$58M Vancouver penthouse up for sale, Canada’s most expensive listing
- November 8, 2016
- Posted by: admin
- Categories: Investing, Real Estate
The most expensive home for sale in Canada is a condo in Coal Harbour.
The $58,888,000 penthouse at Three Harbour Green on Thurlow Street is right at the waterfront and has 360-degree views of the city, ocean and mountains.
It’s just over 8,000 square feet with four bedrooms and five bathrooms, plus two rooftop terraces and a balcony totalling 4,840 square feet. It also has a private seven-car garage.
Built in 2012, the property was last sold in 2014 for $16.6 million, meaning the latest listing price shows an increase of 254 per cent.
Documents show the condo is currently owned by a numbered company called 0996109 B.C. Ltd.
But with the uncertainty in Vancouver’s real estate market at the moment, what are the chances a buyer will step up to the plate with almost $60 million in hand?
The condo is the only property listed at over $50 million in the country, and is one of only seven listed at over $30 million. Plus, there have only been five homes sold for over $20 million in Metro Vancouver in the last two years.
There’s also the 15 per cent foreign buyer tax that will add another $8.8 million to the price tag, if an overseas buyer takes the bite.
But for someone with that kind of money, realtor Tom Gradecak says they’d likely be able to negotiate.
“If someone is looking to spend $50 million on a house, they will probably find a way to buy the home and likely negotiate part or all of the tax with the seller,” Gradecak said.
On the other hand, UBC economist and real estate expert Thomas Davidoff questions the financial aptitude of someone willing to spend that kind of money on taxes.
“Naturally, the 15 per cent foreign buyer tax makes this a more difficult sale, because the number of Canadians willing and able to purchase this property must be small, and no one got rich paying over $9 million dollars in taxes to buy luxuries,” Davidoff said.
Even if a local buyer could put together a 20 per cent down payment on the condo – $11.7 million – they would still need to find about $118,000 bi-weekly for mortgage payments. That’s $2.8 million a year in payments.
Read original article here: Global.ca