Looking back one can always find financial lessons.
Case in point is 3929 West 31st Street, a Vancouver home located in the Dunbar neighbourhood.
Described as a “Well maint character hme w/original finishing & decor. Inlaid H/W flr & leaded w indows. Full length LR, 3 bdrms, good size & bath up. Same owner for over 35 yrs . Close to parks, community ctr & schls, shpg & bus. Meas app/verify.”
In 2000 this home measured up at 2,496 square feet.
The asking price of this Vancouver home in August 2000 was $539,000. It sold for $548,000 after being on the market for 2 days.
In a little over 3 months after some renovations this home is now described as being “WEST OF DUNBAR! Fully renov character home 2 blks to park. Leaded glass, inlaid H/W flrs, wainscotting, coved ceil, x-hall LR & DR. New everything – granite cou ntertops, shaker maple cabs, black appls, halogens, Kohler, alabaster. Gorgeous.”
It now boast 2,538 square feet of living space.
The asking price is now $699,000. It sold in three days for $695,000.
Six Years Later
It’s now September 2006, six years since this same Dunbar home last sold and is now on “One of the nicest streets in Dunbar. This four bedroom home has been totally upgraded four years ago. New kitchen, new bathrooms. Lot size is 50×130. This is hot!”
Actually it was upgraded six years ago according the the history books but, who is going to quibble over two years.
In that time the home’s measurements seem to have grown again as it now sizes up at 2,575 square feet.
The asking price has also grown. These seller’s are asking $1,289,000. Happily, it only took 7 days to sell at $1,275,000.
Four Years and Counting
Four years have passed – it’s now October 2010.
This Vancouver home is once again for sale. This time the home is a “Beautifully renovated Dunbar family home on a 50 x 130 foot lot. This 3,437 square foot home was basically completely re-built in 2008 including a new 2nd floor which has 3 spacious bedrooms and 2 full bathrooms. The main floor features a lovely gourmet kitchen with an attached family room. Both the family room and living room open onto a spacious 14 x 11 deck and nicely landscaped back yard. Lower level is ideal for a kids hangout or for in-laws with a spacious recreation room and guest bedroom. Fantastic West of Dunbar location within walking distance to St. Georges, Queen Elizabeth and Lord Byng.”
Like Jack and his Beanstock the home continues to grow. It now measures 3,437 square feet.
Justifiably, at least in the eyes of the marketplace the price reflects the new size as these sellers are asking $2,495,000. As fast paced markets go these sellers were not as lucky. Now, in what a great number of people consider to be a slow market, it took 28 days to sell. The price – $2,468,000.
It only took ten years for this Vancouver home to see it’s value increased by a factor of four. What must be on the minds of many buyers is will and can this continue?
There is one certainty on which we can lay our bets – it will be history in the making.
**Quotes: Unedited segments from MLS® Listing Description