Shaughnessy property lists for $9.9M despite the house only being worth $90K
In a stunning case of land value, a Shaughnessy home has been listed for $9,980,000, even though BC Assessment suggests that the value of the physical house is $99,200.
The latest assessment suggests that the land is worth $8,712,000.
The property has been listed as a development opportunity for $1,168,800 more than the assessed value.
The Shaughnessy home was shared with Daily Hive courtesy of RoomVu, stating that this was one of the most expensive homes listed last month, tied for first place with this listing, which features a pool house cabana.
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Sutton Group-West Coast Realty
Listed by Sutton Group-West Coast Realty, the listing states that this property awaits your decoration and redevelopment ideas.
“One of the few post-1940 pieces left in the First Shaughnessy District that can be torn down and redeveloped,” the listing reads.
It goes on to say that an approximately 12,000 sq ft mansion can be built on this site, which may have some folks irked who were supportive of a recently killed motion to densify Shaughnessy. However, First Shaughnessy, where this home is located, is excluded from multiplex zoning.
Interior photos highlight the age of this home, which was constructed in 1952.
Sutton Group-West Coast Realty
Sutton Group-West Coast Realty
The kitchen also feels like a snapshot of a different time.
Sutton Group-West Coast Realty
Here’s the same photo edited to make it look like it’s from the ’50s.
Sutton Group-West Coast Realty
The rest of the home features five bedrooms, four bathrooms, and 4,242 sq ft of space, leaving tons of land left over, including one of the largest backyards you’ve ever seen.
Sutton Group-West Coast Realty
Despite being listed primarily as a development opportunity, the listing suggests that the home is still very livable, close to schools, and a short drive to UBC.
The listing concludes by saying this home is a once-in-a-lifetime opportunity to own property in “the most exclusive part of Vancouver,” highlighting that the land is king in Vancouver, and Shaughnessy is no exception.