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33 SMITHE ST., UNIT 3503, VANCOUVER

LIST PRICE $1,698,000

SALE PRICE $1.6-million

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PREVIOUS SALE PRICE $1,798,000

TAXES $6,335 (2012)

DAYS ON MARKET 175

LISTING AGENT R.V. (Will) McKitka, Macdonald Realty

The Action: This transaction, says listing agent Will McKitka, is a lesson in how a timely sale results from correct pricing. Because it was priced too high, it took 175 days to sell the property.

What They Got: The two-storey, 1,908-square foot penthouse has huge terraces, a panoramic view of False Creek and the North Shore Mountains and is a short walk to Yaletown. There are four penthouses at Cooper's Lookout and this unit has the largest patio, with an extra 300 square feet of outdoor space.

The unit also has 11-foot-high ceilings, air conditioning, a spa-like ensuite, built-in cabinets in the living area and master bedroom, hardwood flooring throughout, Miele and Sub-Zero appliances, a two-car garage, and building amenities that include 24-hour concierge service, a large swimming pool/hot tub/sauna, full-sized, two-lane bowling alley, movie theatre, gym, Pilates room and games room.

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The Agent's Take: "The original list price was $1,798,000, which was quite a bit higher than our suggested list price of $1,650,000," Mr. McKitka said, "but at the time of listing the seller's motivation was quite reserved.

"After four months, we reduced the price by $100,000 to $1,698,000. At this price, activity increased dramatically and we received an offer of $1.6-million.

"This is not a story of the market falling, causing a property to go from $1.8-million to $1.6-million. The owner wanted to test the market – as most do – and six months later, the property sold for what it was worth initially."

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