1101–789 Jervis St., Vancouver
Asking price $2-million
Selling price $1.875-million
Days on market 58
Taxes $4,517
Maintenance fees $1,195.37
Listing agent Ian Watt, Sutton Group West
The Action: The seller purchased the unit in this 1991 building in 2008, in its original dated condition, then gutted it and did a complete renovation. "It's a one-of-a-kind, amazing suite," listing agent Ian Watt says. "You'll never find a bigger master bedroom than that. And the walk-in closet was huge." The challenge, however, was the age of the building. "Everybody wants the perfect place, and the perfect price and a building under warranty. But when you buy an older place, you buy at a cheaper price per square foot."
What They Got: The 2,600-square-foot sub-penthouse on the 11th floor had been updated over the years to include top-end appliances, designer lighting, electronic blinds, sound system and spa-style ensuite. Because the building went up in the early nineties, the suites are more spacious than what gets built today. It comes with three parking stalls and a locker.
The Agent's Take: Older condos are where the deals are to be found. They're bigger, and better value – if you can find the right one. There aren't many luxury units on the market. "The market right now is crazy," Mr. Watt says. "Between $1.5-million to $2-million in downtown Vancouver, there are 39 places for sale. So there's no inventory for that market. If I look at square footage, with floor area above 2,000 square feet, there are only two places for sale."
Editor's note: Done Deals contain information gathered from real estate agents, home buyers, home sellers and sale prices that are publicly available from government sources. While we try to publish Done Deals as soon as possible after the transaction has occurred, long closings can cause delays.