Metro Vancouver residents mock "overpriced" home after price drop
A Metro Vancouver home that has been listed for sale since April has caught the attention of some residents online, and it’s not because they love the aesthetic.
Located at 3530 Hastings Street in Port Coquitlam, the five-bedroom, two-bath home with just over 2,600 sq ft of space was originally listed for $1,798,800.
Subsequently, it saw a $200,000 reduction for a new asking price of $1,598,000. That’s still much more than the latest BC Assessment value of $1,279,600. Greater Vancouver Realtors say the benchmark price for a detached home in Port Coquitlam last month was $1,432,100.
The listing caught the attention of the Facebook group called Metro Vancouver Housing Collapse.
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“Just another overpriced, plain vanilla house,” said the original Facebook poster.
“The asking price for this box qualifies for a Monty Python episode,” one person said in response.
Others speculated that the land value was the reason it was listed for so much, and they’re right. BC Assessment pegs the land value alone at $1,241,000, with the building valued at $38,600.
In 2005, the home sold for just $358,000.
The listing targets developers and investors, advertising the property as a prime location on a corner lot.
Evergreen West Realty
Despite the arguably small size of the house, it sits on a lot of nearly 8,000 sq ft.
Evergreen West Realty
Pictures of the home reveal a cozy and comfortable environment, in a building that looks to be in fairly nice shape for 69 years old.
Evergreen West Realty
The home is in a great location for folks who don’t mind living in Port Coquitlam. The listing states it’s a 20-minute walk to Coquitlam Town Centre and SkyTrain.
Evergreen West Realty
If buyers decide to take a chance on this home as is, all they’d need to add is a stove.
Evergreen West Realty
While the price of this home might seem high to most, it’s still far cheaper than detached homes of the same size in Vancouver. According to Greater Vancouver Realtors, the benchmark price for a home in Greater Vancouver is over $1.8 million.
For a little more context, the monthly mortgage payments for this home would be roughly $7,300 per month based on a 20% down payment, according to Zealty.
Do you think this Metro Vancouver home is overpriced or worthy of ridicule?