'No showing of property at seller's request': Land value behind $10.5M listing for Vancouver teardown
A modest, four-bedroom, two-and-a-half-bathroom home on Vancouver's west side is currently listed for sale for more than $10 million, but prospective buyers aren't allowed to take a look inside.
"No showing of property at seller's request as it is being sold for land value only," reads the listing for 448 W. 41st Ave.
It's being pitched as a "prime and fantastic development/holding property" in Vancouver's rapidly developing Oakridge neighbourhood, which is designated as a "municipal town centre" in the city's Cambie Corridor Plan.
The centrepiece of the "town centre" is the massive and ongoing redevelopment of Oakridge mall, which is just a block away from the listed property.
- The Offer newsletter: Sign up for curated coverage of Canadian real estate
- Real estate news from CTVNews.ca
Numerous other redevelopment projects are also in progress in the area, including on either side of the property in question.
Any buyer looking to redevelop the home would need to first get the land rezoned, as the city's zoning map shows it and numerous other properties in the area are still zoned RS-1, meaning the only thing that can be built on them without approval from Vancouver City Council is a single-family detached home.
The city's rezoning policy for the property, however, indicates that council will consider changing the zoning to allow a tower of up to 18 storeys on the 680-square-metre (7,300-square-foot) site.
That redevelopment potential is the likely reason for the sky-high asking price.
Listing agent Cynthina Lo told CTV News the property is far from the only one on the market in the neighbourhood with similar redevelopment potential and a similar price.
Properties two blocks away at 5629, 5609 and 5583 Ash St. all have similar lot sizes and 18-storey-tower development potential. Each one is being offered for $10.5 million.
Other nearby properties have the potential to be redeveloped into smaller multi-unit buildings and are being offered for sale for upwards of $7 million.
"My client is not asking high," Lo said.
For its part, BC Assessment values the home at $2,724,400, well below the $10.5-million asking price. This reflects the fact that the property is subject to an exemption under section 19(8) of the Assessment Act, which allows properties to be assessed based on their current use, rather than their development potential.
To qualify for a section 19(8) exemption, a homeowner must have lived on the property continuously for the last 10 years, and must reapply for the exemption annually.
The vast majority of the property's assessed value comes from the land. The existing building on the site is assessed at just $34,400.
Correction
This story has been updated to reflect and explain the Assessment Act exemption that contributes to the property's lower assessed value. The property's current zoning has also been corrected. It is RS-1, not R-1.
CTVNews.ca Top Stories
LIVE B.C. seeks ban on using drugs in 'all public spaces,' shifting approach to decriminalization
The B.C. government is moving to have drug use banned in 'all public spaces,' marking a major shift in the province's approach to decriminalization.
Air traveller complaints to Canadian Transportation Agency hit new high
The Canadian Transportation Agency has hit a record high of more than 71,000 complaints in a backlog. The quasi-judicial regulator and tribunal tasked with settling disputes between customers and the airlines says the backlog is growing because the number of incoming complaints keeps increasing.
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
U.S. flight attendant indicted in attempt to record teen girl in airplane bathroom
An American Airlines flight attendant was indicted Thursday after authorities said he tried to secretly record video of a 14-year-old girl using an airplane bathroom last September.
76ers All-Star centre Joel Embiid says he has Bell's palsy
Philadelphia 76ers All-Star centre Joel Embiid has been diagnosed with Bell’s palsy, a form of facial paralysis he says has affected him since before the play-in tournament.
AFN chief says Air Canada offered a 15% discount after her headdress was mishandled
After the Assembly of First Nations' national chief complained to Air Canada about how staffers treated her and her ceremonial headdress on a flight this week, she says the airline responded by offering a 15 per cent discount on her next flight.
Trump's lawyers try to discredit testimony of prosecution's first witness in hush money trial
Donald Trump's defence team attacked the credibility Friday of the prosecution's first witness in his hush money case, seeking to discredit testimony detailing a scheme between Trump and a tabloid to bury negative stories to protect the Republican's 2016 presidential campaign.