This Vancouver House For Sale Is Listed For Over $10M But Buyers Aren't Allowed Inside
Vancouver real estate is a gong show of expensive proportions, and a recent listing in the Oakridge neighbourhood has garnered some attention for its shocking $10.5 million-dollar price point and unusual buyer terms: no one is allowed inside to actually view the home.
"No showing of property at Seller's request as it is being sold for land value only," the listing reads.
The property's assessed value is actually $2.7 mil — way less than the listing price — and was assessed based on its current use rather than its development potential (as per an exemption under section 19(8) of the Assessment Act). It's that development potential that probably led to the staggering $10.5 million ask.
However, according to the city's zoning map, the property is zoned R-1, which basically means only single-family detached homes can be built on this land unless granted approval from Vancouver City Council.
That said, there's a rezoning policy in place, which states that the council will consider changing the aforementioned zoning to allow for the development of an 18-storey tower.
There's only one picture of the house and a brief description of its interiors ("1932 square foot house/single family for sale has 4 bedrooms and 3 baths") posted online.
In total, the property is 7,327 square feet, so there's definitely some space to play with — that is, if you're willing to flex that imagination and see the potential beyond the underwhelming house and yellowing lawn in the picture.
Just a block away from Oakridge mall, the property is located quite a distance from downtown Vancouver, but it's still within reasonable commuting distance.