Teardown #2: A Cambie Corridor House

This 1953, 3500 sq ft house, on a 61.5×125 ft corner lot was sold as a tear down on May 31, 2012 for 3.4 M. It was sold as part of a ten property land assembly on the Cambie Corridor. The whole Cambie Corridor from 25th-70th St. is in the process of being rezoned to higher density after the new Canada Line subway was built along it for the Vancouver 2010 Olympics. The sale of these properties created a lot of buzz in the Vancouver media. The properties’ 2011 assessments  were approximately $1.3M each. Most of the recent sales in the area were in the $1.6 M range. People looking to enter the housing market  as first time homeowners were astounded at the new price of housing.  An already seemingly impossible market suddenly became seemingly insane.  Local developers argued that the price of land was too high for them to make a profit on their development projects.  Vancouver city planner, Brent Toderian, stated that investors might be overpaying for land without factoring in the cost of CAC’s when calculating their profit margin. http://www.cbc.ca/news/canada/british-columbia/story/2011/10/27/bc-cambie-corridor-speculation.html   CACs (Community Ammenity Contributions) are the fees that the city charges developers to offset the costs of increased infrastructure and services that are associated with increased densification of an area. As of this date the land assembly’s new owners have not yet applied to the city for a development permit.

Should this house be torn down? Yes, unfortunately. Vancouver city planners want to densify the city in a green way.  Building condo complexes along the rapid transit line allows for density with access to public transit.  It is a good idea.  Most of the houses in this land assembly were outdated bungalows.  This house just happens to be the nicest on the block with a distinctive character and design, which anywhere else, could have been nicely updated with a renovation.

MLS#.  List $3.4M. Sold $3.4M. 61.5×125 ft. 2011 Assessment: $1,322,900 2012 Assessment: $2,200,900.