Is this the only Point Grey Road house that’s getting less expensive?

When Chip Wilson, living in BC’s highest-valued property, is your near neighbour, it’s hard to imagine your home getting less expensive year over year. But for one home listing on the “Golden Mile,” this seems to be the case.

The priciest “new” Vancouver listing of last week (January 15-21) is this desirable oceanfront home on Point Grey Road, asking $19.8 million.

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Only this is not strictly speaking a new listing, as the 5,200-square-foot home has been on the market for most of the past two years – and getting less and less expensive.

The Courier spotted that this is the third time in the past couple of years that this same home has appeared on REW.ca under different listing IDs. The house was listed in early 2017 until the listing expired this January – $4 million more than the new price, at $23.8 million.

Not only that, a previous agent had the home listed for several months from summer 2016, initially asking a price of a whopping $28 million, which was later reduced to $24.8 million.

The house is in a prime position, directly on the left side of the charming Point Grey Park, and situated on a 50-foot-wide lot right on the water at English Bay close to Kits Beach. It has a spectacular 600-square-foot roof deck with 360-degree views of the ocean, mountains and city. Inside, the 1995-custom-built home would not be to everybody’s décor tastes, but has large living spaces with huge windows and several unique features such as a grand rotunda lobby with skylight. There are three full bedrooms, two dens that could also be bedrooms, five bathrooms and a recreation room with wet bar.

Point Grey Road home rotunda stairwell skylight
This 1995-built home in Kitsilano has unique features such as this rotunda lobby. Image via REW.ca; listing agent: Manyee Li

The property was appraised in July 2017 by BC Assessments at $18,434,000, slightly up from the previous year’s $18,035,000.

It’s easy to see why this desirable property has seen challenges – its initial high-priced listing began just before the foreign buyer tax was brought in, after which detached houses saw a considerable sales slowdown. Although the market has recovered overall, many high-end detached homes on the West Side of Vancouver have continued to see sluggish activity.

Perhaps this home’s new listing price will yield a better result this time around.

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