Vancouver House apartment can't find buyer despite nine listings in four years

Oct 29 2024, 5:16 pm

A Vancouver apartment owner is having some trouble selling their downtown suite after four years of listings.

Since 2020, the unit inside the Vancouver House building has been listed several times at just under $6 million, quite a bit above its assessed value.

Currently, BC Assessment values the property at $3,542,000, which was listed on Monday for $5,988,000.

Pictures of unit #5203 at 1480 Howe Street reveal a beautiful and luxurious suite with 2,393 sq ft of living space, but you can decide whether or not it’s worth almost $6 million.

vancouver apartment

Virani Real Estate Advisors

The unit features stunning views of the ocean and downtown Vancouver, with windows flooding the space with natural light.

vancouver apartment

Virani Real Estate Advisors

The Virani listing calls the suite a “perfect combination of daring architecture and the ultimate in luxury.”

Virani Real Estate Advisors

This particular unit has three bedrooms and three bathrooms. Other views available from the unit include English Bay, False Creek, Stanley Park and the North Shore Mountains.

Virani Real Estate Advisors

The building itself also offers many amenities, such as a 24-hour concierge, a gym, a pool, and a hot tub.

vancouver apartment

Virani Real Estate Advisors

Nine listings, including the most recent one on Monday, have been put up since 2020. The lowest the home was listed at was $4,888,800 in 2021, when it was assessed at much more than it is today ($4,370,000).

vancouver apartment

Virani Real Estate Advisors

To put the current list price of $5,988,000 into perspective, the highest benchmark price for apartments in the Lower Mainland is in West Vancouver, at $1,245,400, according to Greater Vancouver Realtors.

Some have suggested that the Vancouver apartment owner is an investor trying to ensure they don’t lose money on this property they bought when it was first built.

Based on the eye test, do you think the apartment is worth the asking price?

GET MORE URBANIZED NEWS
Want to stay in the loop with more Daily Hive content and News in your area? Check out all of our Newsletters here.
Buzz Connected Media Inc. #400 – 1008 Homer Street, Vancouver, B.C. V6B 2X1 [email protected] View Rules
ADVERTISEMENT