Million dollar condos in downtown Vancouver aren’t what they used to be.
Case in point: three new listings in the aging Anchor Point complex on Burrard, between Drake and Pacific.
The complex was built in phases through the late 1970s and early 1980s, and is located across the street from the Burrard Place development.
The three units currently for sale are all listed for the same eye-popping price: $999,999.
Two of the units are on the ninth floor, and the other is on the third floor.
They measure around 460 sq ft. — a studio unit, although it appears unit #916 was converted into a one bedroom.
There are no photos of the interiors of the units, but the listings all have the same copy:
“Investor Alert! Great investment property! Potential Land Development Proposal in the work(sic), buy today and hold. Rentals are allowed.”
All listings are by Sutton Group-West Coast Realty.
The complex was the subject of a 2016 Business in Vancouver story about possible strata wind-ups, although at the time, no decisions had been made.
The high asking prices for the small, aging units could make a future cash windfall from redevelopment difficult, if not impossible.
There are a total of 477 units across the complex’s three buildings, and with prices like $1 million for the smallest units, the site would need to sell for over half a billion dollars.
