$1.5M quickly removed one-bed Butterfly listing raises eyebrows

A real estate listing trying to reassign a one-bedroom unit in Vancouver’s yet-to-be-completed The Butterfly tower generated a fair amount of buzz among neighbours this weekend because of its high price.

The listing, posted on Friday by realtor Karim Virani, offered a 620-square-foot one-bedroom unit on the 15th floor of Westbank’s building. The asking price was just under $1.5 million.

Ariele Peterson, who does marketing and communications for Westbank, the tower’s developer, said the listing appeared to be a realtor trying to assign their personal unit, which was not authorized by the developer.

The listing was taken down only hours after it went up, but the asking price still caused a stir.

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The unit clocked in at just under $2,400 per square foot, as one neighbour astutely calculated. They called the price “insane” in a social media post. Another neighbourhood resident begrudged the noise the years-long construction project has caused, only for prices to not be affordable for area residents.

Daily Hive has reached out to both neighbours for comment.

In downtown Vancouver, $1.5 million can typically buy a two-bedroom, two-bathroom unit with a view and more than 1,000 square feet of living space.

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In other BC cities, including Squamish and Kelowna, $1.5 million could easily buy a four-bedroom house.

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The Butterfly is a decidedly luxury building, though. It’s Vancouver’s third-tallest tower, and amenities will include a 50-metre lap pool encased in a ribcage-like structure, and rooftop pools looking out from atop the 57th floor.

Westbank

Units in The Butterfly are mostly spoken for already, following a 2017 presale before construction started. In many presale projects in Canada, unit assignments are at the discretion of the developer, according to Westbank’s project team. Presale buyers usually need developer permission to reassign their units.

Home prices for The Butterfly started at just under $1 million when it launched in 2017.

Construction is now predicted to be finished in early 2024, two years after the initial completion estimate.