Just when you thought real estate in Vancouver could not get more depressing, something like this happens.
A boarded-up home in Vancouver’s Point Grey neighbourhood just hit the market on Tuesday for $2.68 million.
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This is the second time the five-bedroom, three-bathroom home has hit the city’s red-hot real estate market in less than a year.
The two-storey home, built in 1976, was bought in June 2020 for $2.2 million — $312,000 over the asking price of $1,888,000.
The property, on West 15th Avenue, just a stone’s throw away from UBC and Pacific Spirit Park, is a mostly residential neighbourhood of single-family detached homes.
The MLS listing for the prime property, with windows boarded up on the main floor and rear of the home, calls it a “great investment with an opportunity to build your dream home.”
When the home sold last year, there were still tenants living in the unauthorized three-bedroom plus den basement suite, according to the archived real estate listing. The listing agent noted that the upstairs of the home was “not liveable.”
The home and its lot were valued at $2,279,900 by BC Assessment in July 2020.
The latest forecast report from the Canadian Real Estate Association (CREA), released earlier this week, predicts the national average home price is expected to rise by 16.5% in 2021.
The increase is significantly higher than the 12.9% increase that was seen last year.
In Vancouver specifically, exceedingly high demand coupled with low supply has led to fierce competition for properties this spring and an “intense seller’s market.”
The Real Estate Board of Greater Vancouver (REBGV) says there were 3,727 home sales in the region last month, a 73% increase from the 2,150 sales recorded over the same month in 2020.
The benchmark price for all residential properties within REBGV jurisdiction is just over $1 million; however, the agency’s boundaries cover not just Metro Vancouver, but all the way out to Maple Ridge and Pitt Meadows, as well as Squamish and the Sunshine Coast.