74-year-old Surrey home sells for $1.5M above its assessed value

A Surrey home that’s 74 years old has sold for well above its assessed value of $3,750,000.

It was sold on March 2 for $5,338,000, which was even above the asking price of $5,288,000, according to Zealty.

The home has four bedrooms, three bathrooms, and 3,480 sq ft of space.

According to the listing from Royal LePage Wolstencroft, the lot features subdivision potential and is located in the prestigious Panorama Ridge area of Surrey. Was it development potential alone that helped this house earn so much more than it’s supposedly worth?

Pictures reveal a massive lot, and a home, while aged, looks more like a home you’d find in Shaughnessy than in Surrey.

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Royal LePage – Wolstencroft

Despite the inside’s wear and tear, the interior reveals a home that has aged quite gracefully. The previous owner’s decor choices definitely help.

Royal LePage – Wolstencroft

It’s clear that some areas of the home have seen improvements and renovations.

Royal LePage – Wolstencroft

You don’t see rooms like this sunken common area very often anymore.

Royal LePage – Wolstencroft

This bathroom is one of the rooms that highlights some of the improvements made to the home.

Royal LePage – Wolstencroft

There’s even a pool.

Royal LePage – Wolstencroft

In 2015, the home was assessed at just $1,565,900. By 2023, that had jumped to $3,163,000. This was the first time this home, which the listing calls a “gem of a property,” had been on the market for over 50 years.

Do you think this Surrey home was sold for what it was worth?