Photos: Vancouver Southlands estate with a “farm” assessment of $ 124,000 sold for $ 12.8 million

Southlands is a slice of country in an international city that is Vancouver.

It’s an idyllic setting where one can see horses grazing on elegant estates.

Situated at the southwestern part of the city, Southlands represents a unique urban farmland with stables, riding club, huge single-family lots, and old-world charm.

As such, it’s not at all surprising for realtor Gregory Carros that Vancouver real estate in this rural neighborhood comes with a premium.

The Engel & Volkers Vancouver agent has a recently completed deal over a 3.42-acre (1.38 acres) estate, which sold for $ 12.8 million.

“You can not replicate that sort of property,” Carros told the Straight in a phone interview.

To do that, Carros said that one has to “go out to Langley or further out of town”.

The selling price of $ 12.8 million was more than 102 times the assessment of 2999 West 53rd Avenue, which is classified as a farm.

The property has a 2022 assessment of $ 124,624.

The valuation of the property as of July 1, 2021 is broken down into $ 15,624 for the 1.38-hectare land, and $ 109,000 for the buildings.

“The assessment means nothing,” Carros said.

“By that I mean farm classification gets a much lower assessment,” the Engel & Volkers Vancouver agent explained.

“It’s not like houses where they kind of relate to sale prices,” Carros said.

The farm valuation of the property is based on Section 23 of the Assessment Act, and BC Regulation 411/95.

These provide requirements for land to be classified as a farm for assessment and tax purposes.

Based on legislation and regulation, the assessor must classify as farm all or part of a land used for a qualifying agricultural activity, like raising of crops; farmer’s dwelling; or the training and boarding of horses in conjunction with rearing of horses.

Carros’ listing described 2999 West 53rd Avenue as “one of the largest properties in Southlands”.

The Vancouver real estate includes an indoor riding ring ideal for dressage activities, and a 12-stall barn operating as a boarding facility for horses.

Also, the property is situated across from the Southlands Riding Club.

Except for quarters serving caretakers, there is no home in the estate, Carros said.

Carros also said that the property’s allowed uses include residential.

The realtor explained that the owner can build a home of at least 5,000 square feet.

But as far as Carros knows, the buyers aren’t keen on having a house there.

“They’re interested in the equestrian facilities,” he said.

Carros believes that the new owners are going to improve the facilities and help maintain the rural character of Southlands.

He noted that some property owners in the neighborhood are not enthusiastic about keeping the unique quality of this urban country.

“This will not be the case here,” Carros said about the new owners of 2999 West 53rd Avenue.

“They’re very sensitive to that issue,” he added.

The 2999 West 53rd Avenue property was listed on July 8, 2021 for $ 16 million.

It was sold on October 16, and the sale was reported to the real-estate board on January 24, 2022.

Carros recalled that there conditions attached to the sale, and it was after the removal of these subjects that the deal was reported.

The realtor noted that the Vancouver real estate listing attracted a lot of potential buyers.

“All local,” Carros emphasized.


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