Saturday, March 5, 2016

Vancouver teardown sells for $1 million over asking price

A Vancouver home in the Point Grey neighbourhood has sold for over one million dollars over its asking price, providing another example of just how heated the region’s real estate market is.

The property – a short downhill walk away from Spanish Banks – was listed for $7.88 million in mid-February. The 4,060-square-foot home sits on a 65′ x 110′ foot property and has sweeping views of Burrard Inlet, the mountains, and the downtown skyline.
It was constructed in 1928 and its last renovation was in 1980. Today, it is in dire need of a major renovation, but that is highly unlikely - a new house would cost the same amount to construct.

A week after the property was listed, it was sold for a little over $9 million. There were eleven offers – all cash.

See ----->http://neer-do-well-hall-of-infamey.blogspot.ca/2016/02/real-estate-bubbles-for-dummies.html