BRITISH COLUMBIA

Vancouver Teardown Listed For $2.4 Million Sells For Over-Asking

02/16/2016 03:32 EST | Updated 02/16/2016 03:59 EST

A teardown property in Vancouver's West End that raised eyebrows over its $2.4-million asking price has sold for much more.

vancouver teardown This house in Vancouver's West End reportedly attracted at least three interested buyers. (Photo: Darryl Dyck/Canadian Press)

Social media users lamented the "ridiculous" sky-high price on such a lowly looking home — but turns out it wasn't that ludicrous after all.

The property ended up selling for more than $80,000 over its asking price, reported The Province.

At least three prospective buyers put in offers on the house, the newspaper said.

Last month, RE/MAX's Ken Wyder predicted the listing "would likely bring in multiple offers over $2.5 million'' — the average price of a single-family home in the area.

Vancouver Teardown Listed For $2.4 Million

The real value of the three-bedroom, two-bathroom home is in the land it sits on. The 86-year-old house is smack-dab in the middle of the ritzy Point Grey neighbourhood, with a coveted view of the North Shore mountains.

A house just down the street was listed for well over $4 million in February, CBC News reported.

On Tuesday, the Canadian Real Estate Association said the average price of a house in Vancouver had jumped by nearly 40 per cent in the last year.

The cost of a home in the city went from $828,000 in January 2015 to just over $1 million in 2016.

The national average, according to the association's price map, was just 17 per cent.

With files from the Canadian Press

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