Most expensive residences in Vancouver

[EastVanMark]

Originally Posted by trofirhen

Wow!! Some of those houses look right out of Beverly Hills or Long Island! But I can't help wondering ... does Vancouver have the kind of economy which provides jobs that can afford such magnificent houses and condominiums?
Just what percentage of them can be bought by people already living and working here, and what percentage is investment property bought with overseas money?

First off, Long Island is quite a large area and only a tiny % of the houses located on it are are on par with the ones being shown. Second, a good chunk of the higher end homes are purchased by persons who made their money somewhere else and chose to live here, or just own a place here as a seasonal getaway (kinda like regular folks have a timeshare in Palm Springs or Arizona). A friend of mine built quite the profitable security business with almost all of his clients being out of town property owners who paid him to monitor there properties the other 9,10, 11 or even higher months they were not occupying them. Kinda mind blowing.

This is in stark contrast to the old days when almost every resident of Shaughnessy acquired their wealth in and around Vancouver or at the very least BC.

[Klazu]

Originally Posted by idunno

The Great Estates website has all the information you're looking for Klazu! http://www.greatestates.info/stats_vancouver.html

Cool! Very interesting background on some of the mansions. Thank you for sharing.

[jsbertram]

Originally Posted by Retail-Insider

I wonder what it will cost to configure the spaces into one apartment? The original two-level 'Penthouse One' has a small private elevator between two floors (I've got the floorplan). Creating a 15K sq ft 3-level apartment will cost considerable money to reconfigure and, guessing by the cash purchase price, the owner won't cheap out.

The 1% of the 1% don't have the same worries about money that us mere mortals do.

A smart architect can do amazing things.
It helps to have good bones to begin with ... and a client willing to spend.

The former Roof Ballroom of The Pierre in New York was bought in the early 90's and converted into a residence after sitting unused since the 1960s. It was sold in the late 90s for a (then) record $20+ Million to financier Martin Zweig. He (or more likely his wife) was rumoured to have spent over $10 million 'fixing up the place'. He died earlier this year and his widow moved into a $12 Million apartment elsewhere in building, so it's back on the market after a spruce-up reno for (a new record) $125 Million.

http://ny.curbed.com/archives/2013/0..._penthouse.php

(Yes - that's a Harley parked beside the grand staircase)

[Nites]

Originally Posted by theKB

As much as some of these places are gorgeous, they are still grossly overpriced for what you are getting and the city they are in. I definitely think some of these places should be in the 10-20 million range but 30+ for anything in the GVRD is just insanity. Nothing in this town is worth that much when you start to put things into a global perspective.

Exactly what I'm thinking. You can get a beach front mansion in Miami for 10-20 mil.

[Klazu]

Pretty funny posting on Vancity Buzz. Damn, those are some bargain castles in there.

Vancity Buzz: 9 jaw-dropping French castles for the price of 1 Vancouver tear down

[Retail-Insider]

Originally Posted by Klazu

Pretty funny posting on Vancity Buzz. Damn, those are some bargain castles in there.

Vancity Buzz: 9 jaw-dropping French castles for the price of 1 Vancouver tear down

One might want to investigate the taxes on those castles... they're not the bargains they appear to be.

[Cypherus]

Originally Posted by Retail-Insider

One might want to investigate the taxes on those castles... they're not the bargains they appear to be.

Taxes are sort of an irrelevant cost inasmuch you have to incur them regardless. I think the point is that with the same amount of money, you can allocate your purchase price and obtain all those Chateau castles. If taxes are a factor in the decision making, you can still walk away with a handful of these homes.

I personally don't understand the pricing justification for Vancouver's lofty real estate market. Vancouver is not a world class city; its scenery while beautiful is not unique; all its amenities, including hiking, skiing, going to the beach, and eating at swanky restaurants are not exclusive to the city. You can obtain the benefits of living in Vancouver, without living in the city.

[WarrenC12]

Originally Posted by Cypherus

Taxes are sort of an irrelevant cost inasmuch you have to incur them regardless. I think the point is that with the same amount of money, you can allocate your purchase price and obtain all those Chateau castles. If taxes are a factor in the decision making, you can still walk away with a handful of these homes.

What are you talking about? Of course taxes or any other required ongoing costs are part of the decision to acquire any asset, real estate or otherwise.

I think you need to look at the overall period you might hold RE, say 20 years, and compare Vancouver with those castles to make a fair comparison.

Originally Posted by Cypherus

I personally don't understand the pricing justification for Vancouver's lofty real estate market. Vancouver is not a world class city; its scenery while beautiful is not unique; all its amenities, including hiking, skiing, going to the beach, and eating at swanky restaurants are not exclusive to the city. You can obtain the benefits of living in Vancouver, without living in the city.

Supply and demand. The former we can talk about with some certainty. Demand is the side I'm less clear on.

[Nites]

I've seen some castles on SW Marine Dr. Like Casa Mia.

[Klazu]

Living Shangri-La's 61st floor penthouse has just been re-sold to a Vancouver family for a a hefty price. If I would have been the Prince of Dubai, I would have bought here rather than in Fairmont Pacific Rim.

Price: $15,000,000
Living space: 4363 ft2
Bedrooms: 3
Bathrooms: 5
Year Built: 2009
Monthly Condo Fees: $2,799
Parking: 3 places
Taxes: $27,562 (Municipal 2013)

http://sothebysrealty.ca/en/property...ncouver/56143/

[AudiA3]

Originally Posted by Klazu

Living Shangri-La's 61st floor penthouse has just been re-sold to a Vancouver family for a a hefty price. If I would have been the Prince of Dubai, I would have bought here rather than in Fairmont Pacific Rim.

Price: $15,000,000
Living space: 4363 ft2
Bedrooms: 3
Bathrooms: 5
Year Built: 2009
Monthly Condo Fees: $2,799
Parking: 3 places
Taxes: $27,562 (Municipal 2013)

http://sothebysrealty.ca/en/property...ncouver/56143/

Wow only for $15million? Worth.every.penny...

[Klazu]

Originally Posted by AudiA3

Wow only for $15million? Worth.every.penny...

For an apartment that prestige and unique, I would say so. I am sure the penthouse of Trump Tower will be sold for much more...

[osirisboy]

It's just over 4,000 sqft so it's not overly large

[Delirium]

the west/north facing penthouse is where you want to be. more spacious (6,000sq/ft) and much better views. the pool/hot tub overlooking english bay is amazing (skip to 3:13 to see). this unit was on sale for only $20mil
• Video Link

[Klazu]

The penthouse of Private Residences at Hotel Georgia is currently for sale for 18 million dollars. Not sure if anyone has lived in this suite since the building was completed, but there is 6,833 sqf of living space spanning the whole "48th" floor.

http://vancouverluxuryhomes.com/reci...tails-46221798

[nds88]

Originally Posted by Klazu

The penthouse of Private Residences at Hotel Georgia is currently for sale for 18 million dollars. Not sure if anyone has lived in this suite since the building was completed, but there is 6,833 sqf of living space spanning the whole "48th" floor.

It's also unfinished. So the buyer will need to shell out a few more million to finish it to their taste.

There's a video clip here

[Klazu]

Different unit. There several units still on sale on penthouse and sub-penthouse level. Pretty sweet view also from few floors below, as per the (annoying) video.

[nds88]

Originally Posted by Klazu

Different unit. There several units still on sale on penthouse and sub-penthouse level. Pretty sweet view also from few floors below, as per the (annoying) video.

The vancitybuzz article states "BONUS: we have included a quick look at the 6,800 sqft penthouse in the same building that is listed for $18-million. This penthouse is not fully finished, because the buyer will most likely want to customize it to reflect his/her personal style."

Since there is only one penthouse spanning the top level, this must be it (at the end of the clip). The video is primarily about the sub-penthouse, but we get a glimpse of the penthouse at the end of the clip.

[Klazu]

• Video Link

[Klazu]

Like, who needs 10 baths?

Video Link