A Point Grey home holds the record so far as the most expensive property sold in Vancouver this month.
The 4223 West 9th Avenue residence went for $9.7 million.
The selling price is way above its assessed value for 2020, which is $5,947,000.
B.C. Assessment’s valuation of the property as of July 1, 2019 puts the worth of the land at $3,743,000, and the home at $2,204,000.
Oakwyn Realty Ltd. listed the five-bedroom, six-bath home on November 2 for $9,875,000.
A buyer took the place two days later on November 4, with a $175,000 price discount.
The transaction was tracked by realty sites fisherly.com and Zealty.ca.
Point Grey is one of the wealthiest neighbourhoods in Vancouver.
The area is located west from Alma Street to Pacific Spirit Regional Park and the University Endowment Lands, and north from West 16th Avenue to the beaches of English Bay.
The 4,535-square-foot home at 4223 West 9th Avenue sits on a corner lot.
The lot measures 7,196 square feet, and it has a frontage of 76.8 feet.
The listing described the residence as a “casual, sleek, sophisticated…home with award winning interior design”.
“Private patio off master suite, outdoor dining overlooking the pool, a stunning chef’s kitchen, a home office, gym, media room, double garage, dog spa and low maintenance grounds designed for privacy,” the marketing material stated.
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Vancouver real estate: $2.5 million townhouse along Choklit Park, former home of Purdys, sells over asking price – The Georgia Straight
For its location and views, it’s not suprising that this Vancouver townhouse beats a lot of single-family homes in price.
These also likely explain why the strata property at 1089 West 7th Avenue didn’t stay long on the market.
As well, the property sold over its listing price, when a buyer picked it up for $2,505,000.
The Fairview Slopes townhouse is located along a storied and unique green space, Choklit Park.
The 0.07-hectare park is associated with the legacy of Purdys chocolates.
“This site was formerly the location of the Purdy’s Chocolate factory, hence the name!”, according to the online parkfinder from the City of Vancouver.
The park is “tucked into a steep slope”, and comprised by a “series of steps and terraces with a beautiful collection of trees and shrubs”.
“Although tiny, the park is expanded with its views to False Creek and downtown,” the city notes.
The Vancouver Heritage Foundation recalls online that Charles Flavelle, owner of Purdys, said that the choklit spelling was suggested by one of the “hippie” carpenter crew that built the park.
“That’s the way a kid would spell it,” Flavelle was reportedly told.
The heritage association reproduced online the plaque recalling the history of the park:
Charles Flavelle of Purdy’s Chocolates created Choklit Park in 1970 on the unused Spruce Street right-of-way at 7th Avenue, using a crew of six hired on an “Opportunities for Youth” grant. The chocolate factory at 1107 W. 7th needed an improved truck-loading facility and the children in the neighbourhood needed an adventure playground. The crew used the right-of-way and all the available space around the factory for the children’s park. Purdy’s made chocolates here from 1949 until 1982.
Purdys Chocolatier moved to Kingsway in East Vancouver, where it continues to make and sell chocolates.
Engels and Volkers Vancouver listed 1089 West 7th Avenue on November 24, 2020, for $2,298,000.
After six days on November 30, the townhouse sold for $2,505,000 or $207,000 over its original asking price.
The transaction was tracked by fisherly.com, an online real-estate information site.
The home features two bedrooms and three baths.
The listing describes it as an “architectural oasis that will capture those in search of privacy, beauty and incredible views”.
The three-level concrete and brick townhouse includes three private decks, including one on the rooftop, which offer “panoramic city views”.
“Large master retreat includes rare solarium, perfect art studio/office/shop + custom closets,” the listing adds.
Vancouver real estate: Shift on to big corporate landlords of apartment buildings
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Goodman describes the market as being balanced between the supply of and demand for listings, even though he is seeing more rental buildings for sale than in the past.
“While private investors made up the majority of vendors and purchasers in the first half of 2020, real estate investment trusts, or REITs and institutions are likely to increasingly emerge as buyers, particularly on larger deals, in the back half of the year and into early 2021,” according to a fall 2020 report by Avison Young.
Rental apartment buildings are seen as a very attractive and reliable investment for REITs and other financial companies in these uncertain times, said John Bunting of PwC Canada’s B.C. region real estate practice.
“It’s called (investing in) ‘beds and sheds,’ or the first basic needs of safety, security, shelter and food,” he said.
Bidding opened Monday for a package of 10 apartment buildings, with over 400 rental suites across Vancouver.
A family-run, Vancouver-based company, Hollyburn Properties Ltd., is selling these properties, which it has owned for decades. They make up almost a third of the 33 multi-family, rental buildings it owns in the Vancouver area.
Coun. Jean Swanson had a motion on the agenda for Vancouver city council last week, which mentioned the Hollyburn listing, picking it as an example of “a portfolio that could be attractive to REITS” because of its large number of buildings and units and its likely higher dollar value, she said.
Source: – Vancouver Sun
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