Real-estate transactions for land value only are common in Vancouver.
This simply means the property is being sold and bought for the lot, and not the home on it.
Because land is expensive, it’s hardly suprising that many come at a premium.
A property in Vancouver’s Southlands neighbourhood is one example.
The 3862 West 41st Avenue address features a 74-foot by 120-foot lot.
Per B.C. Assessment, the two-storey residence at the property was built in 1914, which means it is 108 years old.
The property has a 2022 assessment of $3,008,300.
Most of the value or $2,942,000 is for the lot, and only $66,300 is assigned to the home.
On August 1, 2022, the property came on the market for $5.9 million.
The asking price is nearly twice or 1.96 times its current assessment.
“The house is currently tenanted,” the listing stated.
It is “being sold for land value”, and developers and investors may want to see a potential “land assembly” with neighbouring properties.
The listing also stated that the property could be redeveloped under the City of Vancouver’s secured rental program.
Also, a rezoning could produce a five- to six-storey rental apartment building.
Tracking by real-estate site Zealty.ca indicates that there was a previous 2014 listing for the Vancouver real estate for $4,380,000.
The said offering for 3862 West 41st Avenue terminated two years later in 2016 without landing a buyer.
Zealty.ca tracking also shows that the property last sold in 2011 for $1,711,000.
As of this post Monday (August 8), the listing for the property has not been updated to include images of the old home.