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Wednesday, December 7, 2022

One million dollars for 460 square feet at Anchor Point

Million dollar condos in downtown Vancouver aren’t what they used to be.

Case in point: three new listings in the aging Anchor Point complex on Burrard, between Drake and Pacific.

The complex was built in phases through the late 1970s and early 1980s, and is located across the street from the Burrard Place development.

The three units currently for sale are all listed for the same eye-popping price: $999,999.

Anchor Point MLS one million studios
Three small apartments at Anchor Point, all listed for just under one million dollars.

Two of the units are on the ninth floor, and the other is on the third floor.

They measure around 460 sq ft. — a studio unit, although it appears unit #916 was converted into a one bedroom.

There are no photos of the interiors of the units, but the listings all have the same copy:

“Investor Alert! Great investment property! Potential Land Development Proposal in the work(sic), buy today and hold. Rentals are allowed.”

Anchor Point entry
Entry to Anchor Point. Credit: MLS

All listings are by Sutton Group-West Coast Realty.

The complex was the subject of a 2016 Business in Vancouver story about possible strata wind-ups, although at the time, no decisions had been made.

The high asking prices for the small, aging units could make a future cash windfall from redevelopment difficult, if not impossible.

There are a total of 477 units across the complex’s three buildings, and with prices like $1 million for the smallest units, the site would need to sell for over half a billion dollars.

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Peter Meiszner
Peter Meiszner
Peter Meiszner is an experienced journalist and media relations professional, based in Vancouver. As founder of urbanYVR.com, he has been reporting on urban development across the Lower Mainland since 2016, and has also served as vice-chair of the Gastown Historic Area Planning Committee. In October 2022, he was elected to Vancouver city council and is no longer actively reporting for urbanYVR.

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