What Bubble? Vancouver Condo Lists For $58M

3101 - 277 Thurlow Street, Vancouver, BC - Family Room Night

I guess the super rich really do live in their own world. Despite a significant drop in demand for Vancouver real estate, a new listing from agent Juliana Jiao just listed for $58,880,000…for a condo. Granted, the place is twice the size of your average Point Grey mansion, but still. If the listing sells close to ask, it would be the second most expensive piece of Vancouver real estate (after Lululemon guy’s place).

The Listing

Three Harbour Green is one of the most exclusive buildings in Vancouver, and this is probably the nicest place in it. The 8,010 sf., 4 bedroom, 5 bathroom takes up the whole top floor of the building. It also has 2 rooftop terraces, a massive balcony, 7 car garage, and an interior designed by Vancouver-based interior design firm House of Bohn. This place is nice, and luxurious – but $58 million?

House of Bohn featured the renovation on their Youtube channel earlier this year. 

Comps and Price History

If you’re thinking this place is a little pricey for Cole Harbour, you’re not crazy. Not for thinking that anyway. The home last sold in 2014 for $17,762,000 – roughly $2,217.47 per square foot. At the time, that may have been a deal. A smaller, lower unit sold for $2380 per square foot, just a couple of months afterwards. But… that was then, and this is now.

The ask for it today works out to $7,350 per square foot – a little pricey for the building. Currently unit 2401 is listed for sale with another agent. It’s 4,055 sf and asking $12,800,000, which is $3,156 per square foot. This means the $58,880,000 price tag is a 132% premium for the space. Now, a higher floor, nicer finishes, and exclusivity all add premiums to the price tag. The premium being asked here however, is $33,600,000.

This listing is interesting because it bucks the trend in Vancouver right now. While most people are worried about a crash, Jiao is looking to set a new record for the ultra-luxury market. She obviously isn’t going to get full ask, but even half of that means Vancouver real estate might have a little steam left.

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