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$15.88m Teardown is Region’s Priciest New Listing

1953 rancher sits on massive, elevated lot on prime UBC street with incredible views
Joannah Connolly
December 15, 2017

One of the most expensive teardowns we’ve seen is this $15.88 million, five-bedroom, 1953-built rancher, which was Greater Vancouver’s most expensive new listing during the week of December 4-10, our weekly #REWCAP of the market reveals.

Why the enormous price tag for such an average home? The house at 1512 Western Crescent, one of the UBC neighbourhood’s prime streets, sits on an elevated view lot of 23,658 square feet – which means a massive new home could be built there. Indeed the listing points out that there are many neighbouring multimillion-dollar homes. A brand new mansion in that location could command a much higher price tag, so it’s likely a savvy developer could make even these figures work.

UBC Second
Photo: Google Street View

This modest-looking 1953 rancher is unlikely to survive long, now listed at $15.88 million for its lot value

The current five-bedroom house, of which there are no listings photos, but is described as well-kept with hardwoord floors throughout, will almost certainly not survive. The Google Street View, taken in August 2015, has a notice visible out front for a development permit application for a new two-storey house with underground parking.

UBC Third
Photo: Listing agent Victor Kwan

The breathtaking views from this UBC property play a major role in its $15.88 million price tag

At $15.88 million, the home is only the 28th most-expensive current listing on the Real Estate Board of Greater Vancouver’s Multiple Listing Service® as of December 15 (the priciest is still this $36.2 million North Vancouver estate).

The most-expensive attached home to be listed in the same week was yet again a contract assignment, this one at the as-yet-unbuilt The Smithe in downtown Vancouver – a building that is starting to see a flurry of flips as speculators cash in. The 2,264-square-foot sub-penthouse in the heart of the city was listed for $5,388,900 on December 8.

The properties were two of the 695 new listings the week of December 4-10, yet another decline from the previous week’s 769 new units, as sellers put their plans on hold ahead of the holidays. As of December 15, there are 8,086 homes for sale on REBGV’s MLS®, also a drop from the 8,336 from last week, and one that reveals inventory absorption in sales is still outpacing new listings. This late flurry of sales is likely related to buyers trying to get ahead of the new mortgage stress test coming into force in January, according to the REBGV.

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REWCap Dec 15

Among the 4,842 detached homes for sale in Greater Vancouver, as of December 15, the median asking price dropped by just $3K compared with last week, to $2,183,000. Among the 1,125 attached homes such as townhouses and duplexes, the median list price rose another $10K since last week to $998,000. And of the 2,119 Greater Vancouver condos for sale on December 15, the median list price is $722,900, which is around $9,000 lower than the week before.

Median days on market for detached houses crept up further to 71 days across the region, but the number of homes whose listing price was reduced dropped again during the week December 4-10, to only 243 listings.

Joannah Connolly
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.