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Vancouver Real Estate Vancouver home ‘prime for redevelopment’ sells for $1.36-million

Colleen Burke Photography /Colleen Burke Photography

4514 Nanaimo St., Vancouver

Asking price: $1.399-million

Selling price: $1.360-million

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Previous selling price: $738,000 (2010)

Days on the market: 41

Taxes: $4,647.31

Listing agent: Owen Bigland, Macdonald Realty

The action

The buyers are a young professional couple who plan to live upstairs and rent out the suites.

Colleen Burke Photography /Colleen Burke Photography

The house was first listed at $1.475-million and at least 50 parties came through to see it. But after 21 days without any serious offers, the sellers agreed to reduce the price to $1.399-million. An offer came in right away. The sellers are a young family moving to a larger home on the west side. The buyers are a young professional couple who plan to live upstairs and rent out the suites. The suites had been vacated at the time of sale.

What they got

The home has two rental suites with separate entrances.

Colleen Burke Photography /Colleen Burke Photography

The 1,682 square-foot house is on a lot that is only 89 feet deep, on a major arterial street.

It has two rental suites with separate entrances and laundry. There are four bathrooms, six bedrooms, three kitchens and a two-car garage. It is within steps of the SkyTrain.

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The agent’s take

“It is prime for redevelopment,” listing agent Owen Bigland says. “We are seeing areas of Nanaimo Street being rezoned and redeveloped, with plans for more to come.”

Mr. Bigland had sold the home to the sellers in 2010.

“It’s a great investment opportunity,” he says. “Good starter homes like this are selling within 30 days and still very close to all-time highs and above-assessed value in many cases.”

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