505 BEACH CRES., VANCOUVER
LIST PRICE $2.5-million
SALE PRICE $2.323-million
PREVIOUS SALE PRICE $928,000 (2004)
DAYS ON MARKET 45 days
LISTING AGENT Ian Watt, Sutton Group West Coast
The Action: Vancouver’s luxury condo market is already a limited one, which means that the downtown luxury townhouse is an even rarer bird. Not surprisingly, then, this three-storey Yaletown townhouse overlooking George Wainborn Park sold within 45 days, despite the $2.5-million price-tag. While the suite sold under asking, the $2.323-million sale price is still about $500,000 more than that received for a similar unit sold in 2010.
What They Got: The three-bedroom, 31/2 -bathroom unit was purchased new in 2004 by an interior designer who completely remodelled much of the interior.
It features 2,650 square feet of living space, a galley kitchen with stainless steel backsplash and appliances, dark-stained hardwood floors, heated flooring, small balconies off the bedrooms, and a unique three-storey curved staircase. The new buyers are a Vancouver couple who wanted to downsize from their west side home.
The Agent’s Take: Because inventory is so low, prices in the luxury condo sector are holding firm, says realtor Ian Watt, who specializes in Yaletown and the surrounding downtown area. “It’s very difficult to sell these properties for the fact that there are no comparable sales to the recent past. The last comparable sale was in 2010 and there are only 16 of these townhouses in the entire downtown core that are built like this.
“Most townhouses are right on the waterfront, with the tower above, or there are commercial units below, or it’s set back from the water. These 16 are quite different because they are freestanding concrete structures, more like a New York style townhouse – three levels plus rooftop deck, plus two-car garage down below.”