Pricey Vancouver apartment sells well over asking price, assessed value

We’re used to detached homes selling for over a couple million, but a Vancouver apartment sale has caught the attention of some folks online.

Unit 1001 at 1717 Bayshore Drive sold within the last couple of weeks for a staggering $2,700,000.

That amount was over the assessed value and asking price of $2,498,000, leading some to wonder exactly why.

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Rennie & Associates Realty

Listed by Brandan Price with Rennie & Associates Realty, the apartment has three bedrooms and three bathrooms and is now 24 years old.

It’s much larger than the typical Vancouver apartment, with 1,735 sq ft of space.

“Your opportunity to take ownership in Bayshore Gardens, one of the city’s most coveted addresses,” the listing reads.

Rennie & Associates Realty

The listing points to the home’s size and the views of nearby Vancouver attractions, which are some of the highlights of the apartment. It also offers plenty of natural light.

Rennie & Associates Realty

According to the unit’s assessment history, its value hasn’t changed much since 2015, when it was valued at $2,031,000.

Despite the high price tag, no one would scoff at waking up to this view outside their bedroom window.

Rennie & Associates Realty

A Facebook user shared the listing to a group dedicated to housing in Metro Vancouver.

“What motivates a buyer to pay nearly $300,000 above the asking price?” they asked.

One theory was realtor pressure.

“A realtor who scares them into believing they will lose it if they don’t overbid. FOMO mentality,” someone said in response.

Another user said, “More money than brains, I guess.”

To put the cost in perspective, in March, the benchmark price for an apartment reached $770,700 (+5.6% over February 2023; +2.5% over January 2024).

Do you think this apartment was worth the price the new owner paid?