Local homebuyers drive up selling prices on east side, realtors say

A corner lot with a teardown neighbourhood store at 401 East 21st has sold for more than $1.5 million — $250,000 over the asking price — following a bidding war involving 10 Vancouver residents, real estate agent Clair Rockel says.

“We had 20 people in the city who would have paid asking price and 10 who wrote offers and were willing to pay more,” said Rockel, of Macdonald Realty Ltd.

She said no overseas buyers were involved in final offers.

“We are seeing more of this. Some people are cashing out of their homes on the west side of Vancouver and moving into the Cambie-Main-Fraser area because it is a great place to live and there’s no compromises in moving there.

“There are great schools, shops, amenities here and it’s close to downtown. It’s the new epicentre of the city and we see people from Kits or Yaletown bidding to buy here,” said Rockel, who specializes in selling homes in this part of Vancouver.

The property on East 21st, which measures 44.5 feet by 122 feet, was bought 15 years ago for $251,500. The corner store was built in the 1920s.

Rockel said the buyers plan to build a family home.

Meanwhile, realtors are still agog over the 31 offers that were received for a home at 3 East 60th Ave., which was listed at $899,000 when it went on the market 10 days ago.

“It was for sale on the Tuesday and by the Friday we took offers,” said Sebastien Albrecht, a realtor with Royal Lepage. “I’ve seen multiple offers on properties — the most being 10 or 12 — I don’t think any of us have seen 31 before. It’s the talk of the town among realtors.”

He said he couldn’t disclose the selling price because the property was in probate, which would have to be cleared before the sale could be finalized.