Vancouver real estate: vacant detached home on West Side lot sells for less than $1 million
One often hears that it’s impossible to buy a detached home in Vancouver for under $1 million.
It’s generally true, but it’s not always the case.
A seemingly liveable rancher home with a basement on the West Side of the city sold for less than a million on July 15.
The two-bedroom and one-bath home at 1050 West 70th Avenue went for $988,000.
The sale came 49 days after the Marpole-area residence was listed on May 27 for $1,245,000.
The price was reduced to $1,088,000 on June 18.
The home is vacant.
The house sits on a lot measuring 30.8 feet by 95 feet, which is smaller than a typical 33- by 122-foot Vancouver lot.
When asked about the deal, realtor and market observer David Hutchinson told the Straight with the property’s RM-3A zoning, it might be good for a builder to demolish the structure and develop a duplex.
“It’s on a busy street,” Hutchinson noted.
It’s within the block west of Oak Street.
As of June 2021, a typical detached home in East Vancouver costs $1,696,500.
Homes are more expensive on the West Side, which includes Marpole.
On the West Side, a typical detached house costs $3,458,300 as of June 2021.
The property at 1050 West 70th Avenue was marketed mainly for its land value.
Its 2021 assessed value totals $919,600, of which $908,000 is for the lot, and $11,600 for the structure.
Real-estate sites fisherly.com and Zealty.ca tracked the transaction.