Home prices go up nearly 300 percent of assessment on Vancouver street with new six-storey condo project

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      Home prices have gone up on a Vancouver street where city council approved a six-storey residential project.

      At least nine properties on Clive Avenue, which are near the new development in the vicinity of Joyce Station, have come on the market.

      The listing prices are way above their 2021 assessed values.

      One example is a four-bedroom and three-bath detached home at 3335 Clive Avenue.

      Based on tracking by real-estate site Zealty.ca, the property was listed on May 20, 2021 for $4,588,000.

      The asking price is 274.3 percent higher than the East Vancouver home’s 2021 assessed value of $1,225,600.

      The listing for 3335 Clive Avenue states that the “house is very livable”.

      However, the property is being sold for “land value only”.

      Another example is 3347 Clive Avenue, which was also listed on May 20 this year.

      The asking price for the four-bedroom, three-bath single-family home is $4,588,000.

      Zealty.ca notes that the listing price is 273.9 percent higher than the property’s 2021 assessed value of $1,227,200.

      Like 3335 Clive Avenue, this home is “very livable”. But as the listing states, the property is “selling for land value only”.

      It may be recalled that city council on February 25, 2020 approved a rezoning application on the street.

      The application was filed by dys architecture on behalf of Nexst Clive Development Ltd. to rezone 3235-3261 Clive Avenue.

      The development involves a six-storey building fronting Vanness Avenue, and three-and-a-half storey townhouses fronting Clive Avenue.

      The project consists of 68 residential units, of which 62 are condos and six are market rentals.

      The development site was an assembly of five single-family lots.

      A staff report to city council about Nexst Clive Development project explained that the area forms part of the Joyce-Collingwood Station Precinct Plan.

      The plan was approved by city council in 2016 and amended in 2017, with the aim of creating a “compact, sustainable, transit-oriented community in the vicinity of the Joyce-Collingwood SkyTrain Station”.

      The report stated that the plan “anticipates six-storey residential buildings” on a sub-area that includes Clive Avenue.

      Based on tracking by Zealty.ca, three of the six properties for sale on the street were listed in April this year.

      Of the six, 3312 Clive Avenue has the highest listing price-to-assessement ratio of 178.4 percent.

      The four-bedroom, two-bath home has an asking price of $4.2 million. Its 2021 assessed value is $1,508,800.

      The nine properties on sale are marketed as potential land assemblies, with developers having the option to build a range of projects.

      These include four- and six-storey developments, and townhouses.

      This means that all these liveable houses are going to have a date with the demolition crew.