A home in East Vancouver that has seen better days recently sold for below the assessed value but still well over $1 million.
BC Assessment values the home at $1,643,500, but only $20,500 of that is the value of the actual building; the rest is the value of the land.
Located at 5617 Rupert Street, the property is now sold and offers zoning with multiple options for building a new property.
Based on the few pictures of the property featured in the Royal LePage Westside listing, the home lacked TLC and has seen better days.
The rear of the recently sold East Vancouver home is in particularly bad shape, which explains why potential buyers weren’t allowed access to the house.
Royal LePage Westside
The new owner will have quite a large lot to work with. The current home is 1,577 sq ft on a lot of 4,154 sq ft.
Royal LePage Westside
A 2009 Google Maps snapshot of the home shows how much it has deteriorated in 15 years.
A shot of the back deck from 2009 (Google Maps)
Some windows are now boarded up.
A shot of the front of the home from 2009. (Google Maps)
The home’s assessment history is quite interesting and reveals just how much some home prices have fluctuated in Vancouver over the past ten or so years. In 2015, it was assessed at $777,900. One year later, it jumped to $1,026,099. Fortunately, the owner was patient; the home reached its highest assessed value since 2015 this year.
This sale is just another example of how land value is king in Metro Vancouver, regardless of the state of the home on top of it.
If you had the money to purchase this piece of land and develop a new home, considering the location and other factors, would you? Let us know in the comments.