Need more evidence that Vancouver is one of the most unaffordable housing markets in the world? Here’s a dilapidated 86-year-old home currently on the market for $2,398,000.
According to the listing, the three-bedroom residence comes “with some improvements & a self contained basement suite,” although the spec sheet says the suite is “unauthorized.” The two-storey, 2,069-square-foot structure also boasts mountain and “winter views” (whatever that means), a wood fireplace and a green roof — if you consider unchecked moss growth greenery.
For that price, will a buyer be hard to find? Of course not. The real selling point is the home’s Point Grey location. Situated along West 14th Avenue between Sasamat and Trimble streets, it’s close to UBC and some of the cities most prestigious schools. In Vancouver, it’s all about property value, and there’s a ton of it on this 4,026-square-foot lot. In fact, the benchmark price of a detached home on the city’s West Side was $2,885,000 in December. And this particular home is in a particularly desirable area of the West Side, so you could argue that the $2,398,000 price tag is a steal.
If the only thing on the site was a smoldering tire fire, it still wouldn’t have a problem fetching $2.4 million. It almost makes you wonder why the agents even bother staging the home and taking photos. For any buyer with that kind of money, the only boxes that need to be checked are location and lot size (ie. does the property exist). Whether it’s a tear down, or a million-dollar “restoration,” someone is going to buy this because Vancouver’s housing market is that insane.