1708844978 A listed building in Vieux Levis is selling for 320000

A listed building in Vieux-Lévis is selling for $320,000

Hundreds of properties in Quebec change hands every day, most of them without us knowing the exact details. That was before we became interested… Here are the latest transactions that caught our attention.

A heritage building that belonged to the same owner for 55 years has just sold for $320,000 in Lévis on Quebec's south coast.

The two-story building from 1850 is located at 30-32B Rue Wolfe in the heart of Old Lévis and offers 351 square meters of living space. The complex houses a total of four units, two of which are rented for a total income of $900 per month.

Real estate - Levis

Courtesy: Louise Baker, Re/Max

The occupying seller, Donald Michaud, purchased this building in February 1968 from a man named Paul Mercier. At that time, the exchange was completed for the sum of $21,800.

The centuries-old building, which requires significant renovation work, is considered a “classified, declared or cited cultural heritage site,” according to the notarized documents, which itself is located within a protected area of ​​a listed building under the Heritage Law.

Real estate - Levis

Courtesy: Louise Baker, Re/Max

After owning and living in it for more than half a century, its owner managed to resell it for $320,000, almost fifteen times his investment at the time. It goes without saying that this sale takes place without any legal guarantee of quality and at the buyer's own risk.

The transaction was officially announced on January 15th. The first floor, a four-bedroom, two-bathroom 7 1/2 that was formerly owner-occupied, was recently listed for rent for $1,850 per month.

In the most recent three-year appraisal roll, this residence was assigned a value of $396,300. Its value had increased only 6.8% compared to the previous municipal assessment of $370,900.

For buyers, a $4,228 transfer tax payable to the City of Lévis will be added to the purchase price.

In collaboration with Philippe Langlois.

Excerpted from the Journal's weekly real estate column. If you hear of an interesting transaction, do not hesitate to share it at [email protected]