Our region’s multimillion-dollar-bungalow phenomenon may have reached new heights with the listing of this 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 upwards.
So why so much money for what seems – at first glance – to be so little?
The home is on an 11,000-square-foot beachfront lot on West Vancouver’s “Golden Mile” – Bellevue Avenue – and is one of the only properties not to have been developed into a mega-luxury waterfront home. Yet.
In fact, the property would be slightly more valuable without the bungalow, as it is pretty much 100 per cent guaranteed that the home will be torn down to build a larger house, which is an added cost.
If it makes you feel better, B.C. Assessments valued the property in July 2017 at $10,252,000, and that’s without a new high-end home on the site.
However, the near-$15 million price may still be a little rich for a developer looking to make an end profit.
Records show that on a similar-sized lot two houses away, a 2016-built, Russell Hollingsworth-designed, 4,000-square-foot luxury home sold in December 2017 for $13 million on the nose – $1.98 million under asking.