It’s pretty rare that the entire-top-floor penthouse of an iconic Vancouver building comes up for sale, and this one’s a beauty. What’s more, it’s in a co-op, so there’s no foreign buyer tax or property purchase tax, as the listing agents excitedly point out in their description.
Glacier Media was exclusively invited to take a tour of the home, which was listed October 3 for a jaw-dropping $17.3 million (what market correction?). That makes it by far the priciest attached home in the Lower Mainland to be listed so far this month (although not the priciest new listing overall, which is this $17.8 million West Vancouver mansion).
Stepping out of the elevator through a wooden front door – an unusual experience – the south-westerly views of English Bay are the first thing you see. This lobby opens up into a long, open-concept living/dining/kitchen room, with multiple sliding doors to the terrace that stretches across the front of the building.
The ultra-prime penthouse has 2,740 square feet of indoor living space, with two bedrooms and a den, and 2.5 bathrooms. For anyone doing the math, that works out as $6,314 per interior square foot. (Gulp.)
But what you’re really paying for are those truly incredible roof terraces, which span more than 3,000 square feet and have to be among the best in the city. The trio of Sotheby’s listing agents say the owners have spent $3 million in upgrades to the outdoor living spaces, which took three years and were completed in 2017. Off the kitchen is a large dining terrace (see main image above) with an outdoor kitchen including a state-of-the-art BBQ hidden inside the stone countertop, plus a fireplace and sitting area, protected by custom rusted-iron gazebo and screens, and warmed by outdoor heaters. There’s also an expansive outdoor lounge on the terrace off the master bedroom, with a firepit, cabana with couches, and a super-cool hidden outdoor shower in a mysterious passageway behind the cabana.
All the external structures are in the same custom ironwork that has a warm rusted patina, with hidden LED lighting, and took years to complete. Clive Benjafield, one of the co-listing agents, said, “The structures on the terraces are a work of art in themselves.” The outdoor areas extend the total living space to around 6,000 square feet, arguably taking the per-square-foot price to a mere $2,833 (except when it’s raining, of course…)
The interior of the penthouse was renovated around six years ago, and the finishings are immaculate but warm and homey. There’s a cool smart-home system, a home office with an amazing door that goes round a corner, a cozy den/media room, a laundry room with mountain views, and a butler’s pantry. Both the spacious, ocean-view bedrooms have large walk-in closets and luxury en-suite bathrooms. And on the roof is a storage room plus a handy wine room, to save you having to go down to the liquor store.
Because the building is a co-op, the buyer will be purchasing shares in a co-operative rather than a freehold. Their purchase will also have to get approval from the co-op board – which includes sitting down for an in-person interview. Benjafield said, “They really just want to check who you are and that you’re not a bad person with a lot of money… They reserve the right to say no, but I’m not aware of a buyer being turned down in the building. Whoever buys this home will be wealthy and could be away from home several months of the year. So I doubt they’d say no to a foreign buyer, as that buyer could easily say they’ll be there six months of the year.”
The co-op fees charges fees of around $2,000 a month – which may sound like a lot, but because it’s a co-op, there are no additional annual property taxes or strata fees. Co-listing agent Steve Mitchell said that for a penthouse of this size, that's a relatively low monthly cost.
The purchase would also be subject to a minimum down payment of at least 30 per cent, depending on the lender – but, as Benjafield observed, “The minimum down payment probably irrelevant, as most likely it would be bought all-cash or with minimum financing.”
Check out more photos of this jaw-dropping penthouse, below.