Vancouver’s $18M Condo
Thursday, June 28th, 2007Vancouver’s most expensive condominium unit hit the market this week with an $18.2-million price tag. The penthouse apartment at 1000 Beach Ave was sold for less than $3 million just three years ago. To be fair, Vancouver businessman Randy Bishop has spent several million dollars completing the property that was an empty shell when he bought it in 2004 for an estimated $7-million.
Personally, I wonder if Vancouver is ready for such a pricey piece of property. Currently, there are about 200 condo units for sale over $1M, but this is reaching new heights in dollar value.
That being said, this price equates to $2000/sq ft. Interestingly, this is a price point which we’ve seen before in this city. The difference is that we just haven’t seen a unit of this size (7,600 sq ft) come to market recently.
Of course, as was recently reported, Vancouver is now the 4th most expensive downtown core in the world (well ahead of such cities as Hong Kong, Tokyo and New York). Being an international market, this property will likely be marketed most heavily outside of the city. In fact, there is reportedly already significant interest from buyers.
Situated downtown at the northeast corner of the Burrard Bridge, right on the Seawall, the property has never been lived in - former owners reportedly include Axl Rose, front man for rock group Guns N’ Roses, and the Russian Rocket himself, Canucks star Pavel Bure.
The 26th-floor, two-level luxury unit includes a private elevator, an additional guest/nanny suite on a separate floor, a private four-car garage and two extra parking stalls, a boat slip at a marina, and floor-to-ceiling windows that offer 360-degree city views.
Other features in the 7,600 square feet unit include solid marble stairs, walnut walls, hand-carved doors, and a kitchen with Miele-brand appliances.
The building is 14 years old, but the condo unit is virtually brand new as a two-year renovation finished just last week. Building residents voted to allow the owner to increase the living space of the unit knowing that it would draw international attention to their building.
They were right.
Sources: The Globe and Mail, The Vancouver Sun
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