This property in West Vancouver's Bayridge area was listed for $2.99 million, received nine offers and went for $4.1 million.
Photograph by: Royal Lepage Sussex , Special to The Sun
VANCOUVER -- A West Vancouver home is in contract to be sold for $1.1 million over its asking price of $2.98 million.
"We got nine offers with the majority of bids from local buyers, ranging from full price to $4.1 million," said Royal LePage Sussex listing agent Viv Harvey.
The winning bid of $4.1 million came from a mainland Chinese "offshore buyer who has a house here already. He is buying the land to build a house for himself or maybe to resell it. He hasn't decided," said Harvey.
While some observers say agents are sometimes pricing properties at lower numbers to spark multiple offers and a bit of competitive bidding, Harvey said this house "was sharply priced. We weren't overpriced and I was thinking possibly $3.5 million. We didn't really think it would be $4.1."
The 60-year-old, 4-bedroom, 3-bathroom rancher is outside of what have been the hottest areas of the West Vancouver real estate market, including the British Properties, Ambleside and Dundarave.
It is located further west in the Bayridge area at 4130 Burkehill Place and has had the same owners for some 30 years, said Harvey.
She added the property's 14, 375-square-foot lot is attractive for its private location on a quiet cul-de-sac, but mainly for its "completely unobstructed view."
"It really is the view. It's expansive from Stanley Park to Point Grey to the Straits to the Gulf and San Juan islands," said Harvey.
Stu Bell, another Royal LePage Sussex agent with listings in the area, took some clients to see the property. Considering the lot size and views, the asking price could have been in the "high 3s" rather than $3 million.
"There is huge demand for view properties from Chinese and Middle Eastern investors," said Bell. "They are willing to pay a bit more of a premium and look at the long term for trophy properties with larger lots, views, and (that are on) good streets."
"You can't really gauge what people are willing to pay," said RE/MAX Masters Realty agent Shahin Behroyan, who represented the buyer. "The view properties have become quite rare."
He added with more developers and builders also active in the market — buying, renovating or rebuilding homes and then selling them for a premium — other buyers are feeling more motivated than ever to "pay more for the land" and build themselves.