If you've been dreaming of building a home in BC's prestigious Point Grey neighbourhood, this Vancouver property might be the perfect opportunity.
Located at 1969 Drummond Drive, just north of 4th and west of Blanca, this property sits on over 1.5 acres and is said to be one of the largest in the area.
The home, which was built in 1915, has 2,700-sq.ft of liveable space spread across 2-storeys and the basement. As you could imagine, a house of this age comes with its own challenges, and, based on the property's listing photos, this home is in dire need of some TLC.
This is why it proves as a solid fixer-upper or tear-down opportunity for the right buyer, who will need to have some deep pockets, as the Vancouver property is currently listed for $8,988,000.
While this price may seem steep, it still comes with a $1,000,000 discount. Yes, you read that correctly.
What's more, the new price for the Vancouver property is also below its 2021 assessed value. According to BC Assessment, the current value of the property as of July 1, 2020, totals $9,401,000 -- meaning the new listed price is $413,000 below the assessed value.
BC Assessment also reported the 3-bedroom, 2-bathroom home only has a value of $203,000.
But according to the listing, the value of the property is "mainly the land" as it sits on a lot size of 66,495-sq.ft, which presents "a tremendous opportunity to build a fabulous estate."
The property was first listed on December 3, 2020, for $9,988,000, but took a $300,000 price drop on January 29.
Based on the listing photos, you can see there are cracks in the walls, chunks missing from the plaster, missing flooring, garbage and debris littered on the floor, stained carpets, and a kitchen that could use a major overhaul -- to point out a few of the challenges.
Essentially, more than a good cleaning is going to be needed to bring this place back to life. Oh, and let’s not forget about the exterior of the 115-year old home, which is also in need of serious work.
But, if you’re comfortable with the price tag and the amount of work that will be required to fix up (or tear down) this home, we suggest taking a look inside.