“You can’t make this sh*t up. I posted a week ago about the insanity of the East Vancouver market giving the example of a builder who converted a 33×120 lot into a house with a strata titled main floor and basement, as well as a lane house.
Main house – V930752 – 1.2 mil
Basement suite – V930763 – $590K for 1,175 sq ft
Laneway home – (still completing) – +$900K
So, some guy thinks that a fully developed lot near one of the noisiest intersections in Vancouver proper (Kingsway & Knight) should be fetching him 2.7 million dollars. Another funny piece of info was that the stereo was pumping in the basement to drown out the sound of walking from the upstairs unit. Quality is job one.
Well, the basement of the main house has sold:
MLS # V930763
1262 East 19th Avenue
2 BR ‘Garden’ Suite; Strata
SOLD; Ask price $590K” [sales price yet to be verified]
– mflat at vancouvercondo.info 13 & 24 Feb 2012 10:02am
mflat is right, you can’t make this up.
It’s going to be ironic when the price of entire houses in East Van return to less than the price of a bubble basement.
UPDATE 8 Mar 2012:
This basement suite was featured on Global TV News, 7 Mar 2012
Video archived by Greenhorn; [story at 2:20]