http://www.theglobeandmail.com:80/servlet/story/LAC.20070613.BCCONDO13/TPStory/NationalSo who wants to prove they are the biggest fan
Vancouverites may be getting used to house prices that break the $1-million mark, but a new condo listed this week proves that the sky's the limit when it comes to luxury living. The penthouse apartment at 1000 Beach Ave. is on the market for a cool $18.2-million.
Situated downtown at the northeast corner of the Burrard Bridge, right on the Seawall, the property has never been lived in - former owners reportedly include Axl Rose, front man for rock group Guns N' Roses, and the Russian Rocket himself, Canucks star Pavel Bure. Until the current owner, a low-profile, White Rock-based businessman, took possession in 2004 (for an estimated $7-million), it was an empty concrete shell. Nevertheless, it's proved a remarkable investment.
The owner (who prefers not to be named) said in an interview that he had the work done on the unit intending to live in it, but family circumstances preclude that.
The redeveloped suite offers about 7,000 square feet (plus a guest suite on the second floor) with double-height ceilings, a private, four-car garage and two additional parking spots, a boat slip and a private elevator that stops only at the guest rooms and the penthouse.
"There is nothing to compare this to, locally," said listing agent for Sotheby's Realty, Ben Kielb. "In terms of Vancouver penthouses, of this size and calibre, it's one of a kind. And, to the best of my knowledge, this is a new price point for a Vancouver condo."
Brian Naphtali, president of the Real Estate Board of Greater Vancouver, concurred. "It is certainly a new price point for us," he said. "But in terms of square footage, it equates to something over $2,000 per square foot, which is something we have seen before. From that point of view, it's quite a saleable property - and realistically priced, based on some of the sales we have seen. We just haven't seen anything this large before."
The penthouse is part of a condominium complex made up of six neighbouring buildings containing 252 units. The assessed value of the combined property in 2006 was $88-million, which rose to $120-million this year - an increase of $32-million or almost 27 per cent. According to minutes of an owners' meeting, the members approved the penthouse development - including an increase in useable living space from the introduction of a floating mezzanine - recognizing that it would add value and interest to the building.
Sotheby's had a number of agents in town last week when it took the listing, and wasted no time in getting them up to see it.
"It was a huge opportunity," Mr. Kielb noted. "There were agents there from Beverly Hills, Argentina, San Francisco. ... They don't see it as expensive - to people in Manhattan or London, it's cheap."
Two potential buyers from Hawaii and another two from Sarasota, Fla., have already expressed interest.
Although the agents are pushing the exclusivity of both the view and the access to the property (perfect for a reclusive movie star, for example), the interior design is also unique.
The creation of local artist/designer Omer Arbel, it features four backlit, chalk-white onyx rooms that can be lit up at night. The newly added mezzanine is an air-conditioned floating cuboid that offers a private office space, while a free-standing bathtub perched against a glass wall offers unencumbered vistas of English Bay.
Mr. Arbel, 30, created the main entrance lighting display for the new Holt Renfrew store. At 1000 Beach, he's designed everything from the luminous grass-green kitchen flooring to the furniture and flatware.
Although the condominium owners were happy to approve such a high-profile renovation above ground, they were less flexible when it came to points of common contact. They turned down a proposition to add a walnut door at the entrance to the elevator vestibule from the lobby, insisting it be made of sandblasted glass in keeping with the rest of the building. Likewise, new garage doors into the private parking unit had to be repainted grey in order not to stand out.
"The space itself is dramatic and amazing," the owner explained when asked about his decision to bring in Mr. Arbel. "It needed something extraordinary."
Of course, a new owner may have very different taste. "If they're buying something at this price, the expectation is that they have $1-million or $2-million available to tweak the interior."
Although Sotheby's considers the overall story of a property an important marketing tool, the interior design is somewhat less significant in negotiations at this level, said Ross McCredie, president and CEO of Sotheby's International Realty Canada.
Asked how much influence the artist's involvement had on the price point, Mr. McCredie answered, "None."
The fact that Mr. Arbel, who gives each of his works a number, called the penthouse 18.2 is apparently just a happy coincidence.
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