Is it happy hour on luxury real estate?
You'd think this beauty of a house would be snatched up like a cold glass of beer on a hot summer's day. But the stunning First Shaughnessy home of brewery-gastropub chain Tap & Barrel's founder did not sell last fall, and has just been relisted at a $1.2 million discount.
The eco-friendly home belonging to Daniel Frankel was listed September 2018 for $12,980,000, but the house was recently taken off the market. It was quickly relisted, on February 20, at the lower price of $11,775,000.
Many of the luxury homes in this chi-chi Vancouver neighbourhood are architectually extravagant mansions with opulent detailing – making this striking Modernist house as refreshing as its owner's beverages.
Built between 2006 and 2008, the five-bed-plus-den, six-bathroom home has 5,766 square feet of living space on three levels, with a large, open-concept main floor. The clean lines of the design are complemented by Modernist touches such as the interior rock walls in the dining room and foyer, and wood cladding on part of the exterior. The home also has a number of impressive sustainability features, including a green roof.
Outside, the 18,000-square-foot sloping lot has been beautifully landscaped, and the terraces offer fabulous city and mountain views.
Wolfe Avenue is one of First Shaughnessy’s most desirable streets, and the builders of this home and subsequent owners saw the lot’s value skyrocket. Records show that the same lot with the previous teardown bungalow sold in 2003 for just $815,000. Following the completion of the new house, it sold in 2009 for $4.5 million, and then again in 2013 for $6,828,880.
However, the new list price is probably not an unrealistic figure, as the latest BC Assessment valued the property in July 2018 at $9,587,000. That's nearly $800K lower than the 2017 assessment of $10,309,000. Annual property taxes on the home for 2018 were $27,396.28.
Check out more photos of this super-cool house, below.