$25m shot in the arm for Vancouver market Written by Grainne Burns
Confidence in Vancouver’s high end property market has been given a timely boost following the sale of an exclusive condo for a cool $25 million.
While still $3 million below the listed price, its secretive owners made a handsome $7.5 million profit within two and a half years.
The 6,434-square-feet condo was reportedly assessed last year for $16.9 million and before its sale was the most expensive MLS-listed condo in Vancouver, and one the highest priced in Canada.
The second most expensive condo in Vancouver is listed at $21 million in the same building. Over 20 condos in the $5 million region have sold in Vancouver since 2011, according to local real estate reports.
The record price for a nationwide condo sale is a 9,000 square feet Toronto property that sold for $28 million in 2011. Big price-tag sales in other parts of the country may be rare, but not uncommon, as witnessed by the sale of a 5,260 square feet condo in Calgary last year for $8.3 million.
The recent sell in Vancouver, managed by listing agent Malcom Hasman, has 14 rooms and takes up two levels at the top of the 45-storey luxury Fairmont Pacific Rim hotel and residential complex. The penthouse will cost the unidentified owners $68,000 a year in taxes and $4,200 a month in condo fees.
The sale is a shot in the arm for the troubled luxury real estate market on B.C.’s Lower Mainland. Still those homes are sitting on the market longer and prices, generally, have slipped from the record highs of 2012.