REAL ESTATE

REAL ESTATE Was West End condo coup a superstitious deal?

by Carlito Pablo

Judging from what it offers, this Vancouver condo suite should sell for top dollar.

The more than 3,000-squarefoot apartment occupies an entire floor at the Presidio, a West End tower designed by famed architect Richard Henriquez.

The 1388–2088 Barclay Street property enjoys 360-degree views of the city and beyond.

There’s a view from all of the three bedrooms (with ensuite), and the building is close to Stanley Park as well as other amenities like shopping.

On April 1 this year, the property sold for $3.5 million. That’s a lot of money, but there seems to be something odd.

For one, the sold price of $3.5 million was much less than its last purchase price. As per B.C. Assessment, the condo was previously bought on September 23, 2021, for $4,380,000.

Second, the listing price was also below the current valuation of the property.

Again using B.C. Assessment data, the West End condo has a 2022 assessment of $5,442,000.

Yet when it was listed this year, the seller asked for $4,595,000, which is less than the assessment. The asking price was later reduced to $4,288,000. Then the property was let go for an even lower amount: $3.5 million.

The Straight did not receive a reply when it sought comment from the listing agent.

Now, you may or may not be superstitious, but this condo is associated with the number 13: the property occupies the entire 13th floor of the Presidio.

There aren’t a lot of buildings in much of the western world with a 13th storey, because this number is superstitiously linked with bad luck. The extreme fear of this odd number is called triskaidekaphobia.

However, it’s the opposite in other parts of the world.

For example, the number 13 in China is associated with continued or assured growth, and so it is a lucky number.

To cite another example, a 2021 article published by the Times of India stated that the number 13 is “actually a very lucky number”.

“In fact,” the paper reported, “in India, the 13th day of the lunar fortnight is known to be highly auspicious and is called Triyodashi. It belongs to Lord Shiva and is said to bestow long life, peace and good fortune. A person who fasts on the 13th day becomes liberated from all their past and present sins.”

Fear of the number 13 is said to have biblical origins. In particular, Judas was counted as the 13th guest at the Last Supper, and he was the one who betrayed Jesus Christ.

With 1388–2088 Barclay Street, though, one could say the new owner is a lucky person, given the bargain they recently got. g

This condo in the West End’s Presidio tower occupies its entire 13th floor, which may have a lot to do with the fact that it recently sold for almost $2 million less than its 2022 assessment.

There aren’t a lot of buildings in much of the western world with a 13th storey…

HOUSING Small East Van cottage sells for over $1.5 million

by Carlito Pablo

The cottage is tucked in at the back of its own lot in East Vancouver, like a laneway house.

But there’s no bigger house in front of it. The small (only 444 square feet) home at 1280 East 33rd Avenue contains a bedroom, a living room that also functions as a dining area, kitchen, and a bath.

It was built in 1944, and there’s a chance it will be replaced with a new development. This is because the cottage was sold recently for $1,550,000.

The listing for the property noted that the site presents a “great opportunity to build a duplex in a fabulous location”.

The selling price equals $3,491 per square foot of the existing tiny home.

An interesting thing about this sale is that 1280 East 33rd Avenue made more money than the property immediately to the west did when it sold last year. On May 11, 2021, 1260 East 33rd Avenue sold for $1,325,000.

The house at this neighbouring site is 1,630 square feet, which means it’s about three to four times bigger than its diminutive neighbour. Both homes sit on 33-foot lots.

The Straight asked longtime Vancouver realtor David Hutchinson what he thinks regarding the two properties.

“Although one house is larger than the other, detached-house sales are mostly based on land value,” Hutchinson said.

He noted that assessed values of both properties are about the same. The property at 1280 East 33rd Avenue has a 2022 assessment of $1,420,900. That’s $1,412,000 for the 33x118.5 lot, and $8,900 for the structure.

The property at 1260 East 33rd has a 2022 assessment of $1,469,000. This is broken into $1,409,000 for the 33x117.7 lot, and $60,000 for the rancher with basement.

“What a difference a year makes: the smaller house sold at a higher price because the market had gone up quite a bit,” Hutchinson said. This property with the larger home sold in 2021 for $1,325,000.

The Sutton Group–West Coast Realty agent also noted that 1280 East 33rd Avenue is the smallest detached house he’s ever run across in Vancouver.

“I don’t know the complete history of the 78-year-old home, and whether it was always that way or the structure at the front of the property was removed at some time,” Hutchinson said. “But in any case, it’s absolutely amazing that a detached house like this even exists in the city.”

Another interesting thing is that 1280 East 33rd Avenue sold on the same day, March 29, 2022, as the property on its east side, 1294 East 33rd Avenue.

That property—which has a 33x118 lot and a 2,443-square-foot house with three bedrooms and two baths—sold for $1,750,000. Its 2022 assessment is $1,454,100, which is comparable to the others.

Based on tracking by real-estate site Zealty.ca, the sellers of the three properties have the same listing agency, Stilhavn Real Estate Services. A day after the Straight reported about the cottage sale, listing agent Laurie Gillis got in touch and shared the story behind 1280 East 33rd Avenue and the two neighbouring properties.

Gillis related that a family lived in the cottage in 1944 and started a garden. “I was told it was a potato field,” Gillis said.

After the birth of a son, the owner built a bigger house on the property’s west side, which eventually became 1260 East 33rd Avenue. Years later, the family built another house on the east side, and this is now 1294 East 33rd Avenue.

“It was a whole family compound, which was kind of neat,” Gillis said.

The son lived at 1260 East 33rd Avenue until his death. The family matriarch stayed at 1294 East 33rd Avenue, and she passed away last year.

Meanwhile, a family friend resided at the cottage at 1280 East 33rd Avenue.

Gillis said that properties were left behind to friends.

The property agent also said that one family bought both 1280 East 33rd Avenue and 1294 East 33rd Avenue on March 29, 2022, where it may build something bigger.

This means that part of the original compound may become a multigenerational residence again. g

A 444-square-foot East Side home became a veritable gold mine this year for the owner.

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