Condo owners cashing out by selling entire projects (BC)

Owners of a 114-unit condominium complex in North Vancouver have become among the first to achieve court approval to sell their entire complex to a developer.  The BC Supreme Court approved Anthem Properties’ bid of $51 million for the 6.5-acre Seymour Estates project on Lytton Street in North Vancouver district in December. The transaction closed in late January.  Justice Lisa Warren noted the sale price is 50 per cent higher than the property’s assessed value of $32 million, according to court documents. This pencils out to an average of $447,368 for each of the 44-year-old units.    Read the article…………..


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