Teardown #6: A South Granville House

5745 Churchill St.                        This sixty-six year old house sold for $3.6 M ($800,000 less than list) on March 20, 2012.  It sits on a 70×134 ft (12,231 sq ft) lot, one property South of 41st Ave., on the west side of Churchill St., in Vancouver.  The  house is a 3750 sq ft bungalow with two bathrooms.  It was on the market for thirty-nine days.  The sale price includes architectural and interior design plans for a new house, which are pre-approved, with permits, by the City of Vancouver. Building your dream home can  go ahead any time.

The property is situated at the northern border of the well known, and very desirable, South Granville area of Vancouver.  South Granville is a highly Asian influenced area.  The tonier part of the district is actually further south, closer to 55th Ave.  41st Ave. is a very busy east-west corridor  and many people would not consider it desirable to build a large new home only one lot from the corner of 41st. Others are obviously not so choosy.  If one considers the concept of maximizing building size in order to optimise the house value of one’s very expensive property, there is not much room left for a yard, anyway. If you’re not out in the garden or the back yard, it doesn’t matter how noisy the street is.  Being close to a corridor has other advantages, like being close to transit.

Interestingly, the lot is RS3 zoned, which means that a new house must be built in a manner that matches the character of the existing homes in the area. Generally, the new house must match the style, roof lines, and set backs of the houses on either side of it. The zoning allows for a house of 7350- 8500 sq ft on this large property. I wonder if there are still bungalows next door?  An 8500 sq ft bungalow?  Crazy!

Should this house be torn down?  Oh yeah.  Its old and outdated.  The house is only valued at $27,400. The lot is crying for a giant house, with lots of bathrooms, and triple pane windows.

Why didn’t I buy this property?  Too expensive, too noisy.

MLS #V931323. 70.5×173.5 ft lot =12,232 sq ft. Sold $3.6 M. Mar 22, 2012.                2011 Assessment:$2,378,900. 2012 Assessment:$3,469,400.