East Vancouver home selling WAY under assessed value raising eyebrows

East Vancouver home selling WAY under assessed value is raising eyebrows (PHOTOS)

4493 Fleming Street, Vancouver (YVR International Realty)

An East Vancouver home that BC Assessment has pegged the value as $1.7M has been listed for well, well below that value, according to Zealty.

4493 Fleming Street is a newly renovated (2020) home listed by YVR International Realty for $1,000,000, though it’s improbable that’ll be the final price.

It has a whopping six bedrooms, six bathrooms, and a laneway house with a legal basement suite.

The home was built in 1965, and while you might recognize that the house is slightly old based on the exterior, the interior has been completely reworked, and it’s what’s on the inside that counts, right? Although the mural created by a Vancouver-based artist is located on the outside of the home.

Some social media users speculate why the house has been listed so greatly under the assessed value, with some suggesting it could be to start a bidding war.

4493 Fleming in Van was just listed for 1 million. Must be to start a bidding war or it’s a mistake

— DP (@DP12122808) October 11, 2022

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4493 Fleming Street, Vancouver (YVR International Realty)

We’re used to seeing homes sell over the assessed value and maybe slightly under, but this disparity is uncommon.

One of the standouts is the mural painted at the front of the home and on the side of the steps of the front staircase, painted by a local Vancouver artist named Juan Pablo Zamudio Cazares.

4493 Fleming Street, Vancouver (YVR International Realty)

4493 Fleming Street, Vancouver (YVR International Realty)

The listing tantalizes potential buyers with the potential for high rental income and cash flow. The listing suggests that “the art of design was always at the forefront of the project.”

4493 Fleming Street, Vancouver (YVR International Realty)

The home boasts 2,865 sq ft of space and is located in the community of Kensington. The listing states that the home features a contemporary design, with three “completely new” units, which include the main floor, the legal suite, and a “beautiful laneway house.”

4493 Fleming Street, Vancouver (YVR International Realty)

The kitchen also looks brand new, with stainless steel appliances and new cupboards.

4493 Fleming Street, Vancouver (YVR International Realty)

A Vancouver realtor’s thoughts on the low price

Jimmy Ly is a Vancouver realtor who has a popular TikTok page, and he had some rather harsh criticism of the property. However, he really loves hashtags.

@jimmyly_ Terrible listing price for a great property. #realestate #realestatemarketupdate #newlistings #newlistingsvancouver #newlistingsburnaby #newlistingssurrey #newlistingscalgary #newlistingstoronto #newlistingsburnaby #howtobuyrealestatewithnomoneydown #howtoinvestinrealestate #howtobuyarentalproperty #howtofliphouses #westvancouver #vancouver #burnaby #burnabybc #burnabynorth #burnabyrealestate #vancouverrealestate #beautifulhomes #realestateinvesting #realestateagent #luxuryhomes #luxurylife #realestatemarket2022 #realestatecrash #howtobuyahouse #howtobuyahome #propertytour #realestateagent #realtor #becomearealestateagent #realestateagentforbeginners #becomeasuccessfulrealestateagent #howtobecomearealtor #realestateagentlifestyle #howtobeasuccessfulrealtor #howtobeasuccessfulrealestateagent #realtoroftiktok #realestateagentsontiktok #realtorsontiktok #newrealestateagent #newrealtortips #realestateagentontario #realestateagentalberta #realestateagentcalgary #realestateagentvancouver #shouldibecomearealtor #howtobecomearealtor #realestateagenttips #condo #apartment #vancouvercondos #burnabycondos #calgarycondos #torontocondos #realestatetiktok #realestate #realestatevancouver #realestatebeginner #realestatetiktok #realestatevideography #realestatemarketing #realestateagent #realestatemusic #realestateinvesting #greenscreenvideo ♬ Paris – Else

Roger Luo is behind the listing with YVR International Realty, and his agency suggests Ly’s comments were rash. We got a response when we asked the agency if there was a strategy behind listing this home so low.

“Mainly because the owner wanted to sell the place but did not know what price to put on the listing price.”

The agency added that “close to 300 groups” saw the open house property over the last week.

“It still showed Vancouver had a lot of buyers but not enough properties for people.”

One thing to note is that according to the agency, the laneway home was not reflected in the current BC Assessment value.

“So I would say even the assessed value is incorrect, how could we blame the realtors and the public? But assessed value is good indicator but not always reflecting where the sale price should land.”

In terms of allegations of trying to start a bidding war, the agency suggests that isn’t true.

“Seller is only looking for just one qualified buyer and had no intention to turn this sale into a bidding war. The property is still available, so we are happy to assist any buyer who is interested.”