Another Chilliwack rancher sells way over assessed for $1.7M (PHOTOS)
Another rancher in Chilliwack has sold for well over the assessed value.
We’ve written a few stories over the past month or two about hot home sales in Chilliwack, particularly when it comes to ranchers, and it looks like they’re still a hot commodity.
Enter 46010 Stevenson Road, a three-bedroom, two-bathroom rancher with a basement which was sold a couple of weeks ago according to Zealty.
- You might also like:
- Quaint Chilliwack home sells $826K above 2019 sale price for $1.3 million (PHOTOS)
- The five cheapest Vancouver homes starting at $315,000 (PHOTOS)
- Waiting game: Over half of Canadian millennials put plans to buy a home on hold
- "Not livable": Smoke damaged Vancouver home relisted for $2,300,000 (PHOTOS)
- Opinion: Federal government's new plan to tackle housing has little substance
While it only sold for $1,000 over the asking price, the most recent assessment, according to BC Assessment, was pegged at $962,000, or $738,000 less than the final sale price. What’s different about this home, in particular, is that the assessment actually considers the buildings to be quite valuable ($248,000), which equals about a quarter of the total value.
Like many homes that are sold for over the assessed value, land value and potential development opportunities are what make properties like this so attractive to investors and developers.
This home features a similar design to the other ranchers we’ve covered. The listing — which starts with a disclaimer that reads “INVESTOR, BUILDER ALERT!” — suggests there’s an opportunity for a four-lot subdivision pending approval from the City of Chilliwack.
The Chilliwack rancher has a very vintage feel, and while there are a few upgrades in some of the rooms, it’s hard not to adore the more retro vibes.
The listing accurately describes the kitchen as spacious, and it features a lovely vintage dishwasher that fits into the woody aesthetic.
The washrooms seem to be one of the areas that have seen some recent work.
The basement, while unfinished, would make for a perfect entertainment area.
As mentioned earlier, the land is where the value really comes into play for investors and developers, and this property has a lot of it.
While it remains to be seen what becomes of this Chilliwack property, the city itself could look very different over the next several years with all the money being invested in property, particularly for the sake of future development.