A decrepit old bungalow that has been part of the landscape in Vancouver for more than 70 years is currently for sale for the modest sum of $10.5 million, an amount that the future owner will have to pay without even having had the chance to take a look at it. inside.
The property advertised by a local Re/Max representative is advertised as a 1932 square foot bungalow built in 1952 that has four bedrooms and three bathrooms. It is located in the heart of the Oakridge district, in full redevelopment.
The lucky winner who succeeds in winning the bet for this residence will have to pay a minimum of $2.1 million immediately, or 20% of the value of the property. Thereafter, by paying off his mortgage loan over 25 years at 6% interest, the new owner can expect a monthly mortgage of $54,121, or close to $650,000 per year.
Of course, no one should be crazy enough to buy that house, no matter what the state of the real estate market is.
The real value of the property lies in its location. The real estate broker responsible for the sale explains, on the sheet of the house, that the land of 7327 square feet, or 0.17 acres, could be used to build a residential tower of up to 18 floors. The house is also sold only for its land, hence the prohibition to visit it.
The fact remains that becoming an owner in Vancouver is not easy. In February, the average price of properties, all types combined, exceeded $1.12 million, an amount that climbs to $1.81 million for single-family homes.