WEDNESDAY June
10 2015
HOME 13
Water restrictions TASTE 23
El Matador SPORTS 29
Axeman wins with Hart $1.25
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$4M ‘teardown’ fuels housing debate Red-hot real estate market spurs calls for speculation tax JANE SEYD jseyd@nsnews.com
A $4-million “teardown” that sold for $1 million over asking price in West Vancouver this week is renewing debate about money flooding into the
top tiers of the Lower Mainland’s real estate market and its ripple effect on affordability. Debate about issues like foreign buyers and real estate flipping is in the forefront after a home listed for $2.98 million in the Bayridge area
of West Vancouver prompted a bidding war and eventually sold for $4.1 million to a buyer from mainland China. The 60-year-old, fourbedroom home with a swimming pool at 4130 Burkehill Place had never been listed before, said Viv Harvey of Royal LePage Sussex, who represented the sellers in the deal. “It’s a lovely little rancher,” she said. But that
wasn’t what most of the real estate agents and prospective buyers who attended an open house last week were interested in. “When you’re looking out from the lot, all you see is water,” she said. “There are no homes, there are no wires.” “It’s basically a teardown,” she said. “The value is in the lot.” Harvey said at $2.98
million, the property was “sharply priced.” “It probably was under the value,” she said. “That is the best way to make sure you get full exposure.” Harvey said she expected the property to perhaps fetch as high as $3.5 million, but having it reach $4.1 million was a surprise. Nine offers were made on the property — the lowest among them for the full
asking price. Harvey said having the house sell for $1.1 million over asking price is a first for her. The buyer, from mainland China, already owns a home in the Lower Mainland, and plans to tear the existing home down and rebuild on the lot, said Harvey. He hasn’t decided See Profits page 9
Lynn Canyon rescue
Fire crews pull injured cliff jumper from water MARIA SPITALE-LEISK mspitale-leisk@nsnews.com
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A cliff jumping accident in Lynn Canyon Park Monday evening sent a 20-year-old woman to hospital with spinal injuries and has local first responders once again highlighting the dangers of this perennial summer pastime. The young woman was with friends when she jumped from a ledge nine metres above Lynn Creek, where water levels are considerably lower than normal for this time of year, according to District of North Vancouver Fire and Rescue Services assistant chief Mike Cairns. Around 5 p.m., fire and rescue crews arrived on scene, below Twin Falls Bridge — a popular swimming hole half a kilometre south of the Lynn Canyon Suspension Bridge — and found an injured woman stranded on a rock in the middle of Lynn Creek. “She had some assistance from her friends who were with her,” said Cairns. “She tried to stand up and was unable to, so they laid her back down on the rock.”
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