Vancouver real estate: bought $88,000 about a year ago, tiny lot sold again at $210,000 for huge markup
There’s a new owner of what may be one if not the tiniest lot in Vancouver.
The buyer picked up 1912 William Street for $210,000 on June 19 after the property spent 71 days on the market.
One may mistake the East Vancouver lot for a driveway as it has a frontage of only nine feet.
The property, which has a depth of 60 feet, came on the market in April with an asking price of $289,000.
In May, the price was reduced to $249,000.
Although the final selling price of $210,000 was less than the original and adjusted listing prices, the seller didn’t do badly.
The seller bought the property on July 16, 2020 for $88,000.
This means that the sold price was more than a 138 percent markup.
The deal and history of the property was documented by real-estate information site Zealty.ca.
The new sale came with plans for a tiny home.
In a previous interview, listing agent Christian Chiappetta of Sutton Group-West Coast Realty noted to the Straight by phone that the City of Vancouver does not have a policy regarding tiny homes.
A builder can apply with the city to develop 1912 William Street, but will likely get rejected.
However, an applicant can appeal before the board of variance.
Based on Zealty tracking, 1912 William Street has a 2021 assessed value of $4,900, likely a reflection of the challenge of building a home on the tiny lot.
In October 2020, Vancouver city council approved a motion by councillor Pete Fry that directed staff to produce a report about a policy for tiny homes and shelters.
The staff report to council is expected this year.