How much is a house worth in Kits?

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Close to a Million dollars according to Marty Pospischil’s blog.

Marty_1In general the lot value in the Kitsilano property lies from $700-725k with single family zoning. Properties with RT7 or greater zoning will be bonused another $20-30k. A single family lot with a 2 bedroom bungalow will vary from $725-750k depending on the condition of the bungalow and what updates have been done (mechanical, suite, etc). If the home has an upper or third level that is usable with 1 or 2 bedrooms and good ceiling height then an additional $50k can easily be added to the price yielding a sale from $800k upward again depending on the condition of the home and what updates have been done. Completely redone 3 level Kits home can easily reach the high $800’s to a max of maybe $950k if it has been gutted. This upper limit will reach $1M soon.

Prices are higher than ever in Kitsilano so we should expect to see more developers take advantage of the hot market with projects like The Point. If anyone is selling a vintage 2 bedroom, 2 bathroom apartment for less than $300K – let me know.

Last modified: January 2, 2006

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