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Vancouver Home Sells For $1 Million Over Asking Price

The British Columbia Real Estate Association says the current market is beyond a seller's market in some parts of the city - calling it an "accelerated market." (Associated Press)

 

 

Another west side Vancouver home has sold for more than $1 million above the asking price.

 

The Dunbar area bungalow was listed for $3.188 million and sold earlier this week for $4.19 million.

 

Just over a month ago, a Point Grey home with a view sold for $1.172 million more than the asking price. The sale price for the house on Bellevue Drive was more than $9 million and the new owner planned to rent it out then tear it down and rebuild in a couple of years, according to the realtor. The house had not been updated.

 

But the 71-year-old Dunbar house has been fully renovated, according to the MLS listing. It sits on a 44 by 122-foot lot and has a view from the back of the North Shore mountains. The house has a new roof, updated bathrooms and a gourmet kitchen as well as a one-bedroom basement suite.

 

“Perfect for families,” says the listing. Or, “hold and build.

 

”University of B.C. real estate professor Tsur Somerville said the Dunbar home may have been listed low.

 

“That is one third more than the asking price,” he said. “It looks a whole lot like a realtor playing games.”

 

He said listing homes for less than their estimated value is a common practice.

 

“You get these realtors who are in love with the idea of pricing low, giving buyers hope that is non-existent and starting a bidding war.”

 

But getting the right listing price for a property in Metro Vancouver’s overheated market is difficult, Somerville acknowledged.

 

“Because prices are going up so rapidly, so out of control, it’s hard to know what the price is,” he said.

 

“The rate of price increases is reaching hysteria levels. It’s not sustainable.

 

”Homes sales in Metro Vancouver surpassed 5,000 last month, making it a record-breaking month according to statistics from the Real Estate Board of Greater Vancouver. The benchmark price for detached properties in the region increased 27.4 per cent to $1,342,500 in March 2016 compared to the same month last year.

 

 

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