Mount Pleasant Home Commands Premium Price After Competitive Bidding
A recently renovated five-bedroom, three-bathroom detached house in Vancouver's sought-after Mount Pleasant neighborhood has sold for a significant premium over its asking price, demonstrating the ongoing competitiveness in Metro Vancouver's residential real estate market.
Property Details and Sale Results
The property located at 614 East 14th Avenue was listed at $1,720,000 and ultimately sold for $1,850,000 on October 24th after just seven days on the market. This represents a final sale price of $130,000 above the asking price, driven by substantial buyer interest.
According to listing agent Adam Pospischil of Engel & Volkers Vancouver, the home attracted ten separate offers during the brief listing period. The successful transaction was facilitated by buyer's agent Michele Collins of Royal LePage Sussex.
What Drove the Premium Price?
Pospischil attributes the competitive bidding to several key factors:
- Recent comprehensive renovations throughout the 1910-built character home
- Family-friendly location near Robson Park in the desirable Mount Pleasant community
- Smaller lot size of 2,583 square feet that positioned the property at an attractive price point
- Dual appeal to both single-family home buyers and potential duplex developers
Property Features and Interior Details
The three-storey home boasts numerous upgrades and thoughtful design elements:
- New hardwood floors throughout the main living areas
- Upgraded windows and modern open-plan kitchen design
- Skylit dining area that enhances natural light
- Energy-efficient systems including a tankless water heater and heat pump for heating and cooling
- Newly-installed split-level entertainment-sized rear patio bordered by stone retaining walls
The bedroom configuration includes three bedrooms distributed between the main and top floors, plus a separate two-bedroom suite in the basement, offering flexible living arrangements.
Market Context and Assessment Value
The British Columbia Assessment Authority valued the property at $1,559,000, significantly below both the listing and final sale prices. This discrepancy highlights how recent renovations and market dynamics can substantially increase a property's market value beyond its assessed value.
Additional Metro Vancouver Sale
In a contrasting market segment, a two-bedroom, two-bathroom apartment in Port Moody's Sahalee development sold for slightly under its asking price. Unit 801 at 651 Nootka Way was listed at $739,900 and sold for $730,000 after 58 days on the market.
The 891-square-foot corner unit in the 28-floor tower offers scenic vistas from every room and access to numerous amenities including a tennis court, outdoor swimming pool, exercise facilities, and common areas. The condominium achieved approximately $2,650 per month in rental income, making it attractive to investor buyers.
These contrasting sales—one achieving a substantial premium in a competitive bidding situation, the other selling slightly below asking after a longer market time—illustrate the varied dynamics across different segments of Metro Vancouver's real estate market.
