3550 West 21st Avenue, Vancouver



Asking Price: $949,000

Selling Price: $969,000

Taxes: $5,262 (2009)

Days on Market: 4

Listing Agent: Walter Wells, Sutton Group West Coast Realty


Agent Walter Wells describes this 2,940 square foot 1928 character home as a "diamond in the rough" and "a blank canvas".

While he acknowledges the three-bedroom home "needs a lot of work to bring the 80-year-old beauty back to its original form," he believes the home will be restored rather than removed.

"While a typical older bungalow would simply be torn down and replaced with a new, 2,400 square foot three bedroom house, this character property will likely be completely renovated, retaining many of the classic features that are popular with west side home buyers while offering modern amenities," he says.

The home has original oak floors and leaded glass doors, and in the 1960's, author Margaret Laurence is said to have written The Stone Angel in the neighbouring house.

Despite the home's rundown appearance, Mr Wells says, it attracted numerous buyers and six offers within its first weekend on the market.

"We had 40 groups through at the first showing," he says. The home was sold for $11,000 over the asking price even though this was not the highest offer. "The owner chose to accept an 'all cash' offer instead of one that would be subject to several conditions such as financing and inspection," the agent says.

However, Mr Wells says, this "surge" in the market will dip again. While some prices are as high as they were in the peak market of 2008, "I don't expect it to last," he says.

"I think there is a backlog of buyers who held off purchasing last year, and that, combined with a reduced inventory of listings and interest rates that are as low as they are likely to ever go, has given the market a temporary boost. I'm expecting a busy September and October with the market easing off as the year ends."

>>Special to the Globe and Mail