Vancouver Realtor wants $ 2 million for False Creek Lot that is appreciated at $ 1500 and probably cannot be developed

A Vancouver broker asks $ 2 million for a large, strangely formed with trees lined lot in South False Creek with a rated value of $ 1500 and is reserved as a public open space.

According to BC Assessment Authority Records, the 16,500 square meters. on 500 starboard four has only been appreciated at $ 1500 in the last five years.

Real Estate Consultant Michael Geller, who worked on the original development of South False Creek, said that, according to the False Creek Area Plan of 1983, the starboard square for sale is reserved for public space and cannot be developed.

Geller said that the party was mentioned for sale last summer at the same asking price, but was deleted. It was again noted on July 28.

Land title records show that the property is the property of son Nhu Khau and was purchased on March 12, 2003 for $ 7,081.

“The chance is beating on the door,” begins the list of broker Joseph Liang. “Rarely available 16,000+SF of property of Freehold in the well -sought after False Creek district.”

The offer states that the real estate tax of the site in 2024 was $ 16. It says that the party is in the False Creek Comprehensive Development District. It also says that it is within a transit-oriented area, as a result of a recent BC Act that specifies increased compaction and transit-oriented reconciliation.

The list states that every buyer must contact the planning department of the city of Vancouver “for development potentials.”

Sarah Pawliuk has been living next to the party since 2018 and said that residents were surprised when the Liang real estate board was founded last summer.

“There was many jokes about the price tag of $ 2 million,” said Pawliuk, who played with her three children this week one morning. “Who would buy that? It has limiting covenants and you can’t block the fire access.”

The triangular lot has two lanea’s and is used as a common space for residents in the cooperative, social housing and layers that surround it. Toys for children and play structures have been set up on the game, which borders the Metro Vancouver ownership Strathearn Court Family Rental Housing Project.

Pawliuk said that the Lot owner visits every so often and is a ‘talkative, friendly guy’.

“He really believes it can be developed,” she said.

The official development plan of the city of 87 pages of the city of Vancouver states that the area is occupied by 500 starboard square ‘Public Open Space’.

Spokesperson Bryan Murao of BC Assessment Authority said he could not exactly reveal why the plot was judged at such a low value.

“I can say that BC assessment should generally consider government restrictions when determining the highest and best use of land,” said Murao. “This would relate to restrictions such as registered easements, legal rights of passage and restrictive covenants.

“Depending on the degree of such limitations, the development potential of a property can be limited, which would have an impact on market value.”

The registered sales document from 2003 shows that the plot was conditionally sold to Khau on November 14, 2001, because the previous owner did not pay their real estate tax. The sales document states that the owner of the party when it was sold to Khau was Polygon Ventures Ltd.

Polygon Ventures is no longer a registered company, but mentioned one of his directors as Vancouver developer Michael Audain.

A spokesperson for Audain’s Polygon Realty Ltd. Said this week that no one in the office had knowledge of the transaction and that Audain was out of the city and could not comment.

Geller said that the lot and the environment were part of the proposed redevelopment of Johnston Terminals that received in the mid -1980s

.

“Polygon then bought the properties of the recipient and I suspect that they may have purchased the packages at certain prices and subsequently obtained approval for density transfer, etc., which led to this specific site designating the public open space.”