Dilapidated, uninhabitable Vancouver home on the market for $1.5 million

The stairs are crumbling and unusable. The windows and doors are boarded up. The roof is old and growing weeds.

But this two-bedroom home on Broadway in East Vancouver is on the market for $1.5 million.

In another example of Vancouver's astoundingly expensive real estate market, the listing agent is confident this ramshackle house will sell.

“Yes, absolutely,” said Usha Naidu of RE/MAX Crest Realty.

Billed as the future location of a “dream home,” the old-timer built in 1927 and located at 2535 East Broadway isn’t even livable.

In fact, Naidu admitted she hasn’t been inside, because the house was shuttered when power and water services were cut.

But the value of the property lies in its land, and the potential for redevelopment.

“So this is why it is priced the way it is,” said Naidu.

There are newer homes on either side, as well as some well-maintained character houses, so it’s unlikely to be part of a future land assembly. That’s when neighbours get together and agree to sell their properties at the same time to a major developer.

Even so, Naidu figures this probable teardown will sell within a few weeks.