The Georgia Straight
D eveloper SEES DOUBLE
THIS STORY will likely sound familiar to many, especially in Vancouver.
In June 2018, a modest detached home in the neighbourhood of GrandviewWoodland sold for $1,751,000. The home was built in 1923, and it featured four bedrooms and a bath.
The residence was eventually demolished.
A development permit for a duplex, or two homes attached to each other, was issued by the City of Vancouver. In 2021, a new duplex was developed at the 1621 East 11th Avenue address.
On June 3, 2022, the two units came on the market, each asking $1,875,000.
This means that each unit was now more expensive than the original detached home that was purchased at $1,751,000 just four years earlier.
Two days later, the unit at the back, or Number 2, sold for $1,818,000. Number 1, the front unit, took a bit longer. On July 21, it sold for $1,735,000.
The total sold price for the two duplex units comes to $3,553,000.
For their trouble, the builder more than doubled the original purchase price of $1,751,000. Each duplex has three bedrooms and four baths. g