4749 Belmont Avenue, Vancouver, British Columbia, Canada, V6T 1A8
It shouldn’t come as a surprise that Vancouver’s luxury real estate market is out of reach for most. Take this lot in Point Grey for example. The 1.197 acre (52,131 square foot) lot came on the market earlier this year for a staggering $22,800,000. It hasn’t sold and the price hasn’t been reduced. So what exactly is for sale? There is a boarded up 2,600 square foot tear down on the lot, it features 4 bedrooms, 3 bathrooms, and was built in 1937. A Google Streetview image below shows the entrance/driveway blocked off with permanent fencing & cement medians. Don’t let the listing images deceive you – this property is not waterfront. Beyond that wild jungle is a steep cliff leading to NW Marine Drive and Spanish Banks Beach Park beyond. You’re paying for the view with this property and that’s about it. Is this view really worth $22.8 million?
We’ve compared several overpriced tear downs in Vancouver with what you can buy in upper class areas around the United States. The results are always shocking. However we’ve decided to go one step further. Let’s say you have $22.8 million set aside to purchase a home. You could of course purchase the lot in Vancouver for the full $22.8 million and spend an additional $10 – $15 million building your dream home, or, we can see how many French Châteaus you could buy with that same $22.8 million. Scroll down to see what we found.
We found 9 jaw-dropping Châteaus with a combined valued of just $22,606,270 CAD, that’s $193,730 LESS than the single teardown in Vancouver, BC! The choice is yours. Would you rather buy the lot in Vancouver for $22,800,000 CAD or all 9 of the French Châteaus for $22,606,270 CAD?