A piece of land in Surrey recently sold for a whopping $10,100,000, selling well below the asking price and way, way above the assessed value.
The listing says the asking price for this property was $14,800,000, $4,700,000 above the final sale price.
BC Assessment has the land pegged at $835,912, but assessed values for land like this may not tell the whole story, as many other factors must be considered when a value is placed on it, according to BC regulations.
This piece of land has taken quite a journey since 2018.
According to the listing, the land offers “GREAT potential,” with a 48-acre lot and a well-established greenhouse operation.
The listing describes it as being located in the heart of Surrey, at 7072 152 Street, but it warns against entering the property.
In 2018, the land was sold for $7,800,000 after being listed for $8,990,000. Three years later, the owner listed it for $25,000,000, but that listing was terminated in January 2022.
That same year and month, it was re-listed for $22,000,000 before being terminated as well. In April 2022, it was listed for $16,800,000, and that listing expired in January 2023. Again, that same month, it was listed again for $16,800,000 before that listing expired a year later, in January 2024.
Finally, it was listed in January 2024 for $14,800,000 before finally selling for $10,100,000 this week. It was on the market for 90 days.
The now-sold piece of land is between Surrey and Langley in the East Newton South area of Surrey, just north of East Panorama Ridge and around a 15-minute drive from Bear Creek Park.
Surrounding the land is a primarily residential area.
Re/Max Crest Realty
There’s also a 1,900-square-foot home, built in 2000, that now belongs to the new owner.
Re/Max Crest Realty
The listing also states that the greenhouse, which was also built in 2000, is currently growing mini-cucumbers, adding that there’s still room for additional greenhouse expansion.
It also states that it’s an “ideal location for [a] nursery or market garden.”
What would you do with a piece of land this big?