Luxury Condo Market In Coal Harbour Stronger Than It's Competition
While luxury apartments are not selling as well as single family homes in the same price ranges, it is good to note that of the 5 apartment sales over $3m. since June 2008, 4 of these were properties in buildings on the Coal Harbour waterfront:
An approximately 3500 square foot, 3 bedroom apartment in the Escala sold for $5.450m, $1562/sq ft, sold in 11 months. The unit had previously sold for $3.2m in early 2004, after 71 days on market.
An approximately 2800 square foot, 3 bedroom apartment in the Callisto sold for $3.5m, $1245/sq ft. sold in 6 month. The previous sale price on this unit was $2.380m in 2005.
Two 2240 sqaure foot, two bedroom apartments in One Harbour Green sold-- one for $3.8m, $1624/sq ft sold in 11 months, the other sold for $4.138m, $1847/sq ft--in only 17 days. As pre-sales which completed in 2006, these properties originally sold for approximately $1.4m.
List pricing has reflected the downward pressure on the market as we've seen some Seller's chasing the downward trend through substantial price reductions on apartments languishing for long periods on market. However, sale prices are in fact generally holding YTD at the high end of the market, and in most cases are offering profit-taking opportunities for Sellers.