RITZ CARLTON PENTHOUSE (Current Listings)
Downtown Vancouver’s luxury condo market has shattered the $20-million price barrier, with a yet-to-be-built penthouse at 1133 West Georgia carrying a price tag of more than $28 million. That’s at least $10 million more than the record $18 million paid by an unnamed U.S. businessman last year for a 48th-floor penthouse in the Private Residences at Hotel Georgia, set for completion by 2011.
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The $28-million-plus condo will occupy about 7,400 square feet on the 59th and 60th floors of the Residences at Ritz-Carlton development, also set for occupancy in 2011. Vancouver condo marketer Bob Rennie said the Ritz-Carlton project was going to have three penthouse suites, but demand for larger unit prompted developers to combine two suites into one large penthouse. “We have some serious interest in a large unit, so we decided to put the northwest and northeast penthouses together,” he said in an interview. “With people wanting size, it’s just a good business decision to put the two together.”
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Rennie said potential buyers of the luxury condo include “corporate giants,” with two local clients and one overseas client already expressing a strong interest. He said the penthouse’s current configuration calls for three bedrooms, two dens, a family room, formal dining room, a “massive” kitchen and butler’s pantry.
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“But no matter what we pencil in with the architects, whoever buys this is going to add their signature to it,” Rennie said. The asking price for the Ritz-Carlton condo works out to a whopping $3,800 a square foot, compared with $2,400 a square foot for the $18-million Hotel Georgia penthouse.
Rennie said that beyond $2,000 a square foot, prices almost don’t matter to some buyers. “At what point does a Rolls- Royce buyer say he’ll only pay $500,000, not $600,000?” he said. “He doesn’t. He just pays for what he wants because you’re dealing with a very privileged buyer.
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“So when you’re talking over $20 million, a million dollars is not going to make or break the sale. It’s a discretionary purchase. Nobody has to buy a $20-million condo but if they’re looking, there are very few to choose from.” Vancouver Sun
For Current Listings & Pricing Contact:Â
ROLAND LEWIS, BA Â
Prudential Sussex Realty
Direct: 604.828.8080
Office: 604.984.9711Â
email: roland@rolandlewis.com
web: www.rolandlewis.comÂ
blog: www.VancouverRealEstateBlog.ca
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Filed under: Coal Harbour, Developments, Downtown Vancouver, Luxury Real Estate