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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