'Pile of rubble' goes on the market for Â£2.3m in Canada
Aug 23, 2018
Large asking price for remnants of property causes controversy
A Vancouver home destroyed by fire has been put on the market for C$3.9m (Â£2.3m), causing controversy in Canada.See related New Zealand bans foreign home buyers
The remaining structure on the property measures 50ft by 10ft and âis all that remains of a three-storey residence that burned down in a fire last Decemberâ, reports Canadian news site CTV News.
As a bank now owns the property, it is being sold as seen, but âits real estate agent says the price tag is fair, considering Vancouver's scorching property marketâ, reports the BBC.
The city âis one of the most expensive in the world to buy a home, with the median price of a detached house standing at over C$1.6m ( Â£1m)â, adds the broadcaster.
Estate agent Hunt Tse told CTV News the price tag reflects the property's size and potential - not its current state of disrepair. âItâs what you can do with it. Itâs not what you see on it,â he said.
Itâs thought the listing will be bought by a property developer as a multi-family home can be built on it.
âYou can put about 4,500 square feet of building there and you can divide it into four units,â Tse said. âEach unit you can have 1,100 to 1,200 square feet depending on how you allocate it.â
âA developer could likely build, say, a luxury Craftsman-style fourplex with a laneway house at the back, and probably see bags of profit over their original investment,â agrees the Vancouver Courierâs Joannah Connolly. .
Vancouverâs property market is one of the most expensive in the world, although âit has cooled slightly this year after the local government passed measures to limit foreign ownersh ipâ, adds the BBC.Source: Google News Canada | Netizen 24 Canada