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Deep discount for former rental unit in Yaletown Add to ...

1008 BEACH AVE., UNIT 505, VANCOUVER

LIST PRICE $489,000

SALE PRICE $480,000

PREVIOUS SALE PRICE $378,000 (2005)

TAXES $1,984 (2012)

DAYS ON MARKET 46

LISTING AGENT Keith Roy, Macdonald Realty

The Action: It’s a buyer’s market, with waterfront condos like this one selling far below the prices of comparable units in recent years. The unit was originally listed at $525,000, but being a long-term rental, the price didn’t reflect the renovation it needed.

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“The unit has been tenanted for many years and required a buyer with lots of imagination,” says listing agent Keith Roy. “After two price reductions and about 24 showings, it sold to someone who already lived in the building.”

What They Got: The biggest selling feature of this 769-square-foot Yaletown unit is the waterfront view of Granville Island. The building, built in 1990, has a gym, pool, squash courts, concierge and the unit comes with a parking stall and storage locker. There is also $1-million in the contingency fund.

The unit had newer appliances, but the laminate cabinets, gold-coloured faucets and carpeting were original, and in serious need of an update.

The Agent’s Take: A slightly smaller unit on the fifth floor sold in April for $533,500 after 40 days on the market. That unit had been completely renovated. A year ago, a unit of similar size on the sixth floor sold for $559,000 after 36 days on the market.

“When I am selling properties that have great views, but need lots of work, I really need to help the buyer envision what is possible,” says Mr. Roy.

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