East Vancouver property marketed as “land assembly” sold 121 percent over assessment for $2.8 million

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      Last June, the Straight reported about three of the longest unsold property listings in Metro Vancouver.

      The information came from the database of Zealty.ca, a property portal owned and operated by Holywell Properties.

      As many know by now, the Real Estate Board of Greater Vancouver has ordered Zealty to deactivate the Georgia Straight’s account with the site.

      Going back to this paper’s June 13, 2021 report, one of the longest unsold properties was 2037 East Broadway in Vancouver.

      The single-family home was listed on April 18, 2017.

      The asking price was $3 million.

      The listing states: “FOR LAND ASSEMBLY. Please do not disturb the owners. The lot area/land size and finished floor area are based on BC Assessment; the room dimensions are approximate. All information, measurements and dimensions are to be independently verified by Buyer.”

      In that report, Zealty co-founder and CEO Adam Major noted that the 90-year-old home features four bedrooms and two baths.

      The listing price is “only” 133 percent above its 2021 assessed value of $1.289 million, Major noted.

      “On East Broadway, the seller is clearly hoping to capitalize on future development potential and ‘land assembly’ as there are two neighbouring homes listed for the same price, though they have only been active for a year,” Major stated at the time.

      Major added that the home directly across the street sold for more than $1.5 million in 2020.

      Well, 2037 East Broadway finally sold.

      The East Vancouver property sold for $2,850,000.

      This is based on tracking by real-estate site fisherly.com.

      The sale happened on November 30.

      The sold price of $2,850,000 was 121.1 percent over the property’s 2021 assessment.