A Vancouver property that isn’t safe to walk in recently sold for over $3 million thanks to its enormous land value.
The 2346 West 20th Avenue listing states, “Please do not walk on the property without an appointment. ”
According to Zealty, the property was sold on December 31 for $3,050,000, under the most recent assessed value of the home, which BC Assessment pegged at $3,298,000. The land value alone is $3,261,000, with the buildings valued at just $37,000.
Located in the Arbutus area, the rundown home once had two bedrooms, two bathrooms, and 2,152 sq ft of total space on a 6,100 sq ft lot.
The listing from MacDonald Realty calls it a “great opportunity” for builders and investors. Zealty says the house was built in 1944, making it 80 years old.
“Viewing of the house is only possible after an accepted offer for safety reasons.”
MacDonald Realty represented both the buyer and seller for this property.
The listing doesn’t feature any pictures of the interior, but there is one photo of the backyard, which shows some decent wear and tear at the rear of the property.
Macdonald Realty
This isn’t the first time a rundown home in Vancouver has sold for an enormous amount. Land value is the name of the game when it comes to real estate around the Lower Mainland, and this Vancouver property is no exception.
Just months ago, another rundown Vancouver home with boarded-up windows was on the market for $1,999,000. One hundred six days later, it’s still on the market, with no price changes and no buyer.
Earlier in 2024, another rundown Vancouver home was listed for almost double the assessed value. That property, which is still for sale, has come down in price and is now listed closer to its assessed value.