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      A new home in one of the most expensive neighbourhoods of Vancouver took a huge cut in price before selling.

      How deep?

      Close to $2 million.

      The Point Grey area home at 4568 West 8th Avenue sold for $4,023,809 on August 4.

      The amount represents a $1,864,191 reduction from its listing price in 2018, the same year the home was constructed.

      A July 30, 2018 listing by RoyalLePage Sussex J Soprovich pegged the price at $5,888,000.

      Based on tracking by the property site fisherly.com, more listings followed.

      Luxmore Realty listed the five-bedroom, six-bathroom home for $5,388,000 on October 16, 2018.

      The agency made two more listings: $4,988,900 on November 26, 2018, and $4,998,900 on February 27, 2019.

      Then it was the turn of RE/MAX Select Properties.

      The agency listings were as follows: $4,998,900 on May 8, August 30, and January 7, 2020.

      RE/MAX Select Properties tried again on February 21, 2020 with a reduced price of $4,788,000.

      Then it was Century 21 Coastal Realty Ltd.’s turn.

      The agency listed the home for $4,788,000 on July 21, 2020.

      The price was reduced to $3,688,000.

      Finally, a buyer came forward and offered above the asking price.

      Century 21 Coastal Realty Ltd. sold 4568 West 8th Avenue seven days after the July 21 listing for $4,023,809.

      The listing praised the “elegant home” as a “gorgeous contemporary residence” in “prestigious Point Grey”.

      It is a south-facing property with “sun-filled entertaining areas”.

      The home also features a rooftop patio with “stunning city views”.

      The home comes with a media room, recreation room, and a wet bar and “encased wine wall”.

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