A vacant site in east Vancouver could be the prize lot at an upcoming auction, according to marketers of the bargain-priced tract, zoned for apartment development near Southeast 164th Avenue.
However, prospective buyers of the 2.1-acre site could be in for a long wait before the market for multi-family projects returns and they can sell or develop the land. Sellers recently dropped the minimum bid price to $700,000, down from $900,000 for the property, situated one-half block east of 164th Avenue and about one block south of Southeast McGillivray Boulevard. It is just north of The Cove at Fisher’s Landing, a 253-unit apartment complex.
The site up for sale was priced at more than $1 million before the recession, said John Rosenthal, president of Realty Marketing Northwest in Portland. He expects it to generate a positive return on investment in the future.
Before the recession, “People were paying between $10,000 and $15,000 per unit” for raw land that could accommodate apartments, said Rosenthal, whose company markets and auctions off all kinds of properties, from commercial and industrial sites to ski resorts and private timber land.
