3887 West 16th Ave, Vancouver
Built 1930
2006 assessment $738,600
For sale 2006 [MLS: V593865]
2182 sqft; 33x122ft lot
Ask price $849,000
Sold for $835,000 29 Jun 2006
Renovated
For Sale July Aug 2008 [MLS: V716533], ask price$1,769,000
Price Change Oct Nov 2008 [MLS: V736664], ask price $1,498,00
Sold or taken off-market? [Anybody know? -ed.]
Now: [MLS: V852381]
‘Built’ [= rebuilt] in 2008
2886 sqft; 33x122ft lot
“Completely rebuilt character home in prime Point Grey location. Almost 2,900 SF of elegant family living featuring Brazilian cherry floors, gorgeous maple kitchen with stainless steel appliances and silestone counters.”
Current ask $1,588,000
Tiny Lot, and you can read what your neighbor is having for Breakfast. Thse lots were for 1200 sq Ft’er back in the day. I should my Property on West 14th for a staggering amount and had just put in Cherry floors. The day after the people from America moved in, they ripped out out nearly 40 grand worth of new renos. They are now trying to sell the place and have no bids at the stupid price they have. Trouble is – their home in Mill Valley has been foreclosed and they lost their ‘ski retreat’ at Squamish. These wanna be-s bought in Squamish and couldn’t even ski – they were all enthusiastic about flipping. Now they are in a vice. They are now realizing that we don’t have “jingle” mail here. You PAY, and you PAY. Short sales> In Canada? Coming fast.
I can fill in a few more details.
Listed May 15’08 at $1.998million
June 5’08- price dropped to $1.849m
June 13’08 -price dropped to $1.769m
Sept 29’08-dropped again to $1.498m
listing terminated Feb 10’09.
relisted Sept 27’10 at $1.588m
no “sold” transactions registered since the renovation.
Thanks, tincup.
UPDATE:
17 Dec 2010 – Price change to $1.549m
I wouldn’t say this is an incomplete story (unless it never sells). Sellers couldn’t give their homes away in fall ’08. The neighborhood is fine, the location is crappy. To describe it as a “prime Pt Grey location” is as much of a stretch as saying the corner of Burrard + Davie is in the heart of Yaletown.
Someone will buy it now and maybe there will even be multiple offers. Consider it another successful and profitable flip (albeit a lot more drawn out and costly than originally planned).
3 brokers and no sale stigmatizes the property.
From the pictures and as claimed by the descriptions my guess is they dropped 375 K or maybe more into it. In this market at that location if they get 1.25 – 1.3 those buyers didn’t have their sunglasses on.
Just what percentage of people are lured in by “Brazilian cherry floors, gorgeous maple kitchen with stainless steel appliances and silestone counters” and are not extremely worried by “Built 1930″. I still have nightmares about the Froogle Scott Chronicles.
http://vreaa.wordpress.com/4557-2/orphan-pages/the-froogle-scott-chronicles-mortgaging-our-souls-in-paradise/