Proof detached home prices are dropping? Vancouver fixer-upper listed at $1M

Dated: January 23 2019

Views: 59

356

Proof detached home prices are dropping? Vancouver fixer-upper listed at $1M

For years, it's been impossible to find a detached home in the Vancouver for less than $1 million, but it appears that's starting to change.
It's small, old and needs a lot of work, but a home in East Vancouver has dropped below the million-dollar threshold.

    The house at 1578 East 22nd Ave. is priced at $998,000 – despite being assessed in July at a value of $1.26 million. The home's previous assessment was even higher, at $1.32 million.

    But a listing first posted in December is asking significantly less.

    "Builders & renovators bring your vision and plans to breathe new life into this quaint 2 bedroom + den home," the ad reads.

    "House needs a LOT of TLC, but has loads of POTENTIAL."

    Sitting on a 3,300-square-foot lot, the 87-year-old house with a yard is in need of work. The linoleum in the kitchen is peeling, the bathroom boasts a pink sink, tub and toilet, and some of the shingles are coming off at the back.

    "It's definitely not just a lipstick reno, as we call it," realtor Shelly Smee told CTV News.

    Still, relative to similar listings posted within the last few years, it's a bargain.

    The house on 22nd near Knight Street first hit the market last fall at $1.15 million, but the price was recently dropped.

    "In December we saw that the market had shifted and we adjusted the price to where we are now, at $998," Smee said.

    She agrees the million-dollar mark is a bit of a psychological threshold for would-be buyers when they first start looking.

    "Most people, when they search MLS or do a Google search, they will put a price point in," she said.

    Realtor and market analyst Steve Saretsky said dropping the price could be a smart move from the sellers.

    "I think in this market, particularly in detached, you want to be getting out ahead of the market because there's very few sales. In order to be competitive, you have to price aggressively," he explained.

    And he said the house could start a trend, depending on what it ends up selling for.

    Setting the price is often about timing. Smee said if she'd been trying to sell it last summer, she would have listed it at $1.2 million.

    Now that it's under the $1-million mark, it's not just developers expressing interest.

    "It will most likely be a move-up buyer from a condo, or people who've already done a smaller project and are ready to tackle something a little more significant," she said of the home's future buyer.

    Blog author image

    Steven Axford

    Steve Axford grew up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougars Hockey Team alumni as well as a Victoria Shamrocks (intermediate) alumni. During his time....

    Latest Blog Posts

    Choosing Flooring: 6 Things You Need to Know

    When it comes to choosing new flooring for your home or apartment, the options can be overwhelming. Almost every type of flooring has some sort of advantage over other kinds, and taking in all the

    Read More

    Consumer interest in homeownership in Victoria unwavering over course of pandemic

    A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month

    Read More

    Understanding Canada’s Record Home Sales Last Month, And Why It’s Likely To Continue

    Canada’s late Spring real estate market continues, but some of the pent-up demand has caught up. Canadian Real Estate Association (CREA) data show a new all-time record for August

    Read More

    Victoria real estate market experiences an active summer

    A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1 per cent more than the 661 properties sold in August 2019 and exactly the same total as the previous month

    Read More