Surrey townhouse sells below asking after three price drops as part of estate sale

16-16180 86 Ave., Surrey, B.C.

Asking price: $759,000 (June, 2022)

Previous asking prices: $848,000 (April, 2022); $820,000 (May, 2022); $799,000 (June, 2022)

Selling price: $640,000 (August, 2022)

Maintenance fee: $477.24

Taxes: $2,587.38

Days on market: 52

Listing agent: Shali Tark, Sutton Group West Coast Realty

The action

This townhouse was originally listed in April for $848,000, and then the price was dropped to $820,000 a month later. In June, the seller dropped the price to $799,000 and at the end of June dropped the price again to $759,000.

Agent Shali Tark received a cash offer for $640,000.

The property was owned by a trust company and was an estate sale. The building had an age restriction that all occupants had to be over the age of 55, which disqualified many buyers who were looking to live with younger spouses, live-in caregivers or adult children, Ms. Tark says.

What they got

The three-bedroom, three-bathroom townhouse is in an age-restricted gated community in a central location. Built in 1990, the two-level unit is large by today’s standards, at 1,633 square feet, with a master bedroom on the main floor, a five-piece ensuite, gas fireplace, skylights throughout, private yard and a balcony on the upper level.

The unit comes with a double garage and there is a clubhouse for members. The strata fee includes gardening. The complex is within walking distance of parks, transit and retail. No rentals are allowed.

The agent’s take

The price was adjusted several times for a couple of reasons, says Ms. Tark. The strata age restriction rules limited the buyers who qualified, and the market as a whole had softened.

“Buyers who purchase these types of homes are downsizing, and many had a setback with the sale of their own home with the market adjusting. That inhibited their ability to purchase.”

The sale completes Sept. 8.

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