Vancouver Penthouse Real Estate Analysis

by Maggie Chandler on April 26, 2010

in How's The Market

  • SumoMe

The MLS shows  116 condos  over $500,000 identified as Penthouses – a special apartment on the top floor of a building.  Some condos are marketed as Penthouses if they are one of a few suites on the top floor.  Compared to Feb, listings were flat and sales up, leaving March’s supply of Vancouver Penthouses down to  6.8 months, with the listings under $1M selling the best and only 4 sales over $2M.  Days on market up to 48.   CMHC ‘s new regulations for mortgage qualifying is generating activity at the bottom of the market. Buyers with a pre-approved mortgage must transact by mid June to get in under the old rules, otherwise their purchasing power will be decreased, perhaps by as much as 25%, resulting in them only being able to purchase a lower priced property. Luxury market is soft.

Ranging from 1 bedrooms at $500,000 to the most expensive at $10,000,000.

Listings – Jan 102, Feb 116, Mar 116

59 listed under $1M.  35 listed between $1M and $2M. 13 listed between  $2M & $3M. 8 listed between $3M and $6M and 1 listed over $10M.

2010 Solds – Jan 11, Feb 12, Mar 17

13 sold under $1M (50% more than Feb)  4 sold between $1 and $2M. Fewer sales over $1M than in Jan. Two  1 one bedrooms sold, one 3 bedroom and the rest were 2 bedrooms. Most expensive was $1.5M.

Expireds – Jan 17, Feb 5, Mar 3

Supply in months – Jan 10, Feb 9.6, Mar 6.8

Average Days on the Market – Jan 23, Feb 29, Mar 48

Sale Price to List Price Ratio – Jan 96%, Feb 93%, Mar 97%

Average $ psf – Jan  $494-$1195 with an average of $738, Feb $389-$1211 with an average of $670, Mar $699 ($554-$1225)

Average $ psf for l bedrooms solds-Jan $943, Feb $639, Mar $657

Average $psf for 2 bedrooms solds- Jan $718, Feb $696, Mar $714

Average $psf for 3 bedrooms solds – Feb $607, Mar $641

Live in a Penthouse? Share your experience with us! Have a stat you’d like?  please post a comment

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when you’re ready to buy or sell a Vancouver Penthouse, contact Maggie, an experienced realtor marketing Vancouver condos since 1981  2009 MLS Medallion Club Master Diamond Member

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