1650 19th St Just SOLD for $3,388,000 in Ambleside, West Vancouver, setting a new benchmark for a 14,310 sq ft building lot with minimal views. The asking price for the 2,253 sq ft rancher was $2,498,000 and the Tax Assessed Value is $1.965m. With just 10 days on MLS, 27 realtors and buyers submitted offers for the building lot. This sale will raise property values across West Van and is evidence of how hot the Vancouver Real Estate Market is and how much demand there is for building lots. The majority of the offers were Chinese Investors and Persian builders, with a Persian Buyers Agent winning the bid. An 8,000 sq ft home here could sell for $6-$7M. With this amount of demand and extemely low inventory across West Van, the North Shore, and Greater Vancouver; it could be another year of soaring land values / home prices in the Vancouver Real Estate Market.
Another record setting sale so far in 2016 was 2487 Queens Ave in West Vancouver which Jut SOLD for $4,000,000. This 12,138 sq ft view lot listed for $3,880,000 and sold the same day it listed after selling for $3,200,000 a few months earlier. The Tax Assssed Value is $2,191,300. The market value for building lots is much higher than the assessed value.
There is currently only 287 detached listings in West Van, and an amazingly low 106 Detached Listings in North Vancouver! Home owners seem reluctant to sell as low interest rates, a low Canadian Dollar, and a weak stock market bring more foreign investment to Luxury Vancouver Real Estate / building lots, the Baby Boom Echo is flooding the starter home market at a feverish pace, and the attached condo / townhome market is as hot as ever with investors, downsizers, and 1st time buyers competing for low inventory as avg price/sq ft creeps higher and higher across the Lower Mainland. All indicators suggest home prices wil continue to rise.
If you are looking to buy or sell in 2016, the value a good REALTOR can add has never been more significant. Call Stu Bell at 604-562-0532 for a comlimentary market evaluation and be sure you get the most for your home.