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

  • Asian stocks mixed after U.S. federal reserve boosts Wall Street

    Economic CTV News
    BANGKOK - Shares were mixed in Asia on Thursday after U.S. stocks reversed early losses and finished higher as investors appraised the Federal Reserve's signal that it is not in a hurry to raise interest rates. Source
  • Federal government blocks sale of construction giant Aecon to Chinese interests

    Economic CBC News
    The federal government has blocked the sale of Canadian construction company Aecon Group Inc. to Chinese interests, the office of Innovation Minister Navdeep Bains has confirmed. The controversial deal between Aecon and China's CCCC International Holding Ltd., also known as CCCI, would have been worth $1.5 billion. Source
  • Feds block Aecon proposed takeover by Chinese group for national security reasons

    Economic CTV News
    OTTAWA - The federal government has blocked Chinese state-owned CCCC International Holding Ltd.'s proposed $1.5 billion takeover of construction firm Aecon Group Inc. for reasons of national security. More coming. Source
  • Feds block $1.5B takeover of Aecon by China-owned company over national security

    Economic CTV News
    OTTAWA -- The federal government has blocked the proposed $1.5-billion takeover of Aecon Group Inc. by a Chinese state-owned company for reasons of national security. After markets closed Wednesday, a spokesman for Economic Development Minister Navdeep Bains confirmed the government's decision to prevent CCCC International Holding Ltd. Source
  • Canada blocks Aecon takeover by Chinese state-owned firm over national security

    Economic CTV News
    OTTAWA -- The federal government has blocked the proposed $1.5-billion takeover of Aecon Group Inc. by a Chinese state-owned company for reasons of national security. After markets closed Wednesday, Economic Development Minister Navdeep Bains confirmed the government's decision to prevent CCCC International Holding Ltd. Source
  • Northern B.C. gas pipeline designed to supply LNG industry wins NEB approval

    Economic CTV News
    CALGARY -- The National Energy Board has approved construction of a natural gas pipeline originally intended to supply the Pacific NorthWest LNG export terminal near Port Edward, B.C., even though that $36-billion project was cancelled last July. Source
  • Strike at Caesars Windsor postpones Blink-182, Russell Peters shows

    Economic CTV News
    WINDSOR, Ont. - An ongoing strike at Caesars Windsor has postponed more concerts, this time appearances by artists including Blink-182 and Russell Peters. The southern Ontario tourist draw says it is postponing concerts and cancelling hotel reservations through June 16. Source
  • Ecuadorian Villagers lose fight to have Chevron Canada pay US$9.5 billion

    Economic CTV News
    TORONTO -- The Canadian subsidiary of U.S.-based oil giant Chevron Corp. cannot be held liable for a US$9.5-billion award a court in Ecuador ordered against the parent company in favour of Ecuadorian villagers, Ontario's top court ruled on Wednesday. Source
  • Research needed on impact of microplastics on B.C. shellfish industry: study

    Economic CTV News
    VICTORIA -- A new scientific study says more needs to be known about the impact on oyster farms of microplastic pollution that has been found in waters off Vancouver Island. The report's authors say it would be prudent to assess the extent to which shellfish ingest microbeads, microfibres and microfragments after the pollution was found in the Baynes Sound, Lambert Channel and in areas off Denman and Hornby islands. Source
  • CN to purchase hundreds of grain cars as transportation bill becomes law

    Economic CTV News
    MONTREAL -- Canadian National Railway is preparing to purchase hundreds of new grain hopper cars to get shipments moving after a bill that encourages railways to make investments to avert service disruptions became law Wednesday. Source