Have we reached a new height with a listing of a two-bedroom, 880 square foot bungalow for a whopping $14,880,000?
That's a staggering $16,909 per square foot, in a city where luxury homes trade for $2,000 per square foot and up.
Why so much? The home is on an 11,000 square foot beachfront lot on West Vancouver's 'Golden Mile' - Bellevue Ave - and is 1 of the only properties not to have been developed into a mega luxury waterfront home. Yet!
The fact is, the property would be slightly more valuable without the bungalow, as it is pretty much guaranteed that the home will be torn down to build a large house, which is an added cost.
If it makes you feel any better, the last assessment of the property was at $10,252,000, however, the near $15 million price is likely still a little rich for a developer looking to make a profit.
On a similar sized lot just 2 houses away and new, Russell Hollingsworth designed 4,000 square foot luxury home sold last December for $13 million, almost $2 million under asking price.
Almost $15m for this bungalow? We'll See!
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