85-year-old Vancouver home sells for $3.4 million more than it did in 2003

A Vancouver home that once sold for less than $650,000 just sold for $4.1 million.

419 West 23rd Avenue, assessed at $3,860,300, sold within the last week. The Vancouver home sold for $641,500 in 2003, which would be considered affordable by today’s standards.

The seller attempted to earn $5,789,000 in February of this year before that listing was terminated at $4,789,000.

It was re-listed for $4,489,000 before the seller settled for the sale price of $4,100,000.

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Macdonald Realty

As seen in other home listings, the value comes down to its “exciting potential” for redevelopment.

“The real value is the potential with the oversized LAND this home sits on,” reads the listing.

Macdonald Realty

Land value amounts to $3,787,000, with $73,300 attributed to the value of the buildings.

Macdonald Realty

Macdonald Realty calls it a “very special opportunity” and adds that it falls within “the top tier of the Transit Oriented Development plan proposed by the City of Vancouver.”

Macdonald Realty

The land also allows for a six-unit multiplex development.

Macdonald Realty

The 85-year-old, 3,020 sq ft home has six bedrooms and two bathrooms, and, according to the Macdonald Realty listing, it has been “beautifully maintained and updated.”

The Vancouver home features a beautifully landscaped backyard. It’s also close to transit and a short walk to the “vibrant shopping and restaurants of Cambie.”

Macdonald Realty

Who else wants to time travel back to 2003 prices?