Last week we featured a wild bidding war for a tear-down across from Douglas Park on West 20th and Laurel. We asked whether it was just an anomaly.
Well, if an anomaly is just one occurrence, it no longer qualifies.
A house directly across the street sold this week, and another bidding war erupted, resulting in a ridiculous flip profit for the seller.
Details and pictures of the most recent home to cash in on Douglas Park fever, all below…
The owners of 905 West 20th were probably still unpacking boxes at the home they bought in October for close to $1.05 million, when they saw their neighbour directly across the street cash in.
So they did the logical thing and listed the property (even with the same realtor that sold the neighbouring home).
The home is a 1920 vintage six bedroom, with three bathrooms in its 2,643 square feet of living space. Unlike the property across the street, it’s on a regular 33×122 foot lot.
And it shows its age with dated fixtures and a not-so-stunning exterior:
The interior pictures show an older floor plan with relatively small living area rooms:
The kitchen is heavy on linoleum and bland cabinetry:
And the bedrooms aren’t exactly inspiring sanctuaries:
Props for the old-school Z-95.3 sticker though.
Realistically, this is likely another tear-down or full renovation. So the sellers were probably willing to give a flip a chance when they saw their neighbour’s success.
Asking Price: $1,088,000 or $411 per square foot.
We hear (and Global TV confirmed last night) that it sold for $1,350,000 or $510 per square foot, after just 5 days on the market.
That’s $262,000 or 24% over asking price.
Oh yeah, and it’s more than $300,000 in profit (before fees and expenses) for the sellers.
So, for real – is there treasure of some kind buried under Douglas Park? Oil deposits under West 20th Avenue?
Or is this going to spread to other neighbourhoods?
photo credits:
Laurie MacDonell of Re/Max Select Properties via MLS.
Perhaps this is an attempt at land assembly? That block would make a perfect eco-density development.
Croque
Not likely, at those prices. They would have to cram a whole lot of units in there to make it pay, and there is also a street between them. Plus the zoning does not support anything more than reconstruction on those parcels. At least the first one had the possibility of a starter-castle laneway house with a park view. This second one does not.
Great idea though, the neighbourhood is well suited to higher density, of the eco flavour no less.
That’s not linoleum in the kitchen, which is a natural product. That’s vinyl tile. x
@Su T – well spotted, thanks.
Anyone know the realtor who sold both properties? Sure would like to use him.
Nick Calogarous I believe that’s his name…get him to treat you to Joe fortes for dinner if you list with him since he is earning a ton now!@!
I wish my condo for sale at Douglas Park would sell for over the asking. Been on the market for 1 week now and I’m just waiting for the multiple offers to pour in…..well…still waiting….and waiting…guess the condos at Douglas Park don’t interest buyers as much as the houses even though it’s like 1 million less than a house….sigh~~
It’s no secret: that is the best neighbourhood in Vancouver, bar none. That is why the bidding war erupted.
Still waiting for the bidding war to begin on my condo….waiting…waiting..come forth thy rich asians!