Vancouver Real Estate: city block in Kerrisdale listed for $28 million…
For the bargain price of $28 million, you could be the proud owner of an entire city block of this prestigious neighborhood. The land in question is zoned C-2 by the City of Vancouver, which would allow a buyer to knock down the existing buildings and erect a four stories of retail shops, and condos. A developer stands to make a tidy little profit here. The current owner has been holding the property for a while, but has recently decided to sell. I’m wondering if it has anything to do with the possibility that CP Rail could eventually be running cargo trains down the corridor adjacent to this block. That might make any development a hard sell. I’m not sure buyers in a Kerrisdale neighbourhood are looking for the same urban grit as those keen to purchase hip condos in Vancouver’s Railtown district.
But, it begs the question. Who does want to live in Kerrisdale? When I was growing up it was considered an affluent neighbourhood, but it was still very family oriented. There were lots of affordable little rental apartments and numerous families lived in the neighbourhood with their children attending local public schools like Point Grey and McGee. However, when I’ve recently visited, I have noticed many of the boutique shops are closing and I hear endless reports of beautiful homes sitting empty.
Doesn’t sound like a vibrant, inviting neighbourhood to me.
Perhaps a new development will breathe some life into this south Vancouver community…and, look, correct me if I’m wrong. Maybe Kerrisdale still is a great place to live…if you can afford it.