The signs of crazy real estate market are starting to pop up in Vancouver, some may argue they have been for more than 8 years now. However, this takes crazy to a whole new level, as an East Vancouver basement suite near Kingsway & Knight (not exactly a quiet intersection) has sold for approximately $590,000. Four years ago one could purchase the entire house for that much. Now we all know that Vancouver is an expensive market and the demand outstrips supply, however, this is pure insanity.
On the flip side, one might say they paid market rates as the purchase averages out to approximately $500/sq ft.
Here’s a blurb from VREAA
“You can’t make this sh*t up. I posted a week ago about the insanity of the East Vancouver market giving the example of a builder who converted a 33×120 lot into a house with a strata titled main floor and basement, as well as a lane house. Main house – V930752 – 1.2 mil Basement suite – V930763 – $590K for 1,175 sq ft Laneway home – (still completing) – +$900K So, some guy thinks that a fully developed lot near one of the noisiest intersections in Vancouver proper (Kingsway & Knight) should be fetching him 2.7 million dollars. Another funny piece of info was that the stereo was pumping in the basement to drown out the sound of walking from the upstairs unit. Quality is job one. Well, the basement of the main house has sold: MLS # V930763 1262
East 19th Avenue 2 BR ‘Garden’ Suite; Strata 1175sqft SOLD;
Ask price $590K” [sales price yet to be verified]
– mflat at vancouvercondo.info 13 & 24 Feb 2012 10:02am
The finishings look top notch. However, I still can’t phathom paying that much for a basement suite. I guess people will do anything to get a Vancouver address. Not sure if I see this trend catching on though.
Photos of the suite can be viewed here.