Regent Park Realty Inc.
2864 East Georgia St., Vancouver
Asking price: $1.598-million (March 8)
Selling price: $1.618-million (March 18)
Days on the market: 10
Taxes: $6,159.80 (2023)
Listing agent: Bryan Yan, Regent Park Realty
What they got
This old house, built in 1922, needed a lot of updating. Sitting on a 33- by 110-foot lot in a desirable location near the Pacific National Exhibition, it is close to schools, community centres, parks and bus transit.
The 1,292-square-foot house has two bedrooms, two bathrooms, a den, a sundeck and a shed.
The 1,292-square-foot house has two bedrooms, two bathrooms, a den, a sundeck and a shed.Regent Park Realty Inc.
The action
The owner, an elderly woman, was moving in with family after living in the house for many years. Agent Bryan Yan listed the property but never showed it. He marketed it to small developers who have been converting houses into duplexes in the area.
“Only developers were interested in it. We got the one offer, and it was above asking.”
The sale completed May 15.
The agent’s take
This old house, built in 1922, needed a lot of updating.Regent Park Realty Inc.
The days of “fixer uppers” are over, says Mr. Yan. In the past few years, the small developer has taken over the market for old houses and is increasingly converting them to duplexes. He said that 160 such houses later converted into duplexes have sold so far this year, all of them on the east side of Vancouver. Most have been rebuilt within the last four years, with each new duplex unit selling for upwards of $2-million.
“It’s trending right now – they want these detached old homes. That’s what I see, because there is less risk, the time for submitting the plans to city hall is a lot less and it’s hard to get lots together and do a land assembly and get agreement by three, four, five owners, it’s just too hard,” Mr. Yan says.
“I think the developer will make between $400,000 to $600,000 lift from this.”
The sale completed May 15.Regent Park Realty Inc.