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Investor breaks even on Vancouver condo sale Add to ...


List price $764,900

Sale price $750,000

Previous sale price $650,000

Taxes $3,168 (2012)

Days on market 88

Agent Will McKitka, Macdonald Realty

The Action: “This particular penthouse was owned by an investor who pre-purchased it from the developer a couple of years ago,” listing agent Will McKitka said. “They would have paid somewhere in the $650,000 range for it, so if you included the taxes, the GST and property tax, they are really breaking even at this point. They are not motivated by profit.”

What They Got: The Beasley is a 34-storey condo tower at 888 Homer St., in the heart of downtown. Named after former Vancouver planning director Larry Beasley, the tower has a fitness facility, courtyard and shared patio.

The penthouse’s most unique features are a private two-car garage in the basement and an eighth-floor dog park.

The unit is one of the many empty condos in the area. The unit was clearly bought as an investment, and never lived in – in fact, the packing materials are still inside the refrigerator. The latest buyer got a brand new unit for 2010 prices, with the market for condos softer this year.

The unit is spacious, with two bedrooms and a small den, as well as a balcony overlooking the city skyline facing south. It’s located in the hub of downtown, a couple of blocks from the SkyTrain, and walking distance to Yaletown, Gastown and the West End.

The Agent’s Take: “We’ve returned to a more normal market,” Mr. McKitka said. “And the people who said we are going to go through a greater correction than we have, have been proven wrong. We definitely had a soft landing. Sales volumes, of course, statistically are down. Prices are down. But they aren’t down a lot. I’m finding a definite shortage of quality product around the $1-million to $2-million range. There is not as great a selection out there as one would assume.”

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