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Done Deal, 928 Richards St. No. 1906, Yaletown, Vancouver
Done Deal, 928 Richards St. No. 1906, Yaletown, Vancouver

Oversupply cuts price for Yaletown condo Add to ...




PREVIOUS SELLING PRICES $445,000 (2008); $242,000 (2002); $185,681 (2000)

TAXES $1,954 (2010)


LISTING AGENT Patricia Houlihan, Macdonald Realty

The Action: When this two-bedroom-plus-den corner suite at the Savoy was listed earlier this year, there was a surplus of properties that lingered on the market as buyers took their time to make a selection and negotiate on price.

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About a dozen buyers promptly viewed this condominium and one eventually made a proposal just shy of the asking price to seal the deal.

What They Got: On one of the higher floors of an 11-year-old high-rise downtown, this 750-square-foot unit was designed with many modern attributes, such as its open-floor plan, upscale finishes and floor-to-ceiling windows oriented towards the south and west.

The central entertaining area features a gas fireplace and dining area by the galley-style kitchen, which sports new stainless steel appliances, granite counters and breakfast bar.

Other practical luxuries include a balcony, two full bathrooms and laundry facilities, as well as parking and a storage locker.

Residents have access to a large indoor pool, whirlpool, sauna and fitness facilities, which are all maintained with funds from a monthly fee of $321.

The Agent’s Take: “The average price per square foot for units in that building over the last year was $652, so we were a bit concerned that given the … market conditions for condos, we might have to go below this average,” recalls agent Patricia Houlihan.

“However … [this]sold higher than the average price per square footage, [so] clearly location and quality of building is still key, and of course, pricing sharply ensures the condos don’t sit on the market too long and become stale.”


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