As far as realtor bonuses go, this could be one for the books.
A seller is offering a $500,000 bonus for an agent who can deliver a buyer for a $13,888,800 condo in downtown Vancouver.
The condo is one of 181 residential units in a 43-storey tower currently under construction.
The development known as Alberni is expected to be completed between 2021 and 2022.
The bonus will be on top of a commission, structured as: 3.22 percent on the first $100,000, and 1.15 percent on the balance.
The commission amounts to $161,791.
Plus the half-million-dollar bonus, the money on the table for a buyer’s agent totals $661,791.
The listing was tracked by Zealty.ca, a real-estate search website by Holywell Properties.
Adam Major of Holywell Properties explained to the Straight that the deal is a contract assignment.
According to Major, a contract assignment means that a buyer will transfer the contract to buy a property to someone else before the completion date.
In other words, the seller of this unit bought the condo during pre-sale, and is now trying to market the contract.
Major recalled that the Alberni sold out during pre-sale.
Major also noted that there are 21 units listed for sale in this condo development.
All of these listings are assignment of contract sales, Major added.
The managing broker of Holywell Properties said that the $500,000 bonus could be a record.
“This is the biggest bonus commission we have tracked on Zealty.ca and the biggest I have ever seen,” Major said.
Vancouver city council approved the rezoning application for the condo project on October 20, 2016.
The mixed-use tower with commercial uses on ground level is being built at 1550 Alberni Street.
Japanese architect Kengo Kuma designed the building for developer Westbank.
The tower features a curved silhouette.
Back to the $500,000 bonus plus commission, 3902-1550 Alberni Street measures 4,030 square feet.
The property is on the 39th floor, and it has three bedrooms and four bathrooms.
It also comes with a private Japanese garden on the balcony, two parking spaces, and a locker.
The seller is represented by Angell, Hasman & Associates (Malcolm Hasman) Realty Ltd.