A Liveable Teardown #1: Second Shaughnessy

4409 Angus Drive

This 4858 sq ft house on a 72×118 ft lot (8536 sq ft) sold in 19 days, on March 17, 2012.  The house was listed at $3,688,000.  The sellers quickly dropped the list price to $3,488,000 and the house sold a few days later for $3,425,000.

This house sits mid-block between Nanton and West 29th Avenue on Angus Drive;  a prime  location for a Vancouver home.  Angus Drive is a prestigious, lovely, tree-lined street.  The property  is one of the smallest on the street, due to a curve in the road, but it is still considerably larger than the standard Vancouver lot.  The house is built over three levels on the sharply sloped  low, west side of the street.  The approach to the house, which is obscured by hedges, is actually flat.  There is a peekaboo view of the mountains from the upper floor bedrooms.   The address, 4409 Angus Drive, unfortunately, has two to many fours but the number could be changed to 4389.

The house was recently updated with a $300,000 renovation, which included an addition across the back of the house that enlarged the kitchen, and added  to the upstairs bedrooms.  The basement was renovated with new flooring, a bathroom, bedroom, and games room.  A room at the back entrance of the basement could be fitted for a kitchen, providing potential for a basement suite and rental income.

On viewing the house one could see that the home renovation was not particularly well planned or executed.  The west facing windows in the master bedroom were placed in an unusual position off to the side,  instead of in the centre of the wall.  The master ensuite was already outdated and had a door that opened directly across from the foot of the bed.  The kitchen reno was quite nice but the new floor was laid directly over the layers of old flooring so that it was raised  about two inches above  the hall and dining room floors. The basement reno was pretty good, with recessed ceiling lights and wood floors, but it could have been better planned to take advantage of the walk-out patio potential.  The wooden deck off the kitchen was cheaply built, with slippery, steep stairs leading down to the back yard.  In this case, purchasing someone else’s costly renovation was not very desirable.  Overall, however, owning this house gives one an address on a well known drive in a tony area of Vancouver.  A properly landscaped front yard could help diminish the fact that the house is on  the less prestigious, low side of the street.

It is possible that this house was actually purchased as a teardown because most of the houses on the block are in the process of being torn down to rebuild larger houses with high, walkout basements. The house across the street, on a somewhat larger, flat lot on the high side of Angus (see Teardown #4:The Craig House) sold for 3.59M, in one day, as a teardown.

Is this a liveable house? Yes, definitely.  It was actually pretty nice.  It would be unecological to tear it down.

Is this house a good deal?  At $3,488,000, the house sold for $128,000 below the 2012 property assessment of  $3,553,000.  Any property that sells for below assessed value in Vancouver is considered a good deal.   The 2011 assessment for this property was only $2,633,000.  Considering that the 2012 assessments are currently unrealistic because the Hot Asian Money is mostly gone from the city, the sale price seems somewhat high both for a livable house and for a building lot in 2nd Shaughnessy.

Why didn’t I buy this house?   This house is on a desirable street in a prestigious neighborhood.  It is liveable, and sold for a fairly good price.  Unfortunately, it is on the low side of the street.

Regrets?  No.

MLS# V933986 House 4858sq ft. Lot 72×118 (8536 sq ft).List $3.688M. Sold $3.425M. March 17, 2012. 2011 Assessment:$2,633,000. 2012 Assessment:$3,553,000.