Location, location, location: See the 12-foot wide Vancouver home sold for $1.35M
Published Wednesday, April 29, 2015 7:57AM EDT
A Vancouver home is raising eyebrows for its narrow size and gigantic price tag.
The remodelled home in the city's pricey Point Grey neighbourhood has one bedroom, a den, a high-end kitchen, a living room, plus one and a half bathrooms. But there's a catch – the home is only 3.6 metres (12 feet)-wide and approximately 945 square feet in size.
Realtor Kristy Mattiazzo said smart design makes the home feel much bigger than it is.
"The feel of it, because it has soaring ceilings, is beyond what it looks like on paper," she told CTV Vancouver.
When Vancouverites were shown a video of the home most agreed that it was quite nice. Their tone quickly changed, however, when they were told that the sellers were listing the home at $1.35 million.
"And it's that small? No," one woman said, appearing shocked.
The home is one of a handful of very lean homes that were built in the city during the 1980s. Today, there are only a few that remain.
Mattiazzo said prospective buyers need to consider what they're getting beyond just the home for that price.
"Land, land is the key here," she said. "Where else are you going to get land in Point Grey for that price?"
And despite the high asking price, it doesn't seem that it's out of line with the city's notoriously expensive real estate market.
A March report found that the average price for a detached home in Vancouver and Toronto passed the $1 million mark in both cities.
Another report from Vancity Credit Union predicted that the average home price in Vancouver will exceed $2.1 million by 2030.
And it appears that some buyers aren't letting prices keep them from jumping into the housing market. The narrow Point Grey home sold in just seven days.