Kits Beach @ $1,440 per square foot

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I’ve been waiting for the last two units at The Vue at Kits to sell but it looks like they may be priced a little high. Here’s a excerpt from the listing on RealtyLink for the 3rd floor unit:

Located along a 2 km stretch of oceanfront known as Kits Beach, the sophisticated low-rise concrete building comprises 4 individual residences laid out in a 1 per floor concept in order maximize both privacy and exclusivity. Each unit has stunning panoramic views of the entire cityscape, English Bay, and the North Shore Mountains and is styled to meet the expectations of even the most discerning urbanities. Distinctive modern and open floor plan featuring unique glass and architectural concrete finishes, as well as kitchens equipped with European designer appliances from Miele. Hand set porcelain and glass tiled bathrooms throughout featuring heated floors.

Sounds like a great pad but at $2,125,000 for 1,736 square feet, I’m starting to think that the Vancouver Housing Market Blog may be on to something. Rumour has it the 4th floor penthouse went for $2.5 Mil. Tough to compare this layout & location to the W though.

Last modified: January 17, 2009

5 Responses to " Kits Beach @ $1,440 per square foot "

  1. DoubleN says:

    Sheesh! At that price, I’d like two houses and an apartment to rent out!

  2. vanmega says:

    $1,440 per square foot is 2.5 – 3.0 times the cost per foot for the rest of kitilano! No wonder it’s not selling.

  3. James S says:

    The heated floors make it great for growing pot. It’ll pay for itself in months!

  4. rennieB says:

    The top floor penthouse will be occupied by the building developer as a personal residence, so technically it hasn’t sold to anyone but only made to look like it sold. This is one of the oldest tricks in the book. Do your own due diligence.

  5. Vue Angler says:

    Firstly one of the developer’s lives on the ground floor, not the penthouse.

    The 3rd floor and the penthouse top floor was sold to private individuals at top prices and not to the developer. However, it should be noted the developer has been up to alot of old tricks anyway.

    The developer has not followed up on any deficiencies or warranty items. The owners have had to pay to fix even the smallest items at this building. From what i have heard first hand, the owner developer takes matters into his own hands and does not consult the strata.

    The 2 owner developers insisted on hiring a close friend to manage the building and they have been using strata funds to pay for developer deficiencies. And they have been bullying the owners. They have not been able to get rid of this guy.

    Look at the metal trim on the building – it is all rusted and they are all fighting over who is going to pay for it. Apparently the bill is over $100,000.00. It was never primed properly from the onset yet the developer refuses to be responsible.

    Every strata vote initiated by the 2 the owners is challenged by the 2 developers that also have 2 votes.

    The penthouse owner was told by the developer that they could build a roof deck and paid additional funds for this option. The developer then signed a letter with the city that no one would ever build a roof deck. Tricky stuff.

    If you are considering buying here (the developer is still trying to flog the 2nd floor), BE VERY CAREFUL.