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Bullboard - Stock Discussion Forum Madison Pacific Properties Inc T.MPC

Alternate Symbol(s):  MDPCF | T.MPC.C

Madison Pacific Properties Inc. is a Canada-based real estate company, which owns, develops, and operates office, industrial, commercial, and multi-family rental properties located in British Columbia, Alberta, and Ontario. The Company also has investments in joint ventures that develop residential properties. The Company’s investment portfolio comprises around 54 properties with approximately... see more

TSX:MPC - Post Discussion

Madison Pacific Properties Inc > More from Mission
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Post by undervalue on Feb 28, 2022 5:48pm

More from Mission

Kooky Mission rancher sells for $1.3M, 78% over assessed value (PHOTOS)

Feb 28 2022, 1:35 pm
 

A Mission rancher just sold for $1,315,000, and what it lacks in size and modern features, it makes up for with a lot of heart and personality.

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The small rancher at 32214 Diamond Avenue in Mission, BC, sold nearly 80% over the 2021 assessed value of $737,000.

Whoever purchased the property likely did so as an investment, as the lot is relatively large. We can’t imagine anyone spending $1.3 million on what looks like a trailer on the surface…

But then again, this is BC.

Even the listing alludes to the property being an investment rather than a future home for potential buyers.

“This is the perfect opportunity for the savvy investor,” reads the listing.

32214 Diamond Avenue, Mission (ROYAL LePAGE)

The final asking price for the Mission rancher was $999,500, meaning it sold for $315,000 over asking by the Royal LePage Wheeler Cheam Realty, according to Zealty.

mission rancher

32214 Diamond Avenue, Mission (ROYAL LePAGE)

Not a particularly large home at 1,848 square feet, the property includes two bedrooms and two bathrooms and an unfinished basement. The appliances carry modern finished, but the rest of the interior looks dated.

It still is somewhat charming.

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mission rancher

32214 Diamond Avenue, Mission (ROYAL LePAGE)

The vibrant interior colour scheme makes up for the somewhat bland and unimpressive exterior.

32214 Diamond Avenue, Mission (ROYAL LePAGE)

Wood flooring serves as the foundation for all of the rooms in the home, and a new roof was installed less than 10 years ago.

32214 Diamond Avenue, Mission (ROYAL LePAGE)

If this house did end up being demolished for a new property, there is plenty of land to work with.

mission rancher

32214 Diamond Avenue, Mission (ROYAL LePAGE)

The 2019 assessed value for this Mission rancher was $487,400, meaning the home sold for a whopping 170% above it.

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Places like Mission, Abbotsford, and Chilliwack, known to be more affordable spots to buy housing, are now seemingly becoming targets for investors.

The 53-year-old house was only on the market for four days.

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