Prior to 1853 the ground floor in multi unit buildings were the most expensive to purchase or rent. The dollar per square foot would decrease as you went higher up the building. The least sought after and cheapest to purchase or rent were the higher floors including the Penthouse. Why? Who wants to walk up and up and up to your residence? The upper floors were a challenge to sell or lease.
In 1853, the first elevator was installed in Peter Cooper’s building ‘Cooper Union’ in New York City. From this moment on, real estate values in higher density buildings would be turned upside down. The developers could build higher and higher, building more units on one single property and increase their value as they went up. Ground floor units became the least valuable and the upper floors to the Penthouse were the most sought after and highest in value.
The most expensive Penthouse for sale today in Vancouver is listed for $28,800,000 at 1011 Cordova Street ‘The Fairmont Pacific Rim’ approx 6400 square feet.
It must have a nice elevator.