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Tip of the Week:
3/7/08
World's Most Expensive Downtown Condominiums And Revelstoke Ranks Right Up There
London, New York and Moscow are the world's most expensive cities for residential apartment buyers in 2008, according to the Global Property Guide (www.globalpropertyguide.com). But Revelstoke is right up there. Here are the cities and their prices, based on price per square foot, for a downtown condominium. (We have converted square metres to square feet and are using the US dollar at prime with the Canadian dollar.)
Residential apartments in prime Central London are among the priciest in the world, at $2,100 to $3,600 per square foot.
New York comes in at second place with property prices in Upper Manhattan between $1,370 and $2,923 psf. Apartment prices in Lower Manhattan are around $1,250 to $2,045 psf.
Moscow comes in third place with apartment prices ranging from $1,764 to $2,500 psf.
Condominium prices in Paris are around $1,290 to $1,870 psf.
In Spain, prices of flats in Barcelona are between $916 and $987 psf.
In Switzerland, prices of flats in Geneva are around $687 to $1,400 per square foot.
Of the three German cities included in the study, Munich is the most expensive with prices of flats at around $350 psf.
Hong Kong leads the Asian markets, with central condominium prices ranging from $1,490 to $1,478 psf.
In Tokyo, the central condominium price is in the $760 to $1,100 psf range.
In Canada, condos in Toronto are relatively more expensive than to those in Montreal. Apartment prices in Toronto range from $460 to $640 per square foot. Top Montreal condos are priced at around $360 to $550 per square foot.
Major Point: It is not surprising, when one looks at global prices that prices of prime downtown Vancouver condos are in the $800 to $1,200 per square foot range. What is surprising is that some developers expect to get the same prices in Victoria, Kelowna and the new ski resort at Revelstoke. This week, the new Nelson Lodge at Revelstoke Ski Resort was released by Sotheby's: asking price for condos works out to $770 per square foot.
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