What $5 Million Buys you in Real Estate in Vancouver Now Versus 2003?
September 25th, 2008 Categories: Coal Harbour, Vancouver Real Estate
The following is a study of Vancouver real estate, specifically Coal Harbour, and what sold in condos during the month of September, between $1 and $10 million.
In September 2008 there have been 4 sales in the price range. A front suite on West Cordova sold for $1300 pr sq. ft. - 1700 sq.ft. sold just over $2 million.
In September 2007 there were 23 sales. The most expensive was a north east corner at One Harbour Green, on a high floor, over 2600 sq.ft. sold for just over $4 million, over $1600 pr. sq.ft.
In September 2006 there were 9 sales. You could buy the north west corner on a high floor at Callisto - 1281 West Cordova - for less than $1.7 million for 1368 sq.ft. , $1242 pr sq ft).
In September 2005 there were 8 sales. You could purchase 1735 sq.ft. condo at Waterfront Place, 499 Broughton, in Vancouver’s Coal Harbour for less than $1.7M. At $1000 pr sq ft, this seems like inexpensive Vancouver real estate, compared to now or you could purchase yourself a 1700 sq.ft. condo on the Golden Mile - West Cordova - at 1281 West Cordova - Callisto, for less than $1.8M. No Vancouver condos sold over $4 million in September 2005.
In September 2004, high floors (above the 40th) at Shangri-la sold for 1000 pr sq ft, suites all over 2500 sq.ft. There were 28 sales between $1 and $10M for the month. Most of the sales were the Shangri-la.
In September 2003 the Shaw Tower had recently opened and was Coal Harbour’s tallest tower with 130 residences. 2000 sq.ft. on a high floor at the front of the building sold for $1.625,000 - $800 pr sq ft and there were only 3 sales in this price category for the month.
In fact, I checked the sales for Coal Harbour real estate sales over $5 million and the MLS only found 5 sales. Three were in the Shaw Tower - 4000 sq.ft. sold on the 28th floor in Spring this year for $6.5 million. The most expensive that I found was at Cascina - 590 Nicola - the Penthouse consisting of 4000 sq.ft. sold for just over $7 million a year ago….$1,750 pr sq ft.
Harbour Green Two just completed. Harbour Green Three is now on sale, starting at $1800 pr sq.ft. Where will it stop? The Coal Harbour waterfront is now built out. Residences at The Four Seasons is under construction. Prices are now close to where they were at the end of 2006.
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