Done Deal - 3585 West 35th Avenue
A quick note from you that I may quote, telling what made the sale unique?
This was a typical 50' x 130' lot sale in prime Dunbar neighbourhood. Land sales with older homes have been the hottest segment of our market over spring; however, the market is slowing and demand is in a lull at the moment. For example, this home with its own unique features sitting on the perfect lot one month ago would have generated 5-10 offers. Today we had to squeeze every resource to bring a couple of buyers to the table. The over-heated market, the newly released BMO report, and recent media releases are all dampening this product segment. Whether this is a temporary lull or the beginning of a market slow down - it is too early to tell.
Is there something special about the home, its size, location, history?
The challenges in this home were threefold:
1) its proximity to a busier street (Dunbar): only 1 house and one lane width away
2) the lot was flanked by a large number of trees posing another challenge if one intends to build, when dealing with the City of Vancouver’s strict tree-bylaw
3) a property flanking a lane is not the most desirable feature for some Asian buyers
What do you think sold the home?
The limited committed activity on this home (due to the changing market and factors above) had to be really worked and massaged to generate a sale $260,000 above asking price. With all the marketing steps fully exhausted, our exclusive ‘Backoffice’ follow up system, and negotiation techniques are what take the credit in this great sale.
Why did it sell so quickly or take some time?
The home sold in perfect timing within 4 days of the opening day open house, and 11 days after marketing launch.
Why was it put up for sale?
The sellers are downsizing into something smaller in the same area. For many of my clients it’s a similar scenario: the kids are grown up and heading off to post-secondary schools, and the parents are left with a large house on a large lot that is worth a ridiculous amount of money. Why wouldn’t one take advantage of this unique time in our market and cash-out some of this equity to give them a nice retirement cushion?