New Opportunity in High-Rises with Great Views!

RMLS photo, unit 1027 listed for $870k

I wrote about my tour of Kirkland Tower last month and this month I'll follow up with a few alternatives. Viewpoint currently has two units listed which is a bit unusual for that tower. Over the summer a nicely remodeled 2 bed 2.5 bath 8th floor unit was listed with over 1500 SF and a northwest corner view over the park. This unit features a bit of a Miami style which may not be super popular here in the Northwest, but I like it. They are asking $970k. Another unit was listed last week with a southwest corner view from the 10th floor, that is clearly better and priced $100k less. The lower price is probably due to the fact that the newer unit is mostly original inside versus the complete remodel on the other unit, it is also missing the half bath, and has closer to 1300 SF. Both of these units feature excellent and lofty views.

Viewpoint has actually become a value proposition with Kirkland Tower units starting at about $1,000,000 for 1 bed 1 bath units and upper floor units penetrating the $4,000,000 threshold. There are only two condominium towers in Vancouver that have units above the 7th floor. In Vancouver being above the 7th floor gives the homeowner that 'birds-eye' view effect because Vancouver has less than a dozen buildings Downtown over 100 feet tall. Typically the 8th floor sits about 100 feet above the street. In Portland's Pearl District one needs to be above the 15th floor to get the same 'feel' with regards to the view due to the higher density in that area. 

Vancouver's Downtown and Waterfront District has nearly doubled its residential density in the last 5 years with over a thousand new units in mid-rise and high-rise projects. Another 700 plus units are under construction now, and more than that in the permitting process. Some of these units around the park and on the waterfront are fetching rents well above $5,000 a month and that means these renters could become condo buyers. Vancouver needs a couple more condo towers and the only one I know of is still in the planning stages. Gramor's Block 16 tower proposes a 14 story condo building right on the waterfront just west of the Grant Street Pier. That tower is likely still a few years away from construction. The Springs Living is going to break ground on their 12 story high rise project next year that is a senior living development and I am not sure if they are purchased or rented.

Vancouver USA is a great place to live and now the city center is a bustling hub of activity and arguably the best urban lifestyle opportunity in the metro area.