Cozy Surrey home sold for nearly $4M above the assessed value
A Surrey home that might not look like much earned more in a sale than some Vancouver mansions, as it was sold for nearly $4 million over the assessed value.
7468 194th St., which is located in the Clayton area, was sold on Monday for $8,600,000.
The listing called the property an “amazing investment opportunity,” which is likely why it sold for so much more than how BC Assessment values it. The current assessed value is $4,728,000, and $4,718,000 is attributed to the land value.
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Re/Max Real Estate Services
The quaint property features 2,562 sq. ft. of space. However, the land size is a ginormous 164,221 sq. ft.
Re/Max Real Estate Services
“This is one of the best 3.76 acres investment holding properties on the market,” the Re/Max listing states.
While much larger homes in Vancouver have been sold for as much as this Surrey property, virtually none offer as much land for potential development opportunities.
Re/Max Real Estate Services
The original home featured three bedrooms and two bathrooms and was built in 1948. Despite its age, the house has been kept in relatively good shape, but it is far from likely that the new owner cares about the existing property. Still, it is a very livable home that has clearly undergone some recent renovations.
Re/Max Real Estate Services
“Property is right beside a townhouse development and in an area seeing a lot of development,” the listing says. It adds that the new owner could buy now and hold for future development.
Re/Max Real Estate Services
It was initially listed for $10,500,000 in August 2023, but that listing was terminated the following year.
The assessed value of this Surrey home has been all over the place for the past nine years. Improvements made to the house contributed to the total value. In 2016, it was at a low of $1,493,600. In 2023, it jumped to $4,428,000 from $2,767,100 the year prior. This year, the home reached its highest assessed value since 2016.
Zealty
According to Zealty, over the past 24 months, only 21 properties, including this one, have been sold for over $7 million in Surrey. The property that sold for the most in that period was 2819 123rd St., which sold for $18,000,000 in September last year. But compared to this home, the land size pales in comparison (44,867 sq. ft.).
If this home is any indication, Surrey still has lots of investment potential.