Nanaimo penthouse may be city’s first condo to sell for $1M

Nanaimo penthouse may be city's first condo to sell for $1M

A Nanaimo house listing is currently getting a lot of popularity. Not only does the two bedroom, two-bathroom penthouse have more than 1,800 square feet and fine finishings, it also has a million dollar price tag.

And the listing agent said she won’t be surprised if it sells for asking.

“It’s worth every penny,” Cathy Levell from Macdonald Realty said.

“It’s a really good listing. Somebody from out of town is going to step in here and love it.”

If sold for asking it would be the first condo in Nanaimo to sell for a million dollars. Condos have been listed on MLS for as much or more in the past, but never sold for as much. But with a hot market and low inventory, this penthouse may be the first one to break seven figures.

“We’ve been undervalued for a very long time and Nanaimo has been discovered,” Levell said.

“If you go to Victoria or Vancouver, which are an hour away you’ll find prices substantially higher so when you come to Nanaimo it has to come up higher.”

Like most of the South Coast, Nanaimo has been experiencing a hot market, with demand outpacing supply. Last year the average home price in the city was near $380,000 and it’s now at above $460,000. The city also saw another first last month.

“If you looked across the board lots, single family homes, patio homes, townhouses and condominiums all sold for a 100 pr cent or more of list price which I’ve never seen before,”Janice Stromar, president of the Vancouver Island Real Estate Board, said.

As for whether Nanaimo will see its first condo sell for a million? The Board’s President says it’s just a matter of time.

“I’ve yet to see one sell for a million dollars,” Stromar said.

“That being said, million dollar properties are much more common than they were even two years ago.”

This Nanaimo penthouse suite on Prideaux Street may be the first as real estate in the region continues to boom.

See the listing here.

Kendall HansonKendall Hanson

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