Vancouver duplex listed “shovel ready” for new 3 homes sells for $3.6 million

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      A Vancouver home listed as “shovel ready” for redevelopment has found a buyer.

      The property at 129 West 11th Avenue sold on April 2 for $3.6 million after two months on the market.

      Per B.C. Assessment, it’s a duplex that was built in 1977.

      Most of the property’s 2022 valuation of $2,501,600 lies on the lot.

      That would be $2,411,000 for the 49.5-foot by 121.78-foot land and only $90,000 for the structure.

      The sold price of $3.6 million marks a $1,098,400 premium over the current assessment.

      The Vancouver real estate's listing emphasized the development expected on the site.

      It stated that development and building permits from city hall are “imminent”.

      Moreover, B2 Architecture had “created masterful/perfectly laid out plans” for a three-residence development at 129 West 11th Avenue.

      That would be front and back duplex-style homes, plus a “jaw dropping” penthouse.

      “Save all the time/effort required to go through the process of planning and build NOW,” the listing declared.

      Once developed, each home would have three bedrooms each.

      Tracking by the Redfin real-estate platform shows that the old home to be replaced was last sold in September 2017.

      The April 2, 2022 sale of $3.6 million happened 61 days after the Vancouver real estate came on the market on January 31 for $3,849,000.