The over-bidding trend continues in Vancouver.
The apparent high demand, low inventory of homes is driving the real estate market in Vancouver to be selling well above asking it seems.
Another Vancouver house just sold, this time for $612,000 above the asking price. That surplus is enough to purchase a small condo with a view.
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A Look Inside The Vancouver House Sold Above Asking
The 2-story home at 7315 Rupert Street, in Vancouver, was listed for $1,688,000 as of February 23. After just 7 days of being on the market there were already 21 bids. It ended up selling on March 2 for a whopping $2,300,000.
That is $612,000 above its original asking price and the home itself has been assessed to be valued at $1,664,200.
It’s All About Location
The home is located in an area of Vancouver known as “Fraserview”, which experts believe is trending upwards. In fact, Real Estate Board of Greater Vancouver has reported that 136 detached homes in this area has sold in February 2021 alone.
The number went up from 110 sales in January 2021.
Although this area is growing in popularity, the price of this sale was not expected by realtors. Apparently many offers had come in from potential buyers without even seeing the interior of the home.
In this case the property may be redeveloped, as the home was built in 1965, and there was interest from home builders and property developers.
Regardless, one things stands true, there are people that are looking to purchase no matter the ticket price.
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For more interesting homes in Metro Vancouver, head to our Real Estate section.