This Vancouver house costs less than $600,000 and it's definitely not a tear down (PHOTO)

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“There’s a house in the City of Vancouver that costs less than $600,000?” You might think there is something very wrong with this property, but there is nothing peculiar – except for the relatively low price.

The benchmark sale price for a single-family detached home in Metro Vancouver is $932,900, and it soars much higher within the City of Vancouver with an average price of $1.36 million. Sales have also been steady and relatively strong, indicating that fears of a real estate bubble might be overblown.

However, a property at 2622 Clark Drive in East Vancouver is now selling for far below average market prices not just in the region but in the City. The 1,951 square foot, two-storey home with three bedrooms and two bathrooms is an outlier given that it has an asking price of only $599,999.

It was built in 1911, but it was remodelled before its previous owners occupied the home in 2005, when they purchased it for $333,000. The interior and exterior, including electrical, plumbing, floors and kitchen, were all completely renovated and a new roof was installed just four years ago. An open air deck was also added, expanding the structure’s area by 600 square feet.

While there is nothing wrong with the structure itself, it is the land and location that has brought the price of the home down. It sits on a small lot that is half the length of a typical Vancouver lot and it also faces Clark Drive, which is not only one of Vancouver’s busiest streets but also a main route for truck and commercial vehicle traffic.

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