Vancouver sub penthouse sees massive price drop in just over a year

A Vancouver sub penthouse currently listed for sale has seen some interesting activity over the last year, including a massive price drop.

Suite 2900 at 1139 West Cordova Street is currently listed for $12,250,000, but looking at the listing in April of last year tells a completely different story.

In April 2023, the suite was listed for $26,500,000, and through several re-listings over the year, it dropped by $14,250,000.

The current asking price is well under the assessed value of $13,568,000. It reached its peak assessed value in 2019, when it was assessed at $18,053,000. According to BC Assessment, it’s still one of the top 500 most valuable properties in the province.

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Virani Real Estate’s initial listing at $26,500,000 in April 2023 was terminated in July of the same year. It was listed again in July for $22,888,000 before that listing was terminated as well.

Angell, Hasman and Associates took over and listed it for $15,880,000 in January 2024. That listing was terminated in March 2024. Macdonald Realty listed it for $14,988,000 in March of this year, and that listing was terminated at $13,526,700 in May, until the most recent listing from Prompton Real Estate.

Holly Calderwood told Daily Hive it’s a court-ordered sale.

“The most recent listing was put on the market by the third mortgagee for two months,” she said.

“We are just beginning to see the full impact of the Bank of Canada forcing high interest rates on us and the rollout of foreclosure sales. In the next year, there will be many more foreclosures coming,” Calderwood added.

While there aren’t many pictures of the suite itself, the listing suggests quite a sizeable space, with 5,420 sq ft on offer.

Prompton Real Estate

The Vancouver sub penthouse, built in 2008, offers four bedrooms, five bathrooms, stunning views, and many amenities. The views are available in all the principal rooms.

Prompton Real Estate

Amenities include a 24-hour concierge, security, a pool, steam room, sauna, whirlpool, gym, a games room and virtual golf.

Prompton Real Estate

“The four-stall private garage includes ample storage [and] is ideal for your luxury vehicles,” the listing states.

One real estate social media analyst thought the listing history represented desperation.

Someone getting desperate?
Over $14 MILLION in reductions in a year.
JFC I hate it here some days…😠#VanRE pic.twitter.com/j3Smiw9Lna

— Julia Longpre (@juliamarblefaun) May 23, 2024

What do you make of the extremely high initial asking price and subsequent drop?