A Vancouver home that some called a “literal shack” actually found a buyer, and even more surprisingly, it sold for more than the asking price.
Daily Hive Urbanized reported that the home was up for sale just a couple of weeks ago after it got some attention on social media.
It’s another example of property fetching a high value in Vancouver purely because of the value of the land, but no one expected this home to sell for over the asking price.
With a final asking price of $1,649,000, the rundown Vancouver home actually sold for $1,658,000, under the assessed value of $1,721,000. Re/Max Treeland Realty’s listing called the house a “rare opportunity.”
BC Assessment lists the land value at $1,711,000, with the building at just a measly $10,000.
Just like the initial listing, the now-sold home is sparking another discussion on social media.
The shack sold!
The new owner wanted it so badly he paid over asking. 🤪#VanRE pic.twitter.com/ygsW2bvXFK— Julia Longpre (@juliamarblefaun) May 18, 2024
Re/Max Treeland Realty
Built in 1937, the listing said the small rented home was of “little or no value.”
Re/Max Treeland Realty
Some are debating how good of an investment this home actually was, including some arguments about the value of the location.
One user, who originally shared the for-sale listing, said, “It’s near fu**ing Boundary! And they think this is a good investment?”
Someone responded, “Some people have more money than brains.”
One X user actually seemed to think that it was a good investment.
That is a great deal in an awesome city within a convenient neighborhood.
— Ed (@breakfrommsm) May 18, 2024
Furthering their opinion, they said, “Lots of amenities. schools nearby, community centre, Chong Lee Market, Superstore, Walmart, parks, bus stops and three SkyTrain stations nearby. Ideally the market craters just for you but unfortunately, Vancouver is a beautiful city.”
Others are pointing out that the future owner could build a duplex and recoup their investment pretty quickly. The property also includes lane access.
What are your thoughts on the new owner’s investment?