Tear down condos sell for $551,000 in Metro Vancouver
September 30, 2017
This 40-year-old, 58-unit condo complex in Coquitlam, B.C. sold for $30 million.
Older condominiums in Metro Vancouver are being eyed for demolition and redevelopment, with some owners happy to cash out and leave the hassle of repairs and maintenance behind.
And, as a recent sale showed, owners are fetching top dollar by selling the entire condo complex.
This month, Anthem Properties Group Ltd. announced the acquisition of 585 Austin Avenue in Coquitlam, after the BC Supreme Court approved the sale of the original strata-titled townhome complex earlier this year.
This is the second strata-titled property transaction to be completed since Bill 40, an amendment to B.C.’s Strata Property Act, became law in July 2016.
“Prior to 2016, the law required 100 percent of the owners to vote to dissolve their strata,” said Steve Forrest, Vice President, Acquisitions and Development at Anthem. “Bill 40 lowered that threshold to 80 percent, making it possible for the vast majority of owners to compel a sale. The process was long but it was fair, and even though we had to increase the price to match the growing market over that time, we are happy with the outcome.”
Anthem paid the equivalent of more than $551,00 per unit for 58, 40-year-old condos. Currently the benchmark MLS price of a Coquitlam condominium apartment is $476,000.
Anthem has applied to the City of Coquitlam to redevelop the property. If rezoning is approved, the aging condominium complex will be replaced by two high-rise multi-family buildings. The 23 and 28 storey concrete towers will include 379 homes bordered by the Vancouver Golf Club and Brookmere Park, and will be 500 metres from the Evergreen SkyTrain extension. The project team is targeting construction to begin the summer of 2018.