- Category: Economic
- Published Friday, January 29, 2016
- CTV News
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.
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.
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.
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.
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.
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.