An unusual Vancouver property sitting on a small corner lot on the city’s east side will set a record if it sells at a asking price of $ 2.19 million, listing agents say.
The two-and-a-half-story house at 1633 Woodland Drive, built in 2006, is 1,673 square feet and sits on a plot that is only 33 feet wide and 61 feet long. For $ 1,300 per. Foot is the top dollar for the Commercial Drive neighborhood, located on the east side, the traditionally cheaper area of the city. To put the current market in perspective, the sellers had bought the house in 2014 for $ 920,000.
But in a market where low interest rates and low inventory cause people to throw crazy money at properties that are pristine and ready to move in, listing agent Doris Gee says the small house has good value. To the observer, it looks like a wagon house at the back of a large heritage house, but it is a special kind of ownership of layers that have more in common with a duplex.
Gee and partner Phil Moore had priced the house at $ 2.39 million when they originally listed it three weeks ago. Now that they have re-listed at a lower price, interest rates have risen. And for a house that does not have a basement suite with mortgages, it will set a record if it sells to the query.
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“This is my 33rd year in real estate and I have never had so little stock,” Ms. Gee says. “When the market is not big, I had lots of listings with me and we wanted to work for our money.
“But right now the inventory is so low that if I helped you as a buyer look for something, you would be competing with 10 or 15 offers depending on what product and price range you are looking at.”
She sold an extremely run-down rental home on a narrow lot a few blocks away on Grant Street, for nearly $ 1.8 million, a cash offer. But they had received a higher offer of $ 1.9 million. She sees apartments in the center with $ 1,000 per. Monthly maintenance fees and only 800 square feet of space sold for nearly $ 2 million. Due to pandemic restrictions, it just requires watching these properties to stand in line to get into the elevator.
“$ 1,300 pr. Square foot is reasonable. If you buy an apartment now, look at $ 1,200 or $ 1,300 in Burnaby for a presale, “says Gee, who expects another couple to buy the property, even if a family can make it work. The house has three bedrooms. and two full bathrooms.There are no maintenance fees.
Moore, former president of the Greater Vancouver Real Estate Agency, says the property is one of the few “bare layers of land” he has encountered. A property with bare land has been re-regulated and divided into two different properties, where each person is responsible for his own insurance and maintenance. They may share a common space, but otherwise the homes are physically separated. The property was originally a single-family heritage house, which still exists on the adjacent plot. They each have a garage and share a shared patio.
Just property rights are better than a duplex because there is no common wall, but it is also a time-consuming process, says Moore, a former police officer who went into real estate in the 1980s. The house took at least two years to be approved, which is an extinction for most builders. Demolishing an old house and building duplex buildings from behind is the common way to go in Vancouver. Moore says the rear units typically sell better because families want the extra patio and privacy.
“What’s amazing about this? [bare land strata] the concept is that you can preserve an older house and still have a detached house where the garage once stood, and of course you have a two-car garage and 2.5 storey living space above the garage with two cars.
“It was a little ahead of its time when it was done back in 2004 to 2006. But what could be done better is, of course, to speed up the process. We’re looking for the missing center, which is why you’re trying to get creative and think outside the box. ”
And for those who say the market will cool off, he refers to the seller buying the house. They make $ 1 million plus in this market, just seven years later.
“Let’s face it, there are all these people who say, ‘stop buying and the market will fix it.’ Well, since 2014 it has not been fixed.There have been some ups and downs, but it was definitely worth it for this person to enter the market for $ 920,000.
“In Metro Vancouver, we have always made money on real estate. It’s just a matter of timing the market. ”
1633 Woodland Drive, Vancouver
BO / SPISE
Photos by ONIKON Creative Inc.
Kerry Gold has written on real estate and housing issues for a number of publications, including a weekly real estate column for Globe and Mail since 2008. She also writes research papers for Walrus and has written for Maclean’s, MSN, Yahoo, MoneySense, BC Business, Toronto Star, LA Weekly and Variety.
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