Vancouver real estate: 32-foot lot with empty, teardown home sold under $1 million after 12 days on market

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      An East Vancouver lot with a vacant home has a new owner.

      The 2607 Turner Street property sold for $900,000 just 12 days after it was listed on the market.

      The 2,112-square-foot lot was marketed mainly for its land value.

      The now empty home was built in 1912, and it is considered a teardown.

      However, the listing also stated that 591-square-foot residence with two beds and one bath could be renovated.

      In a marketing video, realtor Jay Khun Khun said that the property is an ideal location to build a future home.

      The property agent also said that the home has not been occupied for a few years.

      Based on land only, the buyer purchased the property for over $426 per square foot.

      Vancouver has several empty or vacant homes.

      One often cited estimate puts the number of unoccupied homes in the city at 25,000.

      The City of Vancouver taxes empty properties.

      The tax is one percent of the property’s assessed taxable value.

      For the 2020 vacancy reference year, the tax will increase to 1.25 percent.

      A City of Vancouver report noted that in 2018, a total of 1,989 empty homes were taxed.

      Also in the same year, the report stated that 4,256 vacant homes were exempted from the tax. Exemptions apply in a number of cases, including when the owner is in medical care.

      The 2607 Turner Street lot has a frontage of 32 feet and depth of 66 feet.

      B.C. Assessment placed the 2020 value of the property as of July 1, 2019 at $798,600.

      Royale LePage Global Force Realty listed the property on October 29, 2020 for $999,999.

      The property sold for $900,000 on November 10.

      Real-estate information site tracked the transaction.