Just listed East Vancouver home sees huge loss versus 2023 sale
An East Vancouver home that may have overachieved a bit when it was last sold was recently listed for way under the 2023 sale price.
Located at 2359 Nanaimo Street near Broadway, the home is currently listed for $1,990,000, way below the assessed value of $2,620,000.
In 2023, it sold for $2,732,000, which was way above the assessed value of $1,725,000 at that time.
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According to the listing, the home is being advertised as a prized investment opportunity. In 2024, the owner tried to sell it for $2,780,000, which would have been more than the 2023 sale price. That listing expired earlier this month at a reduced price of $2,378,000.
“A great investment to hold for future land assembly, a good opportunity to own this quality revenue-generating property in a superb central location,” the listing says.
All of the property’s value is in the land, which is assessed at $2,610,000.
In addition to being conveniently close to transit, the home is also near the bustling Commercial Drive, which is packed with shops, restaurants, cafes, and bars.
The listing doesn’t feature any pictures of the interior of the property, but one image taken from the rear of the home suggests the house could use some work.
LeHomes Realty Premier
Despite that, the listing says the 76-year-old East Vancouver home has been fully renovated and has two rental units.
The home features five bedrooms, three bathrooms, and over 2,000 sq ft of living space. Its lot is around 4,500 sq ft. The property has two separate rental areas, which the listing says could be great for income and increase the potential for revenue for the next owner.
According to the latest Greater Vancouver Realtors report, the asking price of $1,990,000 is just below the benchmark price of a detached home in Metro Vancouver, which is $1,997,000.
Get this: In 2004, the home sold for $360,000. Pennies compared to today’s prices.
The current price for this home is on the lower end compared to many Vancouver homes, but do you think it’s still too much for the cost of a house? Let us know your thoughts on the property in the comments.