Knockdown bargain: What a $2.4M Vancouver teardown looks like

The floors are battered, the backyard is overgrown and the roof is covered in moss. But a run-down residence in Vancouver’s swanky Point Grey neighbourhood has been listed for $2.398-million – and realtors expect the property to fetch even more.

See Full Article

Built in 1930, the three-bedroom, two-bathroom home sits on a meagre 33-foot lot. It comes with broken window frames, chipped exterior paint and bathroom walls showing obvious signs of rot.

house4

At just over 2,000 square feet, the house is priced at $1,159 per square foot.

On the bright side, the multi-million dollar home boasts sweeping mountain views and is located just steps away from the ocean and Pacific Spirit Regional Park.

house3

The property’s listing – which has generated plenty of online jeers – describes the house as “quiet and private” and tucked away on “a cherry blossom tree lined street.”

But the state of disrepair isn’t expected to dissuade buyers. The little cottage on West 14th Avenue is nestled in Point Grey, one of Vancouver’s most desirable neighbourhoods. A-list neighbours include Lululemon founder Chip Wilson and celebrity environmentalist David Suzuki.

house1

Real estate insiders say the property offers a prime tear-down opportunity.

“This is a builder’s special – a builder will likely come in and buy it and just put up something new,” realtor Ian Tang of Oakwyn Realty Ltd. told CTV Vancouver.

Similar homes in the area have sold for approximately $4.5-million, so Tang says that the $2.398-million pricetag is a bit of a bargain.

“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.

house5

According to the Kavanagh Group, which is listing the home, the monthly mortgage payment would amount to $10,582.51. If the home went for the asking price, it would require a $479,600 down payment.

Agents for the firm selling the property told the Canadian Press that they would not be giving interviews.

An open house is scheduled for Tuesday, Feb. 2.



Advertisements

Latest Economic News

  • Uber executive out after failing to disclose sexual harassment allegation: report

    Economic CTV News
    NEW YORK - A top engineering executive at Uber, Amit Singhal, is out five weeks after his hire was announced. According to a report in the tech blog Recode, he failed to disclose that he'd left his previous job at Google because of a sexual harassment allegation. Source
  • Bell Media names Randy Lennox president after Mary Ann Turcke leaves

    Economic CBC News
    Bell Media has named Randy Lennox as its president following the departure of Mary Ann Turcke for a new opportunity with the NFL. Lennox, a former executive at Universal Music Canada, joined the media giant in August 2015 as president of entertainment production and broadcasting. Source
  • Bell Media names Randy Lennox as new president

    Economic CTV News
    MONTREAL - Bell Media has named Randy Lennox as its president following the departure of Mary Ann Turcke for a new opportunity with the NFL. Lennox, a former executive at Universal Music Canada, joined the media giant in August 2015 as president of entertainment production and broadcasting. Source
  • Are loyalty programs even worth it anymore?

    Economic CTV News
    MONTREAL -- The value of customer loyalty programs is under increased scrutiny by companies and users in the wake of Air Miles' recent reversal of an unpopular expiration policy. The operator of the shopper reward program, LoyaltyOne, angered many members last year with its proposal to void unused Air Miles after five years, only to abandon that plan weeks before it was to take effect. Source
  • Manulife admits fine by money-laundering watchdog Fintrac

    Economic CTV News
    TORONTO -- Manulife Financial Corp. confirmed Monday its banking unit was penalized last year after Canada's money-laundering watchdog concluded it failed to report a suspicious transaction and various money transfers. Last year, Fintrac fined the bank $1.15 million, but it withheld the bank's identity, saying it was exercising its discretion to do so. Source
  • B.C. increasing minimum wage to $11.35

    Economic CTV News
    VICTORIA - The minimum wage in British Columbia will rise by 50 cents to $11.35 an hour in mid-September. The ministry says there will be an identical increase of 50 cents to the minimum wage for liquor servers, bringing it to $10.10 per hour in September. Source
  • 5 billion mobile phone users projected for 2017: study

    Economic CTV News
    With populations in Asia on the rise, the number of mobile phones, which stood at 4.8 billion a year ago, should mushroom to 5.7 billion, or three quarters of the world's population, by 2020. The number of mobile phone users globally will surpass five billion by the middle of this year, according to a study released Monday by GSMA, the association of mobile operators. Source
  • Behold the KEYone: Last BlackBerry-designed phone with a physical keyboard

    Economic CTV News
    TORONTO - Fans of BlackBerry's classic physical keyboard will have reason to celebrate when the last product designed in part by the former smartphone leader becomes available in April. The Waterloo, Ont.-based firm played a role in developing the KEYone, named for the return of the QWERTY keyboard that other smartphone designers have mostly long retired. Source
  • Manulife revealed as bank FINTRAC fined $1.15M for anti-money laundering failures

    Economic CBC News
    The head of Canada's top financial crime watchdog is second-guessing his decision last year to withhold the name of a Canadian bank — which CBC Investigates has identified — fined $1.15 million for violating the federal anti-money laundering and terrorist financing act. Source
  • Manulife revealed as bank fined $1.15M for violating anti-money laundering reporting rules

    Economic CBC News
    The head of Canada's top financial crime watchdog is second-guessing his decision last year to withhold the name of a Canadian bank — which CBC Investigates has identified — fined $1.15 million for violating the federal anti-money laundering and terrorist financing act. Source