“Traditionally as the Christmas season gears up, real estate gears down, but this season saw housing prices all of a sudden make a quantum leap,” says agent Walter Wells.
“For one thing, inventories of houses for sale continue to be at unusually low levels – about 300 versus a normal level of 800 – and large numbers of newly minted Chinese millionaires have been flying into town to scoop up some prime Canadian real estate.”
WHAT THEY GOT: This 83-year-old structure has a 1,400-square-foot plan with four bedrooms, including two on the top floor, a full bathroom, a main floor kitchen, dining room and living room with original cove ceilings, hardwood floors and a wood burning fireplace.
Other assets include an unfinished, 1,000-square-foot basement and two-car parking.
The property’s value lies mainly in its locale on a corner lot in “one of the city’s most popular – and expensive – neighbourhoods,” says Mr. Wells, who also cites its proximity to Pacific Spirit park and esteemed schools, such as Lord Byng Secondary and the University of British Columbia.
THE AGENT’S TAKE: “Although it is an attractive four-bedroom, 2,400-square-foot character home on a large 50- by 122-foot lot …it will be torn down to make way for a brand new, luxury 4,000-square-foot residence,” says Mr. Wells.
“The new home will also enjoy a good view of Vancouver’s North Shore Mountains.”