Kirkland opened the sales office last month and has begun selling units. According to media reports the sales are above expectations for the $150 million combined condo hotel complex on Block 4 at the Waterfront. Although the initial offerings are direct sales if all 40 units are not sold directly it is likely they will be listed. I feel like they will sell them all directly. I am working with one client that is interested in a unit in the tower.
My contact at Kirkland said the least expensive available unit is a 900 SF one bedroom home at $910,000. The Columbia reported the most expensive unit at $3.3 million for a 3 bedroom, 3.5 bath “penthouse” with 3100 SF. That would put the unit at $1065 per square foot. That might be the most expensive per foot cost in the city, although a handful of exotic mansions along Old Evergreen Hwy may be playing in that range as well.
I actually hope Kirkland is successful with this project. I believe that their success will translate into more opportunities for less expensive units in the $400-$600 per foot range. Maybe the future Block 16 tower that features 80 units may be the vehicle to deliver additional ownership opportunity on Vancouver’s fabulous waterfront.
Right now the luxury apartments along the waterfront are fetching rather handsome rents and seem to have little trouble keeping the units leased. There is a substantial number of people earning higher incomes to support the higher rents. This should translate into buyers for condominiums, but some of the units will need to be a bit less ‘plush’ than Kirkland’s units on Block 4.
Local urban condo activity continued at a typical pace. Inventory remains tight but there are enough units to go around. The issue at the Village at Columbia Shores seems to be working itself out as a couple of units returned to market. These are actually nice units along the Columbia Shores waterfront area and prices are much more affordable here than the new Waterfront downtown.