Even when we first wrote about it over a year ago, we couldn’t help but chuckle that a Vancouver development was so open about being a ‘building for billionaires’. Now, the penthouse of that same building is back on the market. And guess what? We’re feeling a little meaner, too. Let’s check it out!
The development is called Eventide Three. When it was first being unveiled back in 2019, it had a pretty zany approach to selling the property. Rather than getting the condo outright, the buyer instead gets a 30-year lease agreement. And, that apparently skirts around Vancouver’s foreign buyers’ taxes. It’s the same deal in the University Endowment Lands, by the way.
Of course, the tradeoff is that you don’t actually own the property. This is why it was marketed towards billionaires, since the developers figured a few of ’em would say “what’s $15,000 (at the time) a month for a great little something in Vancouver?”. It’s like a super long-term rental. Still absurd, but we could kind of get why someone would buy it. Well, not really.
And here’s where we get to be mean. The listed price is $6,500,000, which means that you’re paying an average of $18,000 a month to live here (plus strata fees). And of course, you’ll still get kicked out in 30 years. There are literally dozens of amazing condos in Vancouver in that price range, so we don’t see the real value in a tax break. If we wanted a depreciating asset, we’d buy a boat! Burn, boat owners.
Will the billionaire buyer read this article? Nah, they’re probably looking through the Robb Report or something. But, don’t say we didn’t tell you so when you realize your ‘building for billionaires’ isn’t the best deal in town.
If you’d like to check the listing out in full, just click here!