Vancouver real estate is so expensive.
How expensive is it?
Well, a tear-down can go for over $2 million.
According to Zealty, a home located at 1248 East 22 Avenue in Vancouver, right near Kingsway and House of Dosas, was recently sold in November for $2,300,000.
BC Assessment puts the value of the actual house at a paltry $59,600. That’s because it’s the land that’s considered valuable.
While they list the land value at $1,705,000, the property sold for much more. According to BC Assessment, the value of the property jumped by $158,600 compared to the previous year.
Information on the property from Harjit Atwal says that the lot is pretty much land value only. “Bring your builders,” the listing reads.
It’s a flat lot with lane access that’s zoned in a way that would allow you to make a duplex or a single-family home on the property.
Although the listing says it’s in a great central area by Kingsway and Knight, it’s frank in its description of the property, saying the house is “of little value.”
The home was built in 1920, meaning that by now it’s over a hundred years old. It was listed on November 5 and snapped up quickly, with the date of sale on November 11, according to Zealty.