If there’s one thing I’ve learned from the many hours I’ve wasted watching real estate shows on TV, it’s that overpricing a home doesn’t really get you anywhere.
It might satisfy the seller, who has unrealistic dreams for their property, but it’ll likely just sit on the market.
I might be wrong, but I feel that the most expensive house for sale right now in Burnaby is ridiculously overpriced and a product of the recent insane local real estate market.
It’s for sale on Buckingham Avenue in ritzy Buckingham Heights near Deer Lake for an eye-popping $5.78 million, according to RoomVu.
Yes, you heard that right.
For that price, you might expect it to be on some huge plot of land and be 10,000 square feet inside, but no, it’s not even close.
Instead, it’s a perfectly fine house that’s 5,980 square feet that’s a five-minute walk from Deer Lake. It has six bedrooms and eight bathrooms, which is great – you can never have enough bathrooms.
As I said, it’s nice house, but that price is ludicrous.
For less money – about $780,000 less, - you could get a house that’s only slightly smaller at 5687 Holland St. in Vancouver. (See photo above.)
Just check out the listing at Real Estate Weekly and you’ll find a really nice house for less money in the lovely Dunbar neighbourhood.
It’s wild that during this crazy real estate market people think they can price nice homes in Burnaby for more than people can get on the west side of Vancouver – perhaps the most desirable area in all of Canada.
That takes some major cajones.
The second most expensive house for sale right now in Burnaby is selling for “just” $3.99 million on Haszard Street (see photo above) and it’s got two more bedrooms.
Like I just don’t get it.
I mean I get that real estate is still pretty red hot in Burnaby, with some staggering numbers in May compared to May 2020.
The Real Estate Board of Greater Vancouver (REBGV) reports that in Burnaby, there were 521 homes sold between apartments, townhouses and single-detached houses.
That’s down from 655 in April, but up a lot from May 2020’s 160 homes sold. Prices also skyrocketed, with a single-detached house going for an average of $1.8 million compared to $1.4 million in May 2020.
Something is seriously wrong if people are pricing homes higher than they can get on Vancouver’s west side.
Follow Chris Campbell on Twitter @shinebox44.