‘I’ve never seen a market like this’; Nanaimo penthouse listed for possibly record-breaking $2M

'I've never seen a market like this'; Nanaimo penthouse listed for possibly record-breaking $2M

A penthouse in Nanaimo may be the first condo in the city to sell for $2-million.

It’s a two-bedroom, two-bathroom penthouse with panoramic views of Nanaimo’s waterfront and Mount Benson.

“It’s a one of a kind. Just very unique and the construction of it, cement and everything. It’s just really really well put together and you know quality creates its own demand,” said listing agent, Richard Goldney.

Less than four years ago, a penthouse condo in Nanaimo made headlines when it was listed for $1-million

Now, in a red-hot real estate market, fuelled by historic low-interest rates and record-low inventory, this unique property is listed for double the price seen four years ago.

“We’re seeing some ambitious pricing out there right now but it’s difficult to be critical of it when we’re seeing offers that are 10, 15, 20 per cent over a listed price. It’s almost impossible to pick a list price if you’re going to get multiple offers of a dozen or more,” said Ian Mackay, President of the Vancouver Island Real Estate Board.

Mackay says with many retirees heading to the west coast, people leaving cities during COVID-19 because they can work remotely and at lower prices, compared to the Lower Mainland and Victoria, Central Vancouver Island properties are in high demand.

“I’ve been in the business 30 years and I’ve never seen a market like this,” said Mackay.

Back in downtown Nanaimo, the listing agent says with 12-foot ceilings, low strata fees and a car wash, there’s a lot to love in this five-year-old unit.

“I mean the uniqueness; where else are you going to get your own private elevator that goes up to the roof?” said Goldney.

The private rooftop and garden area has more than 12-hundred square feet as well. \

All yours for just a crisp $2-million.

Kendall HansonKendall Hanson

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