For Sale: $2,489,000
2395 W 22nd Ave, Vancouver Westside. V887015.
2400sqft SFH, built 1950; 50x122ft lot (0.14 acres)
Yes, yes, we know, we know, lot value only… but then why, oh why, do the realtors insist on the snapshot? Do we really need the international ridicule that much?
Saved here as another landmark image and price level.
And to head off questions from disbelieving readers in San Francisco and Seattle; no, this is not waterfront, and no, it has no views.
In fact, it’s on a very ordinary suburban street. – vreaa
[hat-tip to ‘best place on meth’ at VCI who quipped “what happened to the million dollar crack-shack?”]
Google Earth gives more perspective.
Nice day; Nice trees; Horrendous architecture:
The property:
The street:
Vancouver Real Estate Anecdote Archive 
It has three windows. Maybe someone needs a good bomb shelter?
it’s the property stupid. You’re getting distracted by the house
You should jump all over this one Rusty. A deal like this won’t last long!
a developer will buy this lot. I’m an investor,
No developer would buy this lot. Unless by “developer” you mean some newbie building their first “spec house”.
that is not a 3 million dollar street…give me a break, those houses on that street are all plain-jane verging on ugly. Those lots and houses are going back to the $600,000-$800,000 range at some point, mark my words.
boy, are you ever outta touch. Firstly, it’s 2.489M, not 3M
Secondly, comparable 50′ lots in the neighbourhood have sold for
only slightly less recently.
2255 w20th, 50′ lot sold Feb 6th for 2.1M
2326 w20th, 50′ lot sold April 17th for 2.1M
3859 w 23rd, 49′ lot sold for 2.33M
etc. etc.
Those lots will never go back to 800K, not even if you use all 3 of your genie wishes to make it happen.
Great, it’s nice when we’re all clear about our predictions.
I’ll go on record as saying these lots will sell for less than $1M in the trough, quite possibly less than 800K.
put me down for lots under 850K within 5 years.
after building a house it’s going to be way over 3 million, secondly, I realize that a bunch of houses have recently sold for that amount in that area. I’m saying that in a real world (after the stupidity leaves the market), that area will not be worth even close to that amount. I know the West side well and smart people do not spend that kind of money on a street like that , Osler, Drummond Drive or Belmont Ave maybe, but certainly not West 22nd Ave and Balaclava.
Investing 2-3 million on a lot on that street and building an ugly house super close to your neighbour is not what smart money does or is doing….trust me.
Those lots were probably worth $500,000 in 2002, there is an easy chance it could go back to that.
I’m gonna knock on the door today and disturb the te.nants
knock on their door during the hockey game tomorrow night
What’s the difference between an “investor”, “developer”, and “flipper” in the Vancouver market? Timeline.
So Rusty, you’re implying that a developer is not an investor?
Guess you think he will buy it for 2.5M, tear it down, build a new house on it just for kicks .
yes, developer will tear down and built two homes and coach home. There are homes on standard 33′ wide in Cambie area that are selling to developers at 1.3-1.5M. Even at this price plus construction cost the developer will still make 500K – if the market stays strong. If market tanks the developer is the first one to discount and get out of the market.
“developer will tear down and built two homes and coach home”
On 50′ frontage zoned RS1. Okay.
“if the market stays strong” – Rusty
Are you doubting this bull market that you are such a believer of.
It always and only goes up doesn’t it?
Ken,
like I said, I don’t speculate on future events, you do. I have no idea what will happen, nor do I care. My investments are sound and pay for themselves, this is all I care about. At the end of the term I have an asset that I have paid for with tenants money
No view at all? Wow – it’s cool you’re recording this because somebody can use this blog to write a really interesting buisness thesis about market bubbles.
yank -> It’s amazing, isn’t it?… it’s so obvious as to what it is, once you see it, yet so many right in the very middle of it don’t see it… it’s like one of those wallpaper-effect images… once you see it, it’s obvious, yet others can stand next to you and say…huh?
If you can’t see the SHARK, you’ll get eaten!
ha! true enough! And I just saw a version of this movie. It’s a pretty strange experience watching it again.
My marine biologist friend always said that if you can see a Great White it’s too close. Good time to stay out of the water.
I saw this movie in ’82 and now watching it again in digitized 3D version