Here’s what $1.4 million buys you in Port Coquitlam today.
A square of land, some nice trees and a house in such bad shape it has caution tape on the front door.
Walk around the house and you see it sits on a back lane within walking distance of transit and shopping.
But it would take more than an extreme make over to get this 1953 bungalow livable.
Yet according to the BC Assessment Authority valuation as of July 1 2021, the home located at 2224 Mary Hill Road in the city’s growing downtown neighbourhood is worth $1,457,000.
The dilapidated home has been a problem house for the city, which ordered it to be knocked down at about the time the assessors were doing their evaluation.
But as of Jan. 3, 2022 it was still standing.
Vacant since 2010, the small dilapidated house has had problems with garbage, debris, rodents, needles and campers, sparking 22 calls for city service since 2008.
The property has gone up about 30% in value since the previous assessment, when it was valued at $1.1 million.
Oddly, the dumpy house has also doubled in value, from about $5,000 on July 1, 2020 to $10,000 on July 1, 2021.
Most of the value is in the large corner lot, which shows signs of future work, including orange protective hoarding around two large trees and some orange cones.
But the property also shows signs of recent habitation, including a discarded pillow and an empty beer carton.
BC Assessment is expected to have an analysis available of Metro Vancouver property values for the media tomorrow (Jan. 4).
In the meantime, you can check out the assessment of your home and those of your neighbours here.