Recently sold Vancouver home saw land value increase $1.2M in 9 years

Recently sold Vancouver home saw land value increase $1.2M in nine years

Royal LePage Westside

A Vancouver home that recently sold for $1,999,000 saw the land value increase by a whopping $1,208,000 in just nine years.

7361 Fraser Street was sold on Wednesday. It sold for the asking price, which was under the most recently assessed home value ($2,222,200).

The home was built in 1951, and the main selling point, like many older Vancouver properties, was the development potential. The most recent listing was only on the market for eight days, so the buyer clearly also saw that development potential.

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Located in South Vancouver, 7361 Fraser Street is zoned for a duplex development. The listing from Royal LePage Westside calls it a “rare opportunity for investors and developers.”

Royal LePage Westside

“This extra deep and perfectly rectangular lot sets the stage for creating an oversized side-by-side or front-back duplex.”

The current home sits at 1,068 sq ft on a lot size of 6,162 sq ft.

In 2015, the home’s land value was $985,000, leading to a total assessed value of $1,001,200. In 2016, the land value jumped to $1,376,000; the year after, it increased to $1,778,600. 2020 saw the land value fall to $1,412,300, before another jump up to $1,604,800 in 2021.

Currently, the building itself is only worth a relatively measly $29,200, the most it has been worth in the last ten years, according to Zealty.

Royal LePage Westside

While some improvements have been made, the age of the home is very apparent.

Royal LePage Westside

We’re also not set on the colour choice in the washroom.

Royal LePage Westside

Curious about what it would cost to buy a Vancouver home like this?

If you were to buy this home with a five-year fixed mortgage, a 20% down payment would see you forking over $399,800, leaving you with a monthly mortgage payment of over $9,000 per month.