According to Zealty, a home in east Vancouver that BC Assessment has valued at $1.7 million has been listed well below that value.
4493 Fleming Street is a newly remodeled (2020) home listed by YVR International Realty for $1,000,000, though that’s unlikely to be the final price.
It has six bedrooms, six bathrooms, and a house down an alley with a legal basement suite.
The house was built in 1965, and even if you recognize that the house is a bit old on the outside, the inside has been completely reworked, and it’s what’s inside that counts, is not it ? Although the mural created by a Vancouver-based artist is located outside the house.
Some social media users are speculating why the house has been so significantly below assessed value, with some suggesting it could be to start a bidding war.
4493 Fleming in Van just listed for 1 million. Must be to start a bidding war or it’s a mistake
– DP (@DP12122808) October 11, 2022
We are used to seeing homes selling above estimated value and perhaps slightly below, but this disparity is rare.
One of the most notable is the painted mural on the front of the house and on the side of the front staircase steps, painted by a local Vancouver artist named Juan Pablo Zamudio Cazares.
The listing appeals to potential buyers with the potential for high rental income and cash flow. The listing suggests that “the art of design has always been at the forefront of the project.”
The home has 2,865 square feet of space and is located in the community of Kensington. The listing says the house features a contemporary design, with three “all-new” units, which include the ground floor, legal suite, and a “beautiful alley house.”
The kitchen also looks brand new, with stainless steel appliances and new cupboards.
A Vancouver Realtor’s Thoughts on Low Price
Jimmy Ly is a Vancouver real estate agent who has a popular TikTok page, and he’s been pretty harsh on the property. However, he really likes hashtags.
@jimmyly_ Terrible listing price for a large property. #realestate #realestatemarketupdate #newlistings #newlistingsvancouver #newlistingsburnaby #newlistingssurrey #newlistingscalgary #newlistingstoronto #newlistingsburnaby #howtobuyrealestatewithnomoneydown #howtoinvestinrealestate #howtobuyarentalproperty #howtofliphouses #westvancouver#vancouver #burnaby #burnabybc #burnabynorth #burnabyrealestate #vancouverrealestate #beautifulhomes #realestateinvesting #realestateagent #luxuryhomes #luxurylife #realestatemarket2022 #realestatecrash #howtobuyahouse #howtobuyahome #propertytour #realestateagent #realtor #becomearealestateagent #realestateagentforbeginners #becomeasuccessfulrealestateagent #howtobecomearealtor #realestateagentlifestyle #howtobeasuccessfulrealtor #howtobeasuccessfulrealestateagent #realtoroftiktok #realestateagentsontiktok #realtorsontiktok #newrealestateagent #newrealtortips #realestateagentontario #realestateagentalberta #realestateagentcalgary #realestateagentvancouver #shouldibecomearealtor #howtobecomearealtor #real real estate tips #condo #apartment #vancouvercondos #burnabycondos #calgarycondos #torontocondos #realestatetiktok #realestate #realestatevancouver #realestatebeginner #realestatetiktok #realestatevideography #realestatemarketing #realestateagent #realestatemusic #realestateinvesting #greenscreenvideo ♬ Paris – Otherwise
Roger Luo is behind the listing with YVR International Realty, and his agency suggests Ly’s comments were reckless. We got a response when we asked the agency if there was a strategy behind listing this house so low.
“Mostly because the owner wanted to sell the place but didn’t know what price to put on the listing price.”
The agency added that “nearly 300 groups” viewed the open house property over the past week.
“It still showed that Vancouver had a lot of buyers but not enough properties for people.”
One thing to note is that according to the agency, the alley house was not reflected in the current BC assessment value.
“So I would say even the assessed value is incorrect, how could we blame the estate agents and the public? But the estimated value is a good indicator but does not always reflect where the sale price should land.
In terms of allegations of trying to start a bidding war, the agency suggests that is not true.
“The seller is only looking for one qualified buyer and had no intention of turning this sale into a bidding war. The property is still available so we are happy to assist any interested buyer.
#Home #sale #east #Vancouver #appraised #raises #eyebrows #PHOTOS #Urbanized