[溫哥華本地新聞] Richmond B.C. farm sells for more than 100 times its assessed value

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Richmond B.C. farm sells for more than 100 times its assessed value
Property sells for $9.2 million, despite being assessed for $85,000 in 2017

By Yvette Brend, CBC News Posted: Nov 28, 2017 9:13 AM PT Last Updated: Nov 28, 2017 9:13 AM PT

This 20-acre farm in Richmond at 13000 Blundell Road sold for $9.2-million as of Oct. 30, 2017 according to B.C. Assessment. It's 2017 assessed value was $84,264. (Google Maps)

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Yvette Brend

Yvette Brend is a journalist with CBC Online in Vancouver, B.C. @ybrend

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A Richmond, B.C., farm property has sold for more than 100 times its assessed value, opening up a new potential development site in the booming suburb where home prices continue to skyrocket.

The City of Richmond assessed the eight hectare rural property at $84,264 for 2017, a slight dip from the previous year.

But, it sold for $9.2 million with the mortgage officially changing hands on Oct. 30, 2017.

The city of Richmond has some of the highest housing prices in the region, and land for potential development is so valuable that locals complain that attempts to stop development from devouring farmland are not enough.

Sale of farmland to build so-called "mega-mansions" has become a contentious issue, even reaching B.C.'s Legislature. Green Party Leader Andrew Weaver tabled a private member's bill in Octoberaimed at amending the Property Law Act to restrict the sale of farm parcels in the Agricultural Land Reserve of more than five acres to foreign entities without cabinet permission.

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Layla Z.Y. Yang@LaylaYangRealty

When I see Mark and Dan finally happy with the price of near $10 million offer of their property , then I become really happy!

7:58 PM - Jun 7, 2017 · Richmond, British Columbia

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Earlier in the spring, Richmond city council passed a law limiting the the size of homes that can be built on a half-acre of farmland to 10,764 square feet. The law came after months of heated public hearings over use of the Agricultural Land Reserve.

In one case a bid to build a 40,000 square foot home — big enough for 21 bedrooms — was rejected.

The property on Blundell Road appears to be registered to an incorporated company whose sole director's address is listed as a $2 million condominium on Howe Street in Vancouver.

Price dropped

Calls to the director — Xuan Ming Wu — went unanswered.

Realtor Layla Yangannounced the deal back in June on social media, saying her sellers — Michael and Dan Drozdowski, the sole directors of My Glory Farms Ltd. — were thrilled.

The property was listed in June for $9.6-million, a price drop from the original description as a $11 million investment property in 2015.

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Layla Z.Y. Yang@LaylaYangRealty

I sold my listing 13000 Blundell Rd 20acres agricultural land! Asking price is $9.680.000,My sellers Mark and Dan finally retired from here!

10:57 PM - Jun 8, 2017 · Greater Vancouver A, British Columbia

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The 20-acre or eight-hectare farm property was listed several years ago but the identity of the buyer only came to light when it was revealed on B.C. Assessment. (Google Maps)