A recent Vancouver condo listing is another example of how homes aren’t necessarily flying off real estate shelves, despite aggressive pricing moves by realtors.
The condo is a penthouse suite on Vancouver’s Beach Avenue, which on paper would seem like an excellent opportunity for someone who loves nature and would want to live close to the water and the city’s beautiful beaches.
PH-1403 Beach Ave. is currently listed for $4,680,000, much higher than the assessed value of $3,749,000. That’s just a tiny piece of the story for this penthouse suite that various realtors have been trying to sell since the last sale in May 2018.
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Sutton Group-West Coast Realty
Featuring four bedrooms and three bathrooms, the beachside condo offers 3,150 sq. ft. of space.
In May 2018, it sold for $4,360,000, representing a 4.4 per cent compound annual growth rate (CAGR) compared to the 2012 sale when it sold for $3,350,000. Were it to sell for the currently listed price of $4,680,000, it would mark a one per cent CAGR increase compared to the 2018 sale.
Since that 2018 sale, the home has been listed 11 times through five different selling agents. It was listed at a high of $5,580,000 in October 2021. The current asking price is the penthouse’s lowest since the 2018 sale.
“Enjoy the blue satin waters of English Bay on the balconies,” the listing touts, adding that it’s being offered for an “incredible value” for a downtown waterfront penthouse.
Sutton Group-West Coast Realty
Other features in the beachside Vancouver condo include a gourmet kitchen with a six-burner gas stove, two offices, a spiral staircase separating the two-floor penthouse, and a spa-like ensuite in the primary bedroom. There’s also an enclosed balcony.
Sutton Group-West Coast Realty
Sutton Group-West Coast Realty
Sutton Group-West Coast Realty
If you were to purchase this penthouse, with a 20 per cent down payment and a 30-year amortization, monthly payments would total around $18,500 per month.
Despite everything that the penthouse has to offer, it is yet another example of the stagnation in Vancouver’s luxury housing market. The ultra-luxury sector, which includes homes listed for $10 million or more, has struggled the most.
According to Zealty, in the last 90 days, 51 properties have sold for $4 million or more. During that same period, only two homes have sold for over $10 million.
Are you surprised that a Vancouver penthouse like this one is having trouble selling?