Vancouver townhouse listed over $1.8 million sells for a steal at only $828,800

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      [Update: After this report went live, a social media post stated that the property’s title was tenancy in common, which means combined ownership. The post also stated that the purchase price of $840,000 was for half of the property. The Straight's account was based on the listing, which did not mention the nature of the ownership and that half of the property is for sale. The listing has since been updated to state: SALE WAS HALF INTEREST ONLY.]

      One cannot say that this Vancouver townhouse was ambitiously priced.

      The 6022 Oak Street property has a 2022 assessment of $1,698,000.

      It came on the market on January 13 this year asking just a bit more for $1,828,800.

      The two-storey-plus basement home forms part of New Oak Living, a new development on Oak Street that was completed in 2015.

      The strata-titled residence boasts of high-end features, and it also comes with a rooftop sundeck and a self-contained “nanny suite”.

      As for location, the listing notes that it’s in the “prestigious Vancouver Westside”.

      Based on its market history, the seller seems determined.

      Over two weeks after listing, on January 31, the property’s selling price was reduced to $1,815,555.

      And then on March 3, it went down even more to $1,788,000.

      Still unable to land a buyer, the asking price for the Vancouver real estate got another discount on March 29, when it was reduced to $1,738,000.

      Less than two months later, a deal was made, and it came with a deep price cut.

      On May 9, the 6022 Oak Street townhouse sold for $840,000.

      This means it went for less than 54 percent of its original asking price of $1,828,800.

      As well, the Vancouver real estate changed hands for 50.5 percent less than its current valuation of $1,698,000.

      The deal was tracked by real-estate sites and