Vancouver real estate: $8.9 million listing declares “house is of no value”, $1 million discount offered
For bargain hunters with deep pockets, this Vancouver property might be a perfect buy.
The seller of 1969 Drummond Drive looks to be hugely motivated.
The owner is not only offering a $1 million discount.
The new price for the property at $8,988,000 is also below its 2021 assessed value.
According to B.C. Assessment, the current value of the property as of July 1, 2020 totals $9,401,000.
This means that the new listed price is $413,000 or almost half-a-million dollars below assessed value.
The house sits on more than a half-hectare lot, which the provincial assessor estimates to be worth $9,198,000.
As for the two-storey house, B.C. Assessment places its value at $203,000.
But according to the property’s listing, the house is worthless.
“The house is of no value,” the listing declares.
It adds: “This is lot value only and a tremendous opportunity to build a fabulous estate.”
The lot is “one of the largest in this prime area” north of West 4th Avenue and west of Blanca Street.
Point Grey is “one of Vancouver's most prestigious neighbourhoods”.
The 1969 Drummond Drive property was listed on December 3, 2020 for $9,988,000.
The 2,700-square-foot home has three bedrooms and two baths.
The wood-frame residence was built around 1915.
For realtor and market observer David Hutchinson, 1969 Drummond Drive can be anything to anyone who can afford this property.
“A fixer-upper, a tear-down, or a real charmer,” Hutchinson told the Straight. “Whichever way, it's a real diamond in the rough.”
Real-estate information site Zealty.ca notes that the seller is offering commission for a buyer’s agent of 3.255 percent of the first $100,000 of a final purchase price, and 0.9 percent of the balance.
Based on Zealty’s tracking, the property’s value per B.C. Assessment peaked in 2019 at $10,749,000.
In 2012, the property was assessed at $5,463,000.