Some of the most luxurious Vancouver homes are located in Shaughnessy, and a home currently under construction has just been listed with quite the price tag despite a much lower land value.
The property in question was last sold in 2014 for just under $10 million, and now, according to the listing, the soon-to-be-built home is asking for $23,999,999.
According to BC Assessment, the home’s land value is $8,837,000, so the seller has attributed the new property to quite a high value, and pictures show off quite the bougie spot.
Located at 3823 Cypress Street, the new home’s plans include a massive 20,000 sq ft of living space on over 31,000 sq ft of land. The house will also feature eight bedrooms, an ensuite with a jacuzzi, a huge outdoor patio, an elevator inside, an outdoor pool, a wine cellar, a theatre, virtual golf, and a three-car garage.
Sutton Group Seafair Realty
According to the listing, all photos of the future space are renderings.
Sutton Group Seafair Realty
The total assessed value of the property before the new build was $10,013,000, making the new property worth almost $14 million more.
Sutton Group Seafair Realty
The most recent Google Maps street view image of the area shows the previous home surrounded by a fence, so the house is definitely under construction, as the listing states.
Sutton Group Seafair Realty
Sutton Group Seafair Realty
If the home’s list price were equal to its assessed value, it would be one of the top 60 most valuable properties in the province, according to BC Assessment’s list of the province’s most valuable properties.
This isn’t unheard of. There are properties around BC with buildings worth well over $10 million. For example, Chip Wilson’s now-iconic Point Grey home has a land value of $50 million, but the building is worth a whopping $31 million on its own.
We’ve covered other Shaughnessy homes where the seller has been forced to lower the price to close the deal, so this will be an exciting property to follow, especially if there are any price reductions in the coming months.