Is this ‘rundown’ home worth $2.4 million?

In most North American cities, an 86 year-old rundown property would be a tough sell for any real estate professional.
In Vancouver, agents are listing it for $2.4 million.
That posting has taken the internet by storm, as many Vancouver residents believe it best exemplifies the city’s current housing affordability crisis.
The three-bedroom, two-bathroom house lies in disrepair, embodying 4,062 sq. ft. of rotted walls, damaged floors and overrun landscaping. Still, the residence is located in the posh Point Grey neighborhood, in walking distance to Pacific Spirit Regional Park and the ocean.
It also boasts “sweeping mountain views,” as well as such neighbors as David Suzuki and the founder of Lululemon, Chip Wilson, according to CTV Vancouver.
The outlet notes that the house is priced $1,159 per square foot – which may actually be a bargain compared to nearby homes that have recently sold for $4.5 million.
Although residents have expressed outrage over that asking price, analysts note that it may be a low estimate, given the property’s potential.
“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.
Tang points out that a savvy investor could tear down the home, build a new one for $1 million, and still end up “saving a million dollars.”

Photo Credit: The Kavanagh Group

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  • by James 2016-02-03 10:59:18 AM

    Of course not, but for money laundering purposes, there is a buyer flying in now to buy it lol.

  • by Money 2016-02-03 1:14:54 PM

    LOLO....Money laundering....if you think the government doesn't know....look at all the countries like US,, Canada, Britian, Australia...real estate prices are thru the roof......Huge corruption in China....if you are not corrupt most likely you are poor in China....Latest (a month ago) case 35 years guy who has basically has no financial background owns the largest online grey market lending the end it was found to be a ponzi scheme....really....LOL...imagine how many smaller Ponzi schemes might exist in China from a population of1.3 billion people...China is the Wild Wild West....once these people pull off these schemes then they quickly funnel the illicit funds out of China.....

  • by Matt 2016-02-03 11:09:43 PM

    I think the government should tax the crap out of these people and then give it to the rest of us that can't afford houses in are own nabourhood !!!! Wtf

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