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Vancouver house that sold for $3-million in one day now faces bulldozer because it is too small
National Post ^ | May 13, 2014 | Tristin Hopper

Posted on 05/13/2014 6:12:29 PM PDT by rickmichaels

VANCOUVER — In the latest weirdly expensive anomaly to hit the Vancouver housing market, a $3-million house that sold in just 24 hours will be torn down by its new owners.

“Most people look at these homes and it has nothing to do with the livability, the cuteness or the character [of the home], it is the economics of the lot,” said Wayne Hamill, a realtor with ReMax Select Properties.

“I’m not for or against what’s happening; it’s just the way it is.”

The four-bedroom house at 3981 West 35th Ave. was built in 1934 but is perfectly sound — its listing notes it has “lots of living space.” But it’s being torn down because its new owners consider it too small.

At 2,950 square feet, it’s well below the 5,300 sq. ft that can be built on the one-fifth of an acre lot.

(Excerpt) Read more at news.nationalpost.com ...


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1 posted on 05/13/2014 6:12:29 PM PDT by rickmichaels
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To: rickmichaels
Nature's way of telling you that you have too much money.
2 posted on 05/13/2014 6:13:23 PM PDT by hinckley buzzard
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To: rickmichaels

They routinely tear down $5 million houses down here to build bigger ones. I’m working on a project for the owner of the Phillies. He bought a $24 million house on Palm Beach and tore it down. Tony Robbins bought a $24 million house in Manalapan and tore it down. Elin Woods tore her $12 million house down. Happens all the time.

I think they’re all crazy, but it’s their money.


3 posted on 05/13/2014 6:16:45 PM PDT by FlJoePa ("Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good")
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To: rickmichaels
They were buying it for the lot. Happens all the time.
4 posted on 05/13/2014 6:17:11 PM PDT by E. Pluribus Unum ("The more numerous the laws, the more corrupt the government." --Tacitus)
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To: rickmichaels

In Vancouver, a $3,000,000 house is called a bungalow.


5 posted on 05/13/2014 6:18:00 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults)
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To: rickmichaels

Three million dollars for a fifth of an acre?


6 posted on 05/13/2014 6:18:51 PM PDT by Cicero (Marcus Tullius)
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To: rickmichaels

I have no problem with this since it’s being done by the property owners. While it sounds a bit crazy to me, it’s their property. (If they were required to tear it down because of some government edict, that would be a whole different situation.)


7 posted on 05/13/2014 6:20:37 PM PDT by Bob
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To: FlJoePa

Yep. Here in Delray Beach, the older single-story homes (mostly seasonal homes) along the intercoastal are getting replaced with 2 or 3 story homes, all for many, many millions.


8 posted on 05/13/2014 6:21:40 PM PDT by Cementjungle
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To: FlJoePa
I think they’re all crazy, but it’s their money.

If I had the kind of money they have, I'd by a house strictly for the lot it sat on. Then I'd have the bulldozers clear it away and build just what I wanted to live in... for a few weeks per year.

9 posted on 05/13/2014 6:21:56 PM PDT by fso301
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To: Cicero

That would be the market value for the house and lot, but the family that bought it just wanted the lot.

If they had this kind of throwaway money, I’m just wondering why they didn’t look for lots adjacent to each other and buy them both? Have a large house and a large back yard.


10 posted on 05/13/2014 6:22:33 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults)
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To: Cicero

Location, Location, Location!!


11 posted on 05/13/2014 6:23:05 PM PDT by deweyfrank
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To: Cementjungle

We’re doing work on the Malnik house(s) in Ocean Ridge. I can’t describe the craziness of that property. It has to be 60,000 square feet under a/c. Crazy place.


12 posted on 05/13/2014 6:24:21 PM PDT by FlJoePa ("Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good")
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To: rickmichaels
Happens all the time.

My parents retired and sold their house in Atlanta. It was ultramodern in 1956 - designed by a Viennese architect with Bauhaus leanings - they got a pretty decent price for it.

The buyers immediately tore it down, shaved about 50' off the hill it was built on, and erected a gigantic pseudo-Italianate monstrosity that I understand (from the contractor's lawyer) cost upwards of $15M to build.

It's on the market for $5.4M (reduced from $6.5M!) so I guess there is justice in the world after all.

13 posted on 05/13/2014 6:25:52 PM PDT by AnAmericanMother (Ecce Crucem Domini, fugite partes adversae. Vicit Leo de Tribu Iuda, Radix David, Alleluia!)
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To: FlJoePa

Big enough to be a Walmart!


14 posted on 05/13/2014 6:26:49 PM PDT by Cementjungle
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To: rickmichaels
A few years ago I made a tidy little profit on a house that I had owned for 20 years.A nice,study (but not “luxurious”) house located in a nice neighborhood that,in the few years before I sold,became *very* hot.My house was torn down and on the lot was built a McMansion that's currently valued by the town at 1.5 million.
15 posted on 05/13/2014 6:27:21 PM PDT by Gay State Conservative (Rat Party Policy:Lie,Deny,Refuse To Comply)
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To: Cementjungle
This is one of the houses. There is another off to the left on the same property:


16 posted on 05/13/2014 6:28:20 PM PDT by FlJoePa ("Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good")
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To: FlJoePa
Nice!

I forget the name of that development between Delray and Boca... along the intercoastal. Supposed to be one of the most exclusive developments in the US. They have armed guards in boats so you can't even get near the place by water. They have some incredible places in there... mostly get used just for a week or two a year too.

17 posted on 05/13/2014 6:31:46 PM PDT by Cementjungle
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To: Cementjungle

Dick Yuengling has a house in Gulfstream - another incredible little neighborhood right around Boynton/Delray.


18 posted on 05/13/2014 6:34:13 PM PDT by FlJoePa ("Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good")
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To: rickmichaels

Hell, we have 2400 square feet on 1.1 acres, and the place seems so big, I swear each room has it’s own season and micro-climate. That yard would be a breeze to keep up, but I wouldn’t want to dust and vacuum the house. This place is enough as it is. *WHEW*


19 posted on 05/13/2014 6:34:23 PM PDT by Viking2002
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To: Cementjungle
Here's more pictures of Malnik's house:

link here

20 posted on 05/13/2014 6:36:03 PM PDT by FlJoePa ("Success without honor is an unseasoned dish; it will satisfy your hunger, but it won't taste good")
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To: E. Pluribus Unum
They were buying it for the lot. Happens all the time.

indeed it does... must be a slow news day in Vancouver..

21 posted on 05/13/2014 6:37:19 PM PDT by latina4dubya (when i have money i buy books... if i have anything left, i buy 6-inch heels and a bottle of wine...)
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To: hinckley buzzard

It’s his money to with as he wishes……….


22 posted on 05/13/2014 6:38:52 PM PDT by basil (2ASisters.org)
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To: FlJoePa

I could not live in that house, or house like that.

I have a fantasy house and it’s about 3,000 sq feet and does not have gold faucets. If I win the lottery, I will build it and be quite happy with it.


23 posted on 05/13/2014 6:39:56 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults)
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To: FlJoePa

Well, we have a mere 3100 square feet... and just finalized our work with the architect yesterday for our addition of about 500 more feet. Have to start talking with contractors now, and I hear that everyone is quite busy.


24 posted on 05/13/2014 6:42:17 PM PDT by Cementjungle
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To: E. Pluribus Unum

My lot is worth more than my house


25 posted on 05/13/2014 6:59:25 PM PDT by yldstrk ( My heroes have always been cowboys)
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To: rickmichaels

We have 1280 square feet on 6 acres. We use about 600 square feet and love the 6 acres.


26 posted on 05/13/2014 7:00:48 PM PDT by defconw (Well now what?)
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To: rickmichaels

Trend Alert: Americans Want Smaller Homes
http://www.motherearthliving.com/the-good-life/americans-want-smaller-homes.aspx#axzz31eOzJ44t
(2009)

Small House Movement
http://www.pinchauser.com/small-house-movement.htm


27 posted on 05/13/2014 7:03:46 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: FlJoePa

When Cleveland, OH, was roaring many decades ago, the rich built million-to-multi-million dollar mansions on the shores of Lake Erie. When they died, many put in their wills that the house be razed—they wanted no one to live in their homes.


28 posted on 05/13/2014 7:36:39 PM PDT by SgtHooper (This is my tag!)
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To: rickmichaels

If I could spend a few mil on a house, I would not buy this one. BUT, it looks sound enough to be moved to a new location, which would be much cheaper than building a similar house from the ground up.

I know a woman who had her lovely old brick home moved from Seattle all the way across the Sound to an island. Amazing photos of it on barges. Anyway, if that house could be successfully moved, so can the one in this article.


29 posted on 05/13/2014 7:39:25 PM PDT by Veto! (OpInions freely dispensed as advice)
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To: FlJoePa

And the best part is, some eco-nazis can buy the castoffs of the knock-downs, and lecture the rest of us how “green” they are by “recycling and repurposing”.

It’s a win-win! /sarc


30 posted on 05/13/2014 7:44:08 PM PDT by workerbee (The President of the United States is DOMESTIC ENEMY #1!)
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To: rickmichaels

If it was previously owned by Progressives, the only way to get the smell of hypocrisy out is to tear it down, salt the earth and rebuild.


31 posted on 05/13/2014 7:44:09 PM PDT by RetiredTexasVet (Progressives (communists) lie because their expectations and promises never match reality.)
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To: SgtHooper
many put in their wills that the house be razed—they wanted no one to live in their homes.

I sort of understand that thinking but do not share it. When we left our family home in a Chi suburb, we sold it. It was bizarre thinking of someone else living in it, but it was also comforting to be able to drive past when we were in town and see it standing proudly where we'd left it.

THEN, fast forward to recent mega-millionaire years, a neighbor paid a cool mil for our old house and tore it down because he wanted a larger yard.

THAT was sad. It was a landmark house, solidly built, stylish….etc etc…..could have been moved to a different neighborhood and housed many more families in comfort and style.\\

32 posted on 05/13/2014 7:48:34 PM PDT by Veto! (OpInions freely dispensed as advice)
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To: rickmichaels

Nothing unusual... when I first moved to Stockton, one of the houses I looked at was slightly out of my price range at $160,000 (this was 36 years ago) and we bought a few blocks away. It was a nice home on the corner of Parkwoods and Meadow. it sold the same week we bought our home. A week after escrow closed I was driving on Meadow and saw a bulldozer plowing through the picture window of that house. They proceeded to knock it down, fill in the swimming pool, and turn it into an empty corner lot. . . a $160,000 empty lot, where they built another slightly smaller house for the buyer’s mother. Who, you ask? The buyer also bought another piece of property the same week. The TransAmerica Pyramid in San Francisco... He owns the San Diego Chargers Football team. Alex Spanos. He lived in a modest house a couple of blocks away, and wanted a “mother’s cottage” close by. You know the three prime determiners of value in real estate: location, location, and finally, LOCATION.


33 posted on 05/13/2014 7:56:17 PM PDT by Swordmaker (This tag line is a Microsoft insult free zone... but if the insults to Mac users continue...)
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To: Cicero
“Three million dollars for a fifth of an acre?”

Corn prices would have to improve a bit to make that work in my neck of the woods.

34 posted on 05/13/2014 8:10:52 PM PDT by CrazyIvan (Obama phones= Bread and circuits.)
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To: Veto!

My dream house would be about 3000 sq.ft. and about 10 acres
and some distance from neighbors. Make it energy efficient all around and very well insulated against the elements. Include a detached workshop and greenhouse and a heated pool with spa. Have a nice big garden plot and some fruit trees in the orchard.
Main thing is to have enough money to live and not have to work except in selected projects and interests. In reality my 1500 sq. ft. home with small yard brings its own satisfactions albeit on a lesser level plus its paid for less the yearly extortions in property taxes and insurance rip offs.


35 posted on 05/13/2014 8:32:44 PM PDT by tflabo (Truth or Tyranny)
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To: rickmichaels

If I had that kind of money I would want enough land where I couldn’t SEE another house.


36 posted on 05/13/2014 9:06:07 PM PDT by Rockpile
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To: FlJoePa

Acre=43,000 sq. Ft.


37 posted on 05/14/2014 2:08:29 AM PDT by bjorn14 (Woe to those who call good evil and evil good. Isaiah 5:20)
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To: CrazyIvan

“Three million dollars for a fifth of an acre?”

Corn prices would have to improve a bit to make that work in my neck of the woods.

Just wait till Obama finishes jacking up the required amount of ethanol in the gasoline.


38 posted on 05/14/2014 8:45:29 AM PDT by Cicero (Marcus Tullius)
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To: Cicero

here is another one a couple blocks south http://www.realtor.ca/propertyDetails.aspx?propertyId=14075945&PidKey=-405867012

just when you think vancouver real estate has hit peak crazy, it gets crazier...


39 posted on 05/14/2014 9:16:23 AM PDT by Reverend Wright ( Josey Wales asks: How is it with stains ?)
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To: tflabo

Sure do like your dream house…self-sufficient is important. I recently met a couple that has just about what you want. They have outdoor all-year veggie garden, fresh kale in the snow, amazing in North Idaho. It’s in a plastic walk-through tube thingy…I hope to learn how to do it next time I see them.

Happy dreaming, may they all come true.


40 posted on 05/14/2014 11:21:48 AM PDT by Veto! (OpInions freely dispensed as advice)
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