A 77-year-old home in Surrey has recently garnered attention for its surprising sale price, reflecting the ongoing trend of skyrocketing land values in Metro Vancouver.
Market by Woodhouse Realty, the property located at 12666 114th Avenue fetched $1,070,000 on February 12, exceeding the most recent assessed value of the home.
External images of the house reveal significant signs of wear and tear, with the building itself assessed at a mere $16,200. However, the land value of the property stands at an impressive $1,110,000.
Despite its modest size of 810 sq ft, the recently sold Surrey home attracted considerable interest due to its development potential.
While the sale price fell slightly below the assessed value, it exceeded the initial asking price of $999,000.
The listing highlighted the property’s appeal to investors and developers, emphasizing its prime location and potential for redevelopment in a sought-after neighborhood. Described as a three-bedroom rancher, the property sits on a spacious 8,671 sq ft lot, offering ample room for future development.
Prospective buyers were encouraged to explore various possibilities, including gardening or the addition of a carriage house. The listing emphasized the property’s potential as both an investment opportunity and a holding property for a future new three-level buildable home.
Credits: DailyHive, WoodhouseRealty
