27 ALEXANDER ST., UNIT 402, VANCOUVER, BC
LIST PRICE $700,000
SALE PRICE $680,000
PREVIOUS SALE PRICE $749,000
TAXES $2,588 (2013)
DAYS ON MARKET 200
LISTING AGENT Glenn Feldstein, Sotheby's International Realty
The Action: The loft is located in the heart of Gastown, which has undergone a major boom in recent years, with renovated heritage buildings and the addition of stylish restaurants and boutiques. Still, the condo market has slowed, and consumers are choosier.
"While this property is in move-in condition and shows well, most buyers felt that some updating was in order, which is why it was on the market for as long as it was," agent Glenn Feldstein said.
What They Got: The heritage building was converted to condos in 1997, and the loft maintained many of the original features – including exposed brick walls and nine-foot-high ceilings.
Because it overlooks the train tracks, there are unobstructed views of the North shore mountains.
Other features include a gas fireplace, a closed-in balcony, storage locker, parking stall and common roof top patio. Considering it's difficult to find parking in the majority of heritage buildings, the parking stall was a major bonus.
The Agent's Take: "The property was listed in January and we received our first offer in the third week of June, which was subject to the sale of the buyers' current home," Mr. Feldstein said.
"It took the buyers just over five weeks to sell their property and move forward with the purchase. This property was on the market far longer than anyone anticipated. We came on the market at a high price simply because there wasn't any competition at the time unless a purchaser had a million-dollar budget. After six weeks, we reduced the price to where we kept it until the loft sold for a fair price."