Vancouver, not special: Teardown listed for $2.4M
Published Friday, January 29, 2016 11:15AM PST
Last Updated Friday, January 29, 2016 1:40PM PST
It is in a beautiful Vancouver neighbourhood, though it is far from being a beautiful home.
A run-down residence on a 33-foot lot in Point Grey has just been listed for $2.398-million, and realtors expect it will fetch much more.
The Kavanagh Group listing for the three-bedroom home, built in 1930, says it has undergone “some improvements,” though the extent of renovations is not stated, and not immediately apparent.
Interior photos of the home on West 14th Avenue show broken window frames, peeling paint, scuffed floors, and a tub surround hanging off its hinges.
The roof is covered in moss, and the backyard, though it does boast mountain views, is jammed with overgrown greenery.
Realtor Ian Tang of Oakwyn Realty Ltd. says he expects the home to go “well over the asking price,” despite its downfalls, primarily because of its prime address.
It's true: The 2015 property assessment valued the land at $2.1-million, and home just $45,500.
New or renovated homes on similar lots nearby are selling for $4.5-million, says Tang, so he expects a builder would snap up the lot and make a tidy profit.
“So in theory, if someone bought this home at asking price and put up a million dollar home you’re still saving a million dollars,” he said.
“This is a builder’s special – a builder will likely come in and buy it and just put up something new.”
The real estate listing immediately made waves online, with people weighing in about the unaffordability of the city.
If it went for the asking price, which is highly unlikely, a $479,600 down payment would be required.
According to Kavanagh Group’s online calculator, the monthly mortgage payment works out to $10,582.51.
If you want to check it out yourself, there is an open house on Feb. 2.