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 ...
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.
In Vancouver, a $3,000,000 house is called a bungalow.
Three million dollars for a fifth of an acre?
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.)
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.
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.
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.
Location, Location, Location!!
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.
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.
Big enough to be a Walmart!
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.
Dick Yuengling has a house in Gulfstream - another incredible little neighborhood right around Boynton/Delray.
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*
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