Asking price for Vancouver luxury home first listed at $ 34.8 million now reduced to $ 24.8 million

The owner of an unsold Vancouver mansion looks to be a determined seller.

The vendor of 1126 Wolfe Avenue has again reduced the asking price for the multi-million-dollar custom-built home.

The new tag for the three-storey residence is now $ 24,880,000.

That’s almost $ 10 million off the original selling price more than four years ago, or $ 9,920.00 to be exact.

The seven-bedroom and eight-bath home first came on the market on August 25, 2017.

At the time, the listing price was $ 34.8 million.

This Vancouver real estate offering expired on March 2, 2018 with an unchanged price.

The 1126 Wolfe Avenue property returned to the market on September 2, 2021 with a new and reduced price of $ 28 million.

Despite the massive $ 6.8 million reduction from the original $ 34.8 million price, no sale was made.

It seems that the offer needs to be more attractive.

On January 24, 2022, the $ 28 million price was reduced by 11.1 percent for a modest $ 3,120,000 discount.

Is $ 24,880,000 a good price?

It depends on how one looks at it.

Per BC Assessment, the home was built in 2014.

This piece of Vancouver real estate has a 2022 assessment of $ 16,143,000.

This means that the new selling price of $ 24,880,000 is more than 54 percent over the property’s current assessment.

The old home at 2116 Wolfe Avenue was last sold in 2013 for $ 4,528,000.

The current listing states that the “exceptionally newly completed grand-scale luxury estate residence is situated on a prized .53 acre view property”.

It is “located in the confines of Vancouver’s ultra-exclusive and most prestigious First Shaughnessy enclave boasting spectacular views of the city’s downtown skyline and North Shore Mountains”.

“The architectural elegance and grandeur with its bold white brick exterior and beautiful landscape create an impressive majestic presence and features over eleven thousand three hundred square feet of formal and informal living on three expansive levels,” the listing also notes.

Moreover, “Exquisite design, master craftsmanship and opulent finishes blend seamlessly to create an international masterpiece while embracing the security and convenience of today’s most up-to-date technology.”

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