House lists for a loonie
In his 44 years in the real estate business, Joe Pearson has never listed, or seen, a home so cheap.
At just $1, it’s undoubtably the most affordable home on the Vernon market. The only stipulation is, you have to move it.
All Saints Anglican Church owns the house on the corner of 27th Street and 32nd Avenue but can’t afford to do the necessary foundation repairs (estimated at $250,000 to $300,000). Therefore, the congregation has agreed to sell the home to someone who can move it.
Although the sale price is cheap, there will be some investment needed to move the home as wires will need to be taken down to get the structure out of it’s location.
“That’s the easy part, for someone to come along and say, ‘I’ll give you a dollar,’” said Pearson.
“It will be $100,000 before you get out of the gate,” said Rev. Canon Chris Harwood-Jones.
Although there will be some cost involved, Pearson believes it is a good investment.
“To build a house like this you’d probably be looking at $200 a square foot,” said Pearson of the 2,400 square-foot home.
“They couldn’t build this house for the cost to move and repair it.”
The character home, which features high ceilings, numerous bedrooms, multiple bathrooms and hardwood floors is a unique open structure with a lot of history.
The home was built in 1892 for William Maurice Cochrane – the great-grandfather of Coldstream Coun. Pat Cochrane.
“It’s sad to see it go,” said Pat, who understands that it is not viable for the church to keep.
In 1904, the house served as a school for boys before the church took possession in 1912. It was used as the residence for the incumbent priest until 1993, and then rented to families.
It was also the home of a recovery program for women on the street, Venture Training used the house and it was leased on and off.
But following an extended vacancy, the church cannot afford to bring the home up to code and has no use for the additional space, therefore it is hoping someone can take the historic building off its hands.
“There’s a lot that needs work and the foundation is the biggest part,” said Harwood-Jones.
“If nobody wants to take it away, then we have no option but to demolish it.”
So far, the $1 listed price has generated a lot of interest since, according to Pearson, the approximate average Vernon home price (which includes land) is $350,000.
“It gets attention,” said Harwood-Jones.
There have even been inquiries from Osoyoos and Grande Prairie.
The church has no concrete plans for the site, but could decide to use it for additional parking or a new building in the future.