A luxury penthouse in Vancouver’s Olympic Village has finally landed a buyer.
The property at the Canada House on the Water development sold for $8,350,000, which was way below its asking price last year.
The three-bedroom-plus-den condo listed on September 13, 2021 for $12,800,000.
This means that the sale price of 701-151 Athletes Way was $4,450,000 under its original tag.
Failing to sell after the September 2021 listing, the luxury property returned to the market twice for a lower price of $9,988,000 in December 2021 and February 2022.
The sale price of $8,350,000 was also below the property’s 2022 assessment.
The property, which the listing agent RE/MAX Crest Realty says boasts of “breath-taking” water, city and mountain views, has a current valuation of $9,256,000.
Sotheby’s International Realty Canada specializes in luxury properties.
In an April 13, 2022 report about the market for expensive homes in the country, the company noted that sales of luxury Vancouver real estate fell year-over-year in the first quarter of 2022.
In the first three months of the year, sales dropped 14 percent to 99 properties priced over $4 million.
Also, only three properties sold over $10 million during the same period compared to six properties sold in the ultra-luxury price range in the first quarter of 2021.
“While heated bidding wars remain endemic for all residential housing types under $3 million, prospective luxury buyers are now well armed with market data and intelligence,” Sotheby’s stated in its report.
Also, wealthy buyers are “increasingly wary of property prices significantly inflated above current norms and weary of multiple offer scenarios”.
“As a result, despite strong consumer demand and limited inventory, luxury properties that have been over-ambitiously priced compared to neighbourhood comparables are less likely to draw multiple bids and are at increasing risk of languishing on the market,” Sotheby’s stated.
Canada House on the Water was built on the south shore of False Creek in 2010.
It formed part of the Olympic Village that housed athletes in the winter games hosted by Vancouver.
Canada House is composed of two buildings with addresses at 151 and 181 Athletes Way.
The April 22, 2022 sale was reported on May 5.