77-year-old, 810 sq ft rundown Surrey home sells for a large sum of cash

A 77-year-old home in Surrey sold for a surprising amount of money, but like most home sales in Metro Vancouver, it’s the reality of land values.

Listed by Woodhouse Realty, 12666 114th Avenue sold for $1,070,000 on February 12, less than the most recently assessed home value.

Exterior pictures of the home show some significant wear and tear, and the building is only worth $16,200. However, the land value of the property is $1,110,000.

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With only 810 sq ft to spare, this now-sold Surrey home isn’t necessarily the largest. Development potential is the main reason it sold for as much as it did.

While this home might’ve sold under the assessed value, it sold over the asking price of $999,000.

“Investors and developers, alert! Property in a great location! For someone searching for a redevelopment of the property in a desirable neighbourhood, this three-bedroom rancher is ideal,” the listing states.

Woodhouse Realty

Even though the home is under 1,000 sq ft, the lot size is 8,671 sq ft, so there is lots of space for whatever comes after this rancher.

Woodhouse Realty

There seems to have been some upkeep to the home’s interior, considering it is almost 80 years old.

Woodhouse Realty

The listing adds some ideas for the new buyer.

“This property offers lots of space for gardening, or possibly an addition of a carriage house is possible. Great investment opportunity and holding property for a future new three-level buildable home.”

It’s incredible how much the value of the land has jumped. In 2015, the land value was $287,000. That’s an increase of $823,000 in just nine years. Interestingly, the land value decreased compared to last year, when it was valued at $1,166,000.