You might think a 110-year-old house on Vancouver’s Downtown Eastside might give you a break on the city’s red-hot real estate prices.
But you’d have to think again.
The character house at 320 Union Street in the Strathcona neighbourhood, which has been vacant for 10 years, has an asking price of $1.395 million.
Stonehouse real estate agent Shawn Gregory says despite the high price, it needs a lot of work.
“So there’s no electricity right now, somebody does need to come in and do substantial renovation to bring it back to a livable state.”
UBC real estate professor Tsur Somerville says because the Downtown Eastside is rapidly developing, high real estate prices are to be expected.
“Prices are increasing right now at double a rate than they did last year.”
The house has been on the market for almost a month.
(Photo credit: Stone House Team)