Vancouver’s Luxury Shangri-la Condo Sales Grind to a Halt in 2011
by Maggie Chandler on November 29, 2011
in Coal Harbour
How is the market in Vancouver’s Shangri-la Condo Building? How are sales compared to last year? Are prices up or down? Are condos selling faster? What price range is selling the best?
1128 West Georgia
- current listings – 12
- Listings range from $2.8M to $6.8M
- 2011 has only had 2 sales
- 2010 had 12 sales, from $2.7M to $5.8M
1111 Alberni
- current listings – 10
- ranging from one bedrooms at $638,000 to $2.38
- 2011 sales – 18.
- ranging from $552,000 (677sf one bedroom) to $1,755,000 for 1600sf 2 bdrm
- 2010 had a whopping 35 sales ranging from $475,000 to $1,728,000
Conclusion
The building is now 3 years old. Prices were cheaper a year ago when the original owners were flipping. Presales started in 2004. An analysis of 1111 Alberni shows prices are higher this year than last and sales are down by half. You can buy into 1128 W. Georgia for under $1200 psf, which I think is very reasonable for luxury Vancouver condos.
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