Buyer pays $2.3 million for East Vancouver property with “house of little value”

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      The East Vancouver property with what looks like a livable home has a 2021 assessment of $1,764,600.

      Most of the value or $1,705,000 for 1248 East 22nd Avenue was alloted for the 49.5- by 122-foot lot.

      Based on B.C. Assessment’s valuation, the one-and-a-half storey home with three bedrooms and two baths is worth only $59,600.

      On November 5, the Kensington-Cedar Cottage neighbourhood property near Kingsway and Knight Street was placed on the market with an asking price of $1,999,988.

      It was marketed for its “great development potential”.

      Based on the listing, a new owner could build up to three new housing units, subject to confirmation by the City of Vancouver.

      “House of little value,” the listing declared about the 1920 dwelling.

      After six days, a buyer picked up the property for $2.3 million.

      The November 11 purchase cost was 15 percent over the asking price, and 30 percent more than the assessed value.

      The “land value only” deal was tracked by real-estate sites and