Beach Avenue Penthouse On Sale For $18.2 Million

Housing prices have soared in Vancouver since the announcement that the West Coast city would be hosting the 2010 Olympic Games. Investment has been steady and there are new developments going up all the time. In fact, even if you go into the suburbs, you'll be hard pressed to find a new 2-bedroom condo for less than $300,000. But that's a drop in the bucket compared to the 7,000 square foot penthouse apartment that just went up on the market.

Although the building is not new, the unit has never actually been lived in. Located along Beach Avenue right by the Burrard Bridge, the $18.2 million suite was reportedly once owned by Axl Rose (Guns N' Roses) and later by legendary Canucks hockey player Pavel Bure. Yes, the Russian Rocket himself. In 2004, a low profile individual purchased the suite with the intention of renovating the space, converting the "empty concrete shell" into one of the most luxurious suites this city has ever seen.

I'd say it was a pretty fantastic investment on his part, even if he's not going to move into the place himself. The White Rock-based businessman reportedly paid $7 million for it three years ago, but now he's going to sell it for more than twice as much. The realtor says that there is nothing quite like this in Vancouver.

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.

And it's not just the single unit that has increased in price.

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.

Source: Globe and Mail

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Beach Avenue Penthouse On Sale For $18.2 Million

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