Surrounded by condo construction, aging home on Cambie corridor listed at $11M
Published Tuesday, August 22, 2017 2:38PM PDT
The latest in a long line of anecdotes illustrating the city's housing affordability crisis, an aging Vancouver bungalow has been listed with a whopping price-tag of $11 million.
Just one more example of an "only in Vancouver" asking price, the residence built on a corner lot at 485 West 35th Ave. is a three-bedroom, one-bathroom detached house.
The home was built in 1952 and sits on an 8,760-square-foot (814-square-metre) lot, which was bought by a development company last year for about $5.4 million. The most recent assessment available puts the value of the property, house included, at $5.38 million, up $2 million from the previous year.
Beyond the house's age, the listing provides little information and no photos. Located within walking distance of Queen Elizabeth Park, a shopping centre and SkyTrain station, its true value lies in the fact that the neighbourhood is zoned for residential buildings as tall as six storeys.
Located in the rapidly developing Cambie corridor, the teardown is "by far the most expensive single detached home in the area right now," realtor Gary Serra told CTV News.
Once home to other single-family homes, multi-family buildings are popping up in surrounding lots, many of which are being grouped together in land assembly deals. Houses on either side of the property for sale are part of a deal, but the owner of 485 West 35th appears to be holding out for a higher price.
"That whole land assembly sector is quite crazy right now in terms of the development opportunities that are happening along major corridors," Serra said.
Serra called the listing price for the property, which has been on the market since May, "very ambitious."
The current owner is listed as Atlas Global Business Development Incorporated. In a statement, the realtors handling the sale said: "This property is being sold as a six-storey development site rather than a single-family home. The property is priced to reflect the site's excellent location… and the rising prices for the end product for finished condominiums in this area."
Documents posted by Sutton Group-Mattu Realty suggest a pre-application with the City of Vancouver estimated a building area of 22,599 square feet (2,099 square metres).
The listing says the buyer would gain access to artist renderings, environmental reports, surveys and other documents once an offer has been accepted.
With a report from CTV Vancouver's Maria Weisgarber