Aging West End home with 'partly finished' basement listed for $6.98M
A home in Vancouver's West End that's nearly 100 years old and needs some fixing up is currently on sale for $6.98 million – more than $3 million over its assessed value.
The aging three-storey house at 1511 Barclay Street includes two bedrooms and a bathroom on the main floor, plus separate one-bedroom suites on the top floor and in the basement.
But the basement is only "partly finished," according to the listing by Sydney Deng of Royal Pacific Realty Corp.
"Great opportunity for investment and self-use," it reads.
The 2,542-square-foot house, which Deng describes as beautiful but in need of "a little TLC," was built in 1922, making it 96 years old.
It last sold in October 2015 for $2.8 million, and was most recently assessed at a value of $3.45 million.
Though Vancouverites are no strangers to skyrocketing real estate prices, it's unclear what justifies the dramatically increase at the Barclay home. CTV News reached out to Deng on Tuesday morning and has not heard back.
Kevin Chiang, a commercial real estate broker, said he was shocked when he first saw the asking price.
"It's quite high for the potential," Chiang said. "If it was zoned for a high-rise and assembled with neighbouring parcels the price tag may be justified, but I don't quite see it in this scenario."
The property, located in the Nelson Slopes area, is currently zoned RM-5, which prioritizes family housing over tall towers.
A buyer could potentially be allowed to build infill housing in the laneway, Chiang said, but it would be subject to the city's usual regulations.
Even with extra rental units on the property, he said the listing price seems steep.
"Given the current zoning, in my opinion … it's definitely on the high side," he said.
According to B.C. Assessment, a nearby property at 977 Broughton Street that has nine bedrooms and six bathrooms sold in September for $2.8 million, less than $100,000 over its assessed value.
But another at 1390 Thurlow Street with just one bedroom and three bathrooms sold for $6.4 million, nearly $750,000 over its assessed value, in December.
That property is located just a block away from Sunset Beach, and much closer to the waterfront than the others.
With files from CTV Vancouver's Scott Roberts