We have written extensively about the surreal Vancouver real estate bubble in the past, but the following listing on Canada's REW site, summarizes the current state of Vancouver housing in one image better than any article ever could.
We present the following house which could be yours for the low price of C$3,990.000:
Did we say house. We meant teardown.
Actually, no the teardown has already happened and it’s a pile of burned down debris that’s hit the market for C$3,990,000 in Kitsilano.
According to the Vancouver Courier, the home at 2573 West 3rd Avenue was reduced to a heap of junk after a December 22, 2017 three-alarm fire on the premises (no one was injured). Perhaps those living there were renters, as one news report on the fire noted that the "registered owner on the land title is a numbered company", also known as a Chinese "investor."
Before it burned down in an inferno of flames and became a total write-off, the 1912-built home had eight bedrooms and five bathrooms, according to BC Assessment records.
The 50- by 120-foot lot was assessed at $3,713,000 as of July 1, 2017, including with a structure on the property. In November 2016 the property sold for $3,000,000 (intact, before it burned down).
And while the flames are long out at this address, the market remains hot, and it’s now listed at over $200,000 more, with 0 bedrooms and 0 baths.
With a 20 per cent downpayment of $800,000, mortgage payments would be a modest $19,000 per month at 5.34% interest.
Of course, you have to have your eyes on the property’s potential: “Very rare development opportunity to custom build your next dream home in the desired Kitsilano area! Zoned RT-8 allows for build of multiple dwelling.”
The listing agent is Hunt Tse at Promerita, for those who believe in greater fools: who knows the may even accept bitcoin...