A Vancouver apartment owner is having some trouble selling their downtown suite after four years of listings.
Since 2020, the unit inside the Vancouver House building has been listed several times at just under $6 million, quite a bit above its assessed value.
Currently, BC Assessment values the property at $3,542,000, which was listed on Monday for $5,988,000.
Pictures of unit #5203 at 1480 Howe Street reveal a beautiful and luxurious suite with 2,393 sq ft of living space, but you can decide whether or not it’s worth almost $6 million.
Virani Real Estate Advisors
The unit features stunning views of the ocean and downtown Vancouver, with windows flooding the space with natural light.
Virani Real Estate Advisors
The Virani listing calls the suite a “perfect combination of daring architecture and the ultimate in luxury.”
Virani Real Estate Advisors
This particular unit has three bedrooms and three bathrooms. Other views available from the unit include English Bay, False Creek, Stanley Park and the North Shore Mountains.
Virani Real Estate Advisors
The building itself also offers many amenities, such as a 24-hour concierge, a gym, a pool, and a hot tub.
Virani Real Estate Advisors
Nine listings, including the most recent one on Monday, have been put up since 2020. The lowest the home was listed at was $4,888,800 in 2021, when it was assessed at much more than it is today ($4,370,000).
Virani Real Estate Advisors
To put the current list price of $5,988,000 into perspective, the highest benchmark price for apartments in the Lower Mainland is in West Vancouver, at $1,245,400, according to Greater Vancouver Realtors.
Some have suggested that the Vancouver apartment owner is an investor trying to ensure they don’t lose money on this property they bought when it was first built.
Vancouver House investor refuses to face reality.
Only gonna get worse, buddy.
At this rate ain’t gonna sell in 2025 either. 🤦🏽♀️
Assessed $3.542#VanRE pic.twitter.com/hcfQny5Dtp— Julia Longpre (@juliamarblefaun) October 29, 2024
Based on the eye test, do you think the apartment is worth the asking price?