Why an unassuming Vancouver home is selling for $10.5 million
There’s a collection of homes for sale in Vancouver’s Oakridge neighbourhood for $10.5 million, and the large asking prices on the nice-but-not-luxurious homes are raising eyebrows on the internet.
Realtor Davis Lougheed featured one of the Ash Street properties with white siding and green shutters in a recent Instagram reel that’s been shared widely since he posted it on February 27.
“Yup, we’re screwed,” he says on-camera before pointing people to his caption, with more details about why the home has an eight-figure price tag.
View this post on Instagram
“The value is in the air and the land, not the house,” Lougheed told Daily Hive in an interview.
BC Assessment values the 5609 Ash Street home at $3.8 million on its own, with the building only being worth $50,000.
“No one would ever buy this house to move in with a $10.5 million price tag … It’s for a developer or investor with a lot of capital. They’re going to be buying this and putting up a high rise on this site.”
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Listing agent Danny Deng has packaged three homes together for their potential to become a tower due to the zoning rules around Oakridge. He’s collecting offers to present to homeowners on May 23.
“Listing price is only $202 per buildable square foot, maybe the best deal in Vancouver Westside area,” Deng wrote in the listing. He didn’t respond to Daily Hive’s request for an interview.
Oakridge’s master plan will see a redesigned mall and new residential towers coming up around it. It’s the single largest Vancouver development since Olympic Village.
Lougheed chose the land assembly to feature on his Instagram page because he loves showcasing interesting or eye-catching properties. He caters to a Millennial and Gen-Z audience, using humour to tackle the housing crisis while choosing affordable properties to feature.
“I work with buyers and sellers from pretty much any walk of life. I’m not just out here working with people who make over $100,000 a year.”