97-year-old Vancouver home sold for more than you'd expect

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A 97-year-old Vancouver home recently sold under the assessed value has some peculiar rooms.

Despite selling under the most recent assessed value of $1,775,900, 1582 East 2nd Avenue still sold for a decent chunk of change, earning $1,515,000.

The property’s land value is listed at $1,757,000.

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“This charming Grandview starter home has fir floors, a fireplace and a basement that could be developed,” the listing reads.

The property offers lane access and is close to the drive. Thanks to RM-4 zoning (moderate-to-high density), the listing says the property offers excellent long-term investment potential.

An attempt to sell the home at a higher price late last year failed, as it was listed for $1,598,000 in September 2023 before that listing was terminated in January 2024.

The final sale price of $1,515,000 was a drop from the original asking price of $1,528,000.

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Pictures suggest there have also been some minor improvements to some rooms.

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Despite the home’s age, the bones look pretty good, besides a few peculiar rooms that look like they would’ve made valuable workshop spaces.

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Even though a $1.5 million home is out of reach for the average income earner, this home sold well below the benchmark price for a home in Vancouver, which is $2,040,000 as of April 2024.

The listing even suggests that this home represents “urban affordability.”

Looking at the property’s assessment history, Zealty suggests that the home’s highest peak value since 2015 was actually reached this year ($1,775,900). In 2015, the home was only worth $853,100.

Despite the “urban affordability” descriptor, a 20% down payment would still result in a monthly mortgage rate of over $7,000.