"The two-bedroom bungalow currently on the property was home to a university professor and his family for more than 30 years but is now slated for demolition," says Mr. Wells. "In its place will likely rise a 2,800 sq. ft. luxury character home."

The buyer, a local builder, had no problem paying a premium for the land because he understands its value and snatched the property up on its first day to market. "There just aren't many lot value properties coming available any more," says Mr. Wells. "Especially in the extremely coveted neighbourhood of West Dunbar," he says.

The current home offers two bedrooms and 1,025 sq. ft. across the main floor, with a 1,025 sq. ft. finished basement. Though it does not offer city or mountain views, the new two-storey home surely will. "The owner of this new home will have a view of the Pacific Ocean that few homes in this area have," says Mr. Wells.

Dunbar has made the shift from a humble neighbourhood to a lavish urban community. "Dunbar used to be filled with modest bungalows, but a new generation of Vancouverites has the desire for, and money to pay for, luxury homes," says Mr. Wells.