The Province

‘Classic old-timer’ on market for $12m

REAL ESTATE: Point Grey house built in 1940 likely a teardown for the buyer of large lot with great views

- GORDON MCINTYRE THE PROVINCE

This 75-year-old “classic old-timer” is all yours for $12 million.

Or maybe you’ll have to bid more than the asking price, given Vancouver’s ever-soaring housing market.

And then, should you be the successful bidder, you’ll probably want to tear the home down and spend God knows what building your dream status symbol.

A 3,048-square-foot house at 4572 2nd Avenue in Point Grey, near Jericho and Spanish Banks beaches and UBC, went on the market last week for $11,988,000. Bids will be examined on June 18. “When guys have that kind of money, it’s more about getting what you want,” said RE/MAX’s Stuart Bonner, the listing agent. “A guy can build a pretty big home there, a lot of guys want that.

“A view is a way of differenti­ating yourself and you can build a big garage for four or five cars or whatever.”

That — the tony location with views of the city, bay and mountains — is one selling point.

The other is the 60-by-168-foot lot, almost 10,000 square feet.

Two doors down, Bonner said, a property barely half as big — a 33-foot frontage with a 10-year-old house on it — sold for around $6.2 million recently.

Around the corner, a lot six feet wider than the one on the market for $12 million, recently sold for $10.2 million.

These properties, said another RE/ MAX agent who specialize­s in Point Grey homes, are like clean slates to the people who can afford them.

“At that level of prosperity, the market is driven by people who are looking to express themselves and they do it through real estate,” said Spice Lucks. “People are looking for a blank canvas to create their dream.”

Since it will almost certainly be torn down, it seems redundant to list the house’s features, but there are four bedrooms and a den, three bathrooms, and a downstairs rec room and laundry. Built in 1940, the house has been occupied by the family that owns it for 53 years.

Other amenities include oak-hardwood floors on the main floor, stairs and second floor, leaded glass, builtin cupboards, two wood-burning fireplaces and a sunny kitchen that retains its original look.

“It’s definitely a beautiful property, but $12 million is a lot of money,” said Paul Boenisch of Sotheby’s Internatio­nal Realty Canada. “It will be interestin­g to see what happens there.”

No one sees the market cooling off any time soon. The average Vancouver west side family home is now worth more than $2.5 million and appreciati­ng by 14 per cent year over year, Boenisch said.

East Van, North Van and West Van are almost as hot.

“It’s anyone’s guess if or when the market will cool off,” he said. “Some prominent economists have been calling for a correction since 2005, but nothing has happened.” Meanwhile, house prices have increased 157 per cent on the west side.

“Vancouver is definitely not going to cool off this year. I really sympathize with buyers trying to get into this market.

“Prices are crazy and multiple offers are very common.”

Meanwhile, back in Point Grey, Bonner, a 36-year veteran of Vancouver real estate, said he can’t guess what the offers will look like come a week Thursday, but he didn’t sound concerned.

“If you don’t get the price today, you’ll get it tomorrow,” he said.

 ?? JENELLE SCHNEIDER/PNG ?? This unassuming home at 4572 2nd Ave in Vancouver, which includes four bedrooms, a den and three bathrooms, has been listed for sale at $12 million. It’s probably a teardown, but lot size and a spectacula­r view make it very desirable in hot market.
JENELLE SCHNEIDER/PNG This unassuming home at 4572 2nd Ave in Vancouver, which includes four bedrooms, a den and three bathrooms, has been listed for sale at $12 million. It’s probably a teardown, but lot size and a spectacula­r view make it very desirable in hot market.

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