Penthouse sells under asking as market turns

531 Beatty St., No. 703, Vancouver

Asking price: $1.548-million (May 16)

Selling price: $1.48-million (June 1)

Previous selling price: $1,215,000 (2020); $890,000 (2011); $676,599 (2007)

Days on market: 16

Taxes: $3,571.29 (2022)

Monthly maintenance fee: $898.12

Listing agent: Ian Watt, Sutton Group, West Coast Realty

The action

The owner undertook a major renovation on the unit but never lived in it due to personal circumstances. Listing agent Ian Watt says a lot of people viewed the unit and he received one offer from a couple that sold their house in the suburbs to be closer to work. The sale completed June 29.

What they got

The 1,146-square-foot, two-bedroom, two full bathroom corner penthouse is within walking distance of Gastown, downtown and Yaletown, in a 15-year-old concrete building.

The two-level unit has 19-foot ceilings, floor-to-ceiling windows with views of the North Shore Mountains, a garage-style swing door that opens to a 350-square-foot balcony, custom lighting, a gourmet kitchen, and a master bedroom upstairs with a 200-square-foot walk-in closet.

The unit includes two parking stalls and the building allows pets and rentals. Because it’s a boutique building with around 30 units, the maintenance fee is on the high side.

The agent’s take

“The market is kind of soft, and not the way it was four months ago,” Mr. Watt said. “Having said that, people are starting to come back to the table. A lot of people haven’t bought yet and missed out due to multiple offers. Of course, now they are negotiating, whereas before you paid over-asking.”

Buyers who are selling a house don’t have to worry about interest rates like first-time buyers, he adds.

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