Burnaby House with over 10000 sqft lot, only under 1 million
A couple weeks ago, I searched a house for a client. And found a house over 10000K, but under 1 million, and staying on the market weeks. That is rare, particularly in the current selling market. Further study, I found that the property has a sewer underneath with right of way. Although you can build the same size, due to the sewer along the right hand side of lot, one can have a small front to build the home, which may not look as great as a wide frontage luxury home. It is important to find out if there is any sewer or any important restriction on the lot. These factors absolutely affects the value of the lot, and how the new house will be built if you tear down. Different zoning in different city will have different requirement and can build different size.
Although the lot is huge in Burnaby, if one has overlooked this factor, a buyer may eventually pay overprice instead of underprice as original thought.[:]