Vacant lot on Vancouver's West Side sells for 14 percent less than assessed value

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      Consider it a sign of the times.

      Billed as the last lot for sale in Kitsilano, the asking price of 2017 Macdonald Street was $1,249,000 before being reduced to $1,125,000.

      In the end, the 2,396-square-foot property sold for $1,208,880, according to real estate agent Lorne Goldman, after five offers came in from five local buyers.

      That turned out to be 14 percent less than its 2020 assessment of $1,410,000 (as of July 1, 2019).

      The year before that, the site was assessed at $1,499,000.

      Goldman's website says the lot is zoned RT-7. It would allow for a new house with a maximum 1,437 square feet.

      This classification was created to retain traditional architecture in West Kitsilano, including the California-style bungalows from the 1920s, but allow for conditional density to be added.

      (An earlier version of this story stated that the sales price was 20 percent lower than the cost, based on an earlier figure on Goldman's website.)