A detached house in Vancouver that was sold for $2,350,000 in 2020 is being turned into a duplex, and each half has already sold for a combined value of $5,946,000.
To put that fully into perspective, the two halves of the duplex were sold for $3,596,000 more than the original house was sold for.
Located at 3781 West 27th Avenue in Vancouver, the original house was built in 1927, while the new property taking its place is still under development.
According to the latest report from BC Assessment, the land at 3781 27th Avenue has an assessed value of $2,837,000 with the building assessed at $66,500, meaning the duplex sold for $3,042,500 over the most recent assessment.
- You might also like:
- Bubble burst risk: Canadian home prices predicted to fall by 24%
- 337 new affordable homes in Vancouver to be ready by fall of 2024
- Peek inside this new North Vancouver condo development just 18 minutes from downtown
- Vancouver's short-term rental supply shrunk by 50% to 2,300 units
The full duplex includes four bedrooms and five bathrooms in a beautiful Vancouver neighbourhood. The property, which is expected to be completed by the end of the year, will feature 2,428 sq ft of total livable space. The listing via BC Condos and Homes calls the location one of the most sought-after communities in the city.
It’s located in the thriving Dunbar neighbourhood, close to schools, transit, restaurants and more.
One half was sold back in November of last year for $2,898,000. The other half will be sold this month for $3,048,000.
While the photos in this post are merely renderings, they do reveal a level of class and sophistication you’d expect for $3 million apiece. It’s not a ringing endorsement of affordability in the city.
The original house had five bedrooms and a slightly larger livable area, at 2,578 sq ft compared to 2,428 in the duplex.
The original house was also getting quite old, as it would’ve been 100 years old in 2027.
While it might not be ideal when it comes to housing affordability in the city, it does highlight the opportunity that exists for investors in the crazy Vancouver real estate market that doesn’t show any signs of slowing.