In Vancouver's frothy real estate market in 2006, the most expensive Penthouse condo was in El Presidio at 2088 Barclay in the West End, bordering Stanley Park. 4000sf with a maintenance fee of $1500 per month.Built in 1989, it is a two floor condo and was renovated.
Prior to 2006, Two Harbour Green's Penthouse sold in 2005 for $7.75M and the Shangri-la Penthouse went for $7.4M the same year.
Robert Quigg of The Quigg Group bought El Presidio Penthouse in 2004, gutted it to the tune of $5M and refitted it. Quigg says the luxury living market is booming with wealthy residents and jet setters who see Vancouver as a bargain. "We're the most livable city in the world, but we're not the most expensive city", he says. "I think there's a real demand for quality and trophy properties.
According to MLS, sales of condo properties increased 8.4% to 1,779 sale in March 2006, compared to 1,641 sales in March 2005.
The benchmark price of a condo property in Greater Vancouver Index is $305,022, up 22.6% from one year ago.
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