Notorious Vancouver party penthouse gets considerable price drop

A penthouse that was allegedly a raving party spot during the pandemic isn’t seeing as much fanfare in the Vancouver real estate market.

This penthouse was last sold in June 2020, when the world was experiencing a massive rise in COVID-19 cases.

Homeowner Mohammad Movassaghi was busted for reportedly hosting parties at the Richards Street penthouse in early 2021. In the fall of 2021, the home was listed for $3,359,000.

The sale price has fallen drastically since that 2021 listing with no buyer in sight, including a recent drop less than a month ago.

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PH7 – 777 Richards Street (Macdonald Realty)

We reported on PH7 at 777 Richards Street in May when it was listed for $2,398,100. Soon after, the price dropped to $2,278,100, and the listing was terminated.

PH7 – 777 Richards Street (Macdonald Realty)

This penthouse suite is almost brand-new, having been built just eight years ago.

Club vibes at PH7 – 777 Richards Street (Macdonald Realty)

The home was relisted for $1,995,000 less than one month ago. That price tag is far below the most recent assessed value of the property, which BC Assessment has pegged at $2,621,000, or $626,000 below the assessed value.

PH7 – 777 Richards Street (Macdonald Realty)

Interestingly, another penthouse in the same building, PH9, did manage to sell for well above its assessed value.

PH9 – 777 Richards Street (Re/Max Crest Realty)

PH9 at 777 Richards Street is currently assessed at $3,269,000.

It was first listed in 2017 for $4,588,000. Over the next year, it was relisted a few times. Finally, it was listed in May of this year for $3,888,000, which was the right price for the new owner.

PH9 – 777 Richards Street (Re/Max Crest Realty)

This multi-floor penthouse suite offers incredible views of the city, just like the notorious party penthouse.

PH9 – 777 Richards Street (Re/Max Crest Realty)

Both properties offer a prime location with lots of luxurious building amenities.

If you had deep pockets and could choose between the recently sold Vancouver penthouse and the pandemic party penthouse, which would you choose?