Co-ownership deal struck for large heritage home

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2223 E. 11th Ave., Vancouver

Asking price: $2,149,000 million (March 6, 2023)

Selling price: $2,099,900 (March 9, 2023)

Days on market: 3

Taxes: $7,080.82 (2022)

Listing agent: Connie Buna, Keller Williams Realty

Buyer’s agent: Noam Dolgin, Heller Murch Realty

What they got

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This heritage house built in 1912 is in the desirable Grandview-Woodland neighbourhood on Vancouver’s east side, within walking distance to Trout Lake and schools.

The 2,867-square-foot house is situated on a standard 33- by 122-foot lot, with four bedrooms on the main floor and upper floor, and two bathrooms. There’s a legal two-bedroom suite in the basement, as well as a mature garden.

The action

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The purchasers were two couples that entered into a 50/50 co-ownership agreement with a shared mortgage. One couple will live in the basement and half of the main floor, and the other will live on the third level and the other half of the main floor, says realtor Noam Dolgin, who specializes in co-ownership deals.

“They are taking this large heritage house in a great location and turning it into two solid livable suites, and taking advantage of that to bring their price point down instead of paying $1,100 per square foot for half a duplex or a townhouse,” Mr. Dolgin says.

The agent’s take

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Mr. Dolgin said the couples met while attending one of his East Vancouver co-ownership property tours. He said the majority of his business is bringing like-minded buyers together to purchase houses and divide them, but with shared yard space. It’s the equivalent of strata ownership, but without the added cost.

“They connected, the timing was right. They wanted the same location, the budgets were similar,” he says. “There was some negotiation around the price.”

The sale completed May 31.