A number of recent listings in the very high-end Tidewater Cove have had little trouble selling lately. Despite higher rates and an inflationary cycle, these units seem to be doing well. The question is who is buying them and where are the sellers moving? If you are curious about this condominium community there is a page dedicated to it here: Tidewater. These units tend to sell well above $1 million and some of the larger units in excess of 4000 SF fetch many millions. Several smaller and mid size units are listed and some are pending, yet a few more closed in the $1-$2 million range recently.
Where are these new buyers coming from? Some from Portland as we have all seen a bit of an exodus from Rip City. Some could be renters in the many new luxury apartments that have gone in over the last few years. They are making the decision to stay with a commitment to buy rather than rent. Vancouver’s urban core and waterfront areas extending east to Tidewater are very desirable locations for many reason discussed ad-nauseum on the site.
I can’t help but wonder if at least a few of these recently listed ‘mega-condos’ are owned by people moving into Kirkland Tower in the next several weeks. Kirkland will be the most exclusive and unique condominium project in the entire metro area as the only true condo-hotel lifestyle setup. Portland’s Ritz-Carlton will be the second when it opens in late 2023 or early 2024. Kirkland is smaller than the Ritz, but frankly is in a better location at the Heart of the Waterfront.
The luxury market success tends to help boost commerce and business that all residents can take advantage of. Here’s to the success in Vancouver’s urban core.
This Thursday the CCRA will do its design review for the Block 21 Waterfront ‘Moderna’ Project. This will be the tallest structure thus far on the Waterfront and the largest apartment building expected to have roughly 270 units on 14 floors. I should have more information next Monday.