It may not look like much.
More than two thirds of the home has collapsed and the charred debris from a once-raging fire remains undisturbed. The creeping grass surrounding the abandoned building has grown long and unruly.
Despite its seemingly uninviting appearance, the property located in Vancouver’s Kitsilano neighbourhood has been listed for a whopping $3.9 million.
The remaining structure on the property, which measures 15 metres by 36 metres, is all that remains of a three-storey residence that burned down in a three-alarm fire last December. Since that time, the residents of the home have left and the property is under foreclosure, according to real estate agent Hunt Tse.
Tse said the bank has taken over its ownership and nothing has been done or will be done to remove the existing structure on the land.
“Whoever buys it will be taking it as is,” he told CTVNews.ca on Tuesday.
Despite this, Tse said potential buyers will be happy to know they can rebuild from scratch even though the former building was considered a heritage home and protected by the city. Because of the fire, the property’s new owners will be able to build a brand new home instead of renovating the current building.
“It’s what you can do with it. It’s not what you see on it,” he explained.
Another attractive feature of the land is its RT-8 designation, which means that a multi-family home can be built on it.
“You can put about 4,500 square feet of building there and you can divide it into four units,” he said. “Each unit you can have 1,100 to 1,200 square feet depending on how you allocate it.”
Tse compared the neighbourhood to Toronto’s popular Cabbagetown neighbourhood and said its location in Kitsilano justifies the listing price.
Despite the location, Tse said it might not sell for the asking price because Vancouver’s housing market has cooled in the last year.
“It may sell for a little bit less,” he said. “If you sold it last year, it would have sold for over $4 million.”
Tse said if the property was located in downtown Vancouver, it would sell for more than $10 million.
Since it was listed two weeks ago, Tse said he’s received approximately 10 inquiries about it, but no offers as of yet.
“Eventually it will sell,” he said. “It’s not just the land that you see. It’s what can be done there.”