'Rare development opportunity': Destroyed home selling for $4 million

'Rare development opportunity': Destroyed home selling for $4 million
Posted at 10:58 AM, Aug 22, 2018
and last updated 2018-08-22 09:34:23-04

VANCOUVER, CANADA (RNN) – Buying a home is quickly becoming unaffordable for the average person working a 40-hour week and this is a perfect example.

A burned-out Vancouver lot is selling for almost $4 million Canadian dollars.

That may seem like a ton of money but its Canadian money right?

The lot on 2573 West 3rd Ave. still costs $3.07 million U.S. and is billed as a "rare development opportunity."

The reason, the lot is zoned for up to four town houses, which can bring millions to an investors pocket.

The property was reportedly the site of a 90-year-old house, according to CTV News Vancouver.

The news quickly became a trending topic on Twitter.

One added note: property tax on the lot is $10,000. If you can afford a $4 million then that should be no problem.

The average cost of a house in Vancouver is $1,094,000 according to a July 3, article. The median price for a home in San Francisco is also above $1 million.

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