Vancouver teardown in Point Grey sells for almost $2.5M

The latest poster child for Vancouver real estate excess is off the market, having fetched of course more than the asking price, proving that when it comes to securing a plot of dirt on the city's west side, there seems to be no limit to what buyers will spend.

• Average house price up 17% in January

The property soldfor $2.48 million, $80,000 more than what was considered an outrageous list price just two weeks ago when it was put on the market.

Located on West14thnearSasamatin the location-location location-driven Point Grey neighbourhood,the house had a sale price that reflects a new upper range for land value. It's certain the wrecking ball will soon land on the shabby little house currently sittingon the property,cheekily dubbed a "dream home"by local newspapers.

Onlytwo blocks away, a brand new four-bedroom, six-bathroomhome perched on aslightlysmaller lot is currently listedfor $4.3million.