Vancouver's "Zillion" Dollar Condos Discussed in the Globe and Mail on Saturday
Good old Gary Mason attended a lunch hosted by the Urban Development Institute where "Condo King" Bob Rennie spoke about who is buying Vancouver's super high priced condos these days. Apparently this was quite the hot ticket in Vancouver this week.
Some examples of the prices paid for new development penthouses are quoted:
The Ritz is asking $29-million for its penthouse suite, by the way. The one in the Residences at the Hotel Georgia sold recently for $18-million. And Mr. Rennie just unloaded the penthouse at the Shangri La, which isn't even completed yet, for $16-million. Three years ago, that same penthouse, not yet built and 1,000 square feet smaller, was on the market for $5.3-million.
Gary is a bite bearish though:
Personally, I don't get it. There are other cities in North America that have far more going for them than Vancouver but have not witnessed nearly the same run on their real estate. Chicago is one that comes to mind.
In Vancouver's case, the old real-estate adage - location, location, location - seems to be true. The value of the city's land and housing seems to be mostly about where the old town is situated.
Yes, you can live an outdoorsy lifestyle here. And there are some great restaurants. But let's face it, much of the architecture is third rate and the city is bereft of the kind of cultural institutions that define great cities; that define the world-class city Mr. Rennie believes Vancouver is.
I don't see it. Not yet.
Not surprisingly Bob, was pretty enthusiastic.
Read the article: Just who's buying Vancouver's zillion-dollar condos?
Matthew Collinge: Vancouver REALTOR®
