Vancouver Special sells $430,000 below initial asking price

1748 E. 55th Ave., Vancouver

Asking price: $1,990,000 (Nov. 9, 2022)

Previous asking price: $2.28-millions

selling price: $1,850,000 (Jan. 12, 2023)

Days on market: 52

Taxes: $6,919.43 (2022)

listing agents: Bryan Yan, Regent Park Realty

What they got

The four-bedroom, four-bathroom house in the Fraser Street neighborhood is a late-1980s era Vancouver Special, with dated beige carpet, flesh-tone walls and kitchen with fluorescent lighting – called a “sunshine ceiling” back in the day.

But it’s big, at 3,339 square feet of living space, sits across from a high school and is close to other schools, as well as public transit.

The house has three levels, with a fireplace, laundry room and a large 43- by 127-foot lot.

The action

Snowy weather was a setback for showings. Listing agent Bryan Yan started off at $2.28-million but didn’t get any offers. He dropped the asking price below $2-million and that triggered interest. He received two offers and the sellers accepted the offer that was subject-free.

Last year, Mr. Yan forecasted a price drop of 10 per cent or more this year, and that’s what happened with this house, he says. About a year ago it would have sold for at least 10-per-cent more. The house is assessed at $2,095,000.

The agent’s take

The listing was an estate sale.

“It’s a really old, outdated house that needs to be updated,” Mr. Yan says. “But it’s in a good location on a 43-foot lot. And there aren’t many sales around Fraser right now.”

The sale was completed on March 13.