With market slowing, condo in Vancouver’s Fairview fails to get asking price

2588 Alder St., No. 305, Vancouver

Asking price: $725,000 (Feb. 16)

Selling price: $718,000 (Feb. 26)

Previous selling prices: $402,000 (2011); $217,000 (2003); $177,500 (2001); $180,178 (1997)

Days on market: 10

Taxes: $1,680.44 (2022)

Monthly maintenance fee: $419

Listing agent: Paul Albrighton, Re/Max Crest Realty

The Action

The seller-occupant purchased the unit in 2011 for $402,000. More than 20 groups viewed the property and agent Paul Albrighton received one offer. He believes that the buyer plans to live in the unit.

“It didn’t achieve multiple offers after one week, which is a more common trend we are seeing on smaller condos,” Mr. Albrighton said.

The sale completed on March 30.

What They Got

The 686 square-foot unit in Fairview, near Broadway, is part of a heritage conversion from 1997. The Bollert Place building had originally been a mansion before it was converted into 29 condos, and there is little resemblance to the former old-world exterior.

The owner-occupant of the two-bedroom, one-bathroom condo renovated the kitchen, added new floors, updated the fireplace and lighting. Rental is restricted to three units in the building.

The Agent’s Take

“We are seeing more places sold at, or near asking, as asking prices have recently increased. Also, some increased interest rates are affecting some buyers,” Mr. Albrighton said. “And much needed inventory of condos is also becoming more available.

“Market conditions are still good, and listings are selling between one and five weeks. But overall, the market pace is slightly slower than we saw in late 2021 or earlier this year.”

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