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Vancouver house listed at $12 million, described as a tear-down

Last Updated Jun 5, 2015 at 11:15 am PDT

This home in Vancover's Point Grey neighbourhood is listed for $12 million (Courtesy realtor.ca)

VANCOUVER (NEWS 1130) – The owners of a newly listed — but very dated — home in Vancouver are demanding a very pretty penny for the tear-down.

It’s on the block for a cool $12 million.

Why? Two reasons:

One is the lot size — it’s nearly 10,000 square feet — and the other, more important reason is the location. It’s on West 2nd in the Point Grey neighbourhood, overlooking English Bay.

The listing says the lot is “ideal for high end redevelopment.”

The price tag is no surprise to Cameron Muir with the BC Real Estate Association. “If you have a piece of property on the most desirable street in Vancouver, you’re likely going to have several million dollars on the price of that home.”

He points out there’s been a dramatic shift over the past 20 years. “We’ve seen a doubling in mutli-family units while we’ve seen single-detached homes’ actual stock start to dwindle. So, single-detached homes are garnering an increasing premium.

“That’s normal in Vancouver. The vast majority of homes in Vancouver are priced below that million-dollar mark. It’s only a very tiny segment at the very top end that are paying these exorbitant prices,” he adds.

The home was built in 1940 and undergone some renovations… if you’re interested.