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Tuesday, March 1, 2011

Against the grain: $18 million Condo sells for 60% off

Back in 2007, The Tyee profiled this condo for sale at #2601-1000 Beach Avenue which was listed and offered for sale that year with an insane asking price of $18.2 million.

But the loft condo on Beach Avenue wasn't alone in the offerings at that price tag.

Justifying that insane $18 million price tag was the fact that a 48th-floor unit at the Hotel Georgia's "Private Residences" pre-sold (also in 2007) for $18-million, even though it wouldn't be finished until this year.

The Tyee article had a great passage at the end of the article:

  • "You're constructing fantasy," says Arbel of 1000 Beach (which on his own website is dryly called Project 15.2). And there's no denying that the city's recent architecture is, by comparison, overwhelmingly banal. "It's time that Vancouver wakes up from the sleep we've been in," says Arbel. For all the men worrying about their place on the scrotum pole, 1000 Beach Avenue is just the right kind of wake-up call.

Well it seems that the lofty $18 mil asking price was 'constructing fantasy' alright. I guess we can truly say that it appears Vancouver may be experiencing the start of that wake up call.

After four long years the condo has reportedly sold. On last night's CTV local newscast, it was announced the condo sold for $7 million... a 60% drop off the original asking price.

I wonder how the buyer of that $18 million condo on Georgia Street feels right now?

60% off and the collapse hasn't even started here.

I'd suggest that in a few years you will see it sell for another 60% off this current $7 million purchase price.

Oh my!

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Email: village_whisperer@live.ca

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1 comment:

  1. Oh' that was so great! you can't find 60% off in any properties nowadays. No wonder that it is already sold. Thanks for sharing.

    -pia-

    ReplyDelete