Vancouver condo sold for whopping $1M over assessed

If you thought a detached house in Vancouver was expensive, have you looked through the condo listings lately?

One condo recently listed as sold on Zealty went for well above the assessed value, more than many detached houses in and around Vancouver.

This does tend to be the case for sub-penthouse or penthouse suites, but this specific suite on Nicola Street sold for $1,114,000 over the assessed value, for a sale price of $8,100,000, slightly under the original asking price of $8,198,000.

So, what does a condo for $8 million offer?

Unit 2400 at 590 Nicola Street is a sub-penthouse suite with three bedrooms, four bathrooms, and breathtaking views.

The listing states that this particular unit is “rarely offered on the market.” It adds, “This exclusive residence offers unparalleled luxury.”

According to the listing, the gourmet kitchen features custom cabinetry.

Century 21 In Town Realty

The living room has floor-to-ceiling windows, and every bedroom has a walk-in closet.

Century 21 In Town Realty

Three fireplaces, a gourmet kitchen, electric blinds, and four parking spaces are included. The building offers residents a 24-hour concierge, a gym, a pool, and close proximity to the seawall.

A wild Audrey appears. (Century 21 In Town Realty)

The listing describes this corner office as “breathtaking.”

Century 21 In Town Realty

The property was last sold in 2006, surprisingly for not much less than this recent sale. In 2006, it was listed for $7,880,000 but sold for $7,250,000.

Century 21 In Town Realty

The assessment of this particular Vancouver condo has been quite turbulent in recent years. While it’s assessed at $6,986,000 this year, last year it was almost $1M more, assessed at $7,826,000.

Century 21 In Town Realty

This condo was assessed at $11,107,000 in 2018. Since then, its value has dropped by about $1M.

Zealty

“This is a truly rare offering in one in one of Vancouver’s most sought-after buildings,” the listing concludes.

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