Vancouver home sells for more than $1M over asking price

A Vancouver real estate agent says even she was shocked when a Point Grey home sold for more than $1 million over its asking price.

The house was listed mid-February for $7,888,000, and sold for $9,000,060 a week later, Bo Park of Sutton West Coast Realty told CBC News Friday.

"I've been doing this for close to 25 years and I've never seen anything like it," Park said.

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"Just before we listed [the house] two agents approached the sellers offering $7.6 million with deposit cheques in hand, so we thought we'd try for $7.8."

Eleven offers were submitted on the property, which had been with the same owner for over 30 years.

"[It was] more like a teardown," Park said.

In the end, the house was purchased by a young couple with two children, who, Park says, had been looking for the perfect Point Grey plot for over a year.

"What's unique about this property is the view is spectacular, you can see from downtown all the way to Horseshoe Bay."

She said as far as she knows, the buyers plan to rent out the house for a year or two while they go through permit applications to build a new one.

Offers over asking the norm

Park said that the situation is equally crazy at the entry level of the market, noting that she was recently the buyer's agent on a one-bedroom condo in Kitsilano.

It was listed for $429,000, received eight offers, and Park's clients signed for $495,000.

"You know you have to go above asking in this market right now," she said. "I absolutely feel bad for buyers.

"Nowadays, all I can say, is it's whatever people are willing to pay."