Unlocking the True Value: A Vancouver One-Bedroom Apartment Like No Other
Do you ever wonder if there’s more to the value of a property than what meets the eye? When it comes to my Vancouver one-bedroom apartment for sale, I believe the answer is a resounding yes. But, I invite you to share your thoughts in the comments below.
In the world of real estate, property values in Vancouver, as well as around the globe, are typically determined by comparing them to similar properties. The challenge, however, lies in defining what “similar” truly means.
If you’ve had a chance to explore my page on why my one-bedroom condo is the most exceptional apartment for sale in Vancouver, you’ll understand that my unit is a one-of-a-kind property, boasting an array of distinctive features.
Vancouver real estate agents often grapple with determining the value of properties, relying on a system that hinges on comparables. Yet, my unit presents a unique dilemma because it defies comparison. Agents find themselves in a quandary, attempting to establish a price based on conventional one-bedroom unit sales, which does not do justice to its true worth.
The Multiple Listing Service (MLS) system, which has long been the industry standard, has its limitations. It fails to provide a detailed breakdown of sold units, bundling aspects like views, parking spaces, and terraces into the overall sale price. For my unit, where the view contributes significantly to its value, this approach falls short in accurately determining the apartment’s worth. It’s true; it may be a modest one-bedroom unit in terms of size, but its view commands a value akin to the sub-penthouse above it, which recently sold for a staggering $5.75 million. (Over asking!)
Traditionally, property values in Vancouver have hinged on metrics such as square footage, often overlooking the vital elements that truly define a property’s value. In my case, the captivating VIEW stands as a pivotal feature.
Exceptional views are a prized asset in the Vancouver real estate market, but their value is typically hidden within the per-square-foot price. This results in my 549-square-foot unit being undervalued compared to a larger unit with the same view, which doesn’t seem fair.
To illustrate the issue, lets assume the sub penthouse was 2000SF in size, and the purchase price of $5.75 million dollars included $2 million dollars for the view.
If you calculate the value of my view logically, based on the dollar value of the view, and assuming that both views are identical, then my view is wroth $2 million dollars.
If however, you are a realtor that is trained to think in SF, you will notice that the sub penthouse got $2 million / 2000 SF = $1,000 per SF for the view.
In the mind of a real estate agent in Vancouver, the sub penthouse did not get $2 million dollars for the view, but rather $1,000 per SF.
Then the realtor says to me “OK, they got $1000/SF and your view is the same, you should also get $1,000/SF”. But, because my unit is only 549SF, the realtor thinks I should get only $549,000 for the view…instead of $2 million dollars.
Another realtor I spoke to a few days ago, is thinking in “percentage”.
He says to me: OK, the sub penthouse got 35% more for the view, you too should get 35% more. Without the view my unit is worth about $800,000, adding 35% means I get $280,000 for the same view that just 15 meters higher got $2 million dollars for it.
I am very strongly convinced that if the view above is worth $2 million dollars, this value is fixed. The view has absolute permanent value, and the value has no variables; it does not change based on how many parking stalls come with the unit, how many bedrooms it has, or how many SF are behind you when you look at the view.
As a side note I would add that my view is not the same as the sub penhouse…it is better!
First; the sub-penthouse on the 20th floor is too high. Floors 10-12 are the perfect height for an ocean front property, putting the ocean at eye level.
Second: there is a huge tall building just meters away from the sub penthouse obstructing the view, and limiting the angle of the ocean view. My unit does not have this problem, so the ocean view from my unit has a wider angle.
This discrepancy raises an essential question: Shouldn’t the view of a smaller property have the same value as the view of a larger property? (Providing both views are identical).
When I step onto my balcony and gaze at the ocean, the 549 square feet behind me have no bearing on my view. The buyer of the sub-penthouse above me, despite having 2,190 square feet behind him, enjoys the same awe-inspiring ocean view I do. Those additional square feet don’t enhance the view in any way.
While I acknowledge that changing the way Vancouver realtors assess properties may be challenging, I propose a more logical approach: a transparent separation of assets and their corresponding values. This would involve appraising the unit itself, view, locker, patio, and parking stall individually, ensuring clarity in pricing. The current system bundles these components into an obscure and nonspecific metric, which, in my opinion, doesn’t make sense.
Consider this: a Vancouver sub-penthouse with an incredible ocean view, just a few meters above my unit and boasting the exact same view, sold recently for $5.75 million dollars. With the view value bundled into the sale price, it’s impossible to determine how much the view truly contributed. My estimate is that if that sub-penthouse faced the building’s rear instead of the ocean, it might have sold for $2 million less, or perhaps not at all without the view!
I’m confident that my ocean view alone is worth $2 million dollars.
Right now, you can seize the opportunity to own my unit for just $1,441,125 million. It offers the same view that someone paid $2 million dollars for just days ago, in the same building, facing the same direction, and marveling at the same breathtaking panorama.
There is only ONE unit like this in the English Bay area, and it won’t wait around forever. If you hesitate, you may miss out.
Please share your thoughts and comments below.
How much do you think my nice (but not spectacular) one bedroom apartment is worth, as it is attached to a $2 million dollars view?
I really believe my apartment is worth $2 million dollars, but I know that not all people feel the same way, so I decided to evaluate my property by following the established real estate industry guidelines!
How to calculate the value of my one bedroom condo for sale in Vancouver?
In real estate, a property’s value is determined through comparisons with similar properties that have recently sold. These comparable properties should ideally share the same location, building, and similar attributes. For instance, an apartment in my building, unit 2002, recently sold for $5.75 million, boasting 2,190 square feet. Calculating its price per square foot ($5.75 million / 2,190 SF) yields $2,625 per square foot.
By applying this square footage price to my 549-square-foot property, its estimated worth stands at $1,441,125. This method aligns with industry standards for property valuation, providing a solid basis for determining a property’s value.
For sale: $1,441,125 million