Posted Apr 28, 2020, 7:20 PM
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Join Date: Oct 2008
Posts: 8,519
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Quote:
Originally Posted by rofina
Appraised values are somewhat illogical.
On many typical, older East Van bungalows or similar the replacement cost today would be an order of magnitude higher than the supposed assessed value. Even if you were able to build it back same condition, not to meet updated building codes, you would still triple or more the typical assessed value.
The houses are often valued at little over $100,000. That gets you permits, drawings, hole in the ground, and foundation walls. Basically missing everything above ground, let alone any finishes, etc.
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You might want to expand your understanding of what an appraisal comprises. The matter of land / building split is more complex than you purport.
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