People who own old homes no longer have to worry about buyers being scared off from buying them.
Now buyers are snapping them up in record time with an eye on either renovating them or, more likely, tearing them down and building a new and large home on the property.
That’s what we’re seeing in Burnaby these days as the real estate market is scorching hot. The home pictured above on North Warwick Avenue is 64-year-old and tiny – just 2,400 square feet – just sold for $1,750,000 or $230,000 over the original asking price.
And this house was only on the market for two days.
You can see clearly that this house is tiny compared with the homes next door. Expect a much-larger house to be built on this property, unless the buyer is in love with post-war cottages.
Other old houses are going fast, fast, fast.
A house at 4666 Highlawn Dr. in the Brentwood area is 68 years old and just sold for $2.1 million – after only six days on the market. The house, which is only 2,300 square feet, actually sold below the asking price of $2.288 million – most of the houses selling lately are going for well above the asking price.
A house at 8691 – 11th Ave. just sold for $1.830 million after just six days. It’s 68 years old and sold for well above the $1.699 million asking price.
A house on 13th Avenue in East Burnaby sold in mid-March for $1,630,000, which was $231,000 over the asking price. The house had only been on the market for only four days. It’s 75 years old and 2,500 square feet on a .18-acre lot. The listings that were posted online only showed one or two exterior photos so it appears to be destined to be torn down with a new home built in its place.
And another house that is older than 60 years just sold for $1.6 million 8326 – 17th Ave. – well above the $1.5 million asking price. It’s only 1,600 square feet.
Follow Chris Campbell on Twitter @shinebox44.
