A "fire-damaged house of no value" has been listed for sale for $1,799,000 in Vancouver, a stark example of how much real estate prices are driven by land in the city.
The property at 3073 E. 3 Ave. is in the Renfrew Height neighbourhood, just west of the Burnaby border. The listing advertises it as having two bedrooms and one bathroom and with 1487 square feet of floor space. It also stresses that the home is not inhabitable and that the size of the house is only an estimate.
"Being sold as land value only. AS IS WHERE IS," the listing says.
"DO NOT WALK ON PROPERTY," it later adds.
Photos show that access to the home is blocked by blue fencing, with all of the potential entrances boarded up. The property has overflowing trash cans on it, and what looks like a tent filled with junk. Pieces of plywood and tarps are among the detritus littered about.
But prospective buyers are being urged to look beyond that and see the potential.
"Quiet Street. Close to shopping, dining, and transit. Build your dream home - Lots of options," the listing says.
"GREAT OPPORTUNITY!" it later adds, noting the lot size is 36 feet by 124 feet.
As of July, 2022, BC Assessment valued the land at $1,763,300 and the home – which did not appear to have been burned out or boarded up at the time – was valued at $21,300.
The property is zoned Residential-Single Detached. However, Vancouver city council has recently begun the process of considering changes to zoning and development bylaws that would expand the possibilities for what can be built on these types of properties.
Potential changes include allowing multiplexes on single-family lots without a rezoning. In addition, multiplexes of up to six units would be allowed to use significantly more lot space than a single-family home and larger laneway houses could be permitted.
The proposal is set to go to a public hearing in September.
In July, the benchmark price for a single detached home in Vancouver was $1,897,200 on the east side of the city and $3,458,000 on the west.
