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Soft market trims price on Vancouver heritage loft Add to ...

528 Beatty St., Unit 3, Vancouver

List price: $409,000

Sale price: $395,000

Previous sale price: $410,000 (2011)

Taxes: $1,446

Days on market: 51

Listing agent: Paul Albrighton, Macdonald Realty

The Action: With the market softer than in recent years, consumers can find deals in loft buildings, such as this 731-squre-foot one-level loft that was recently purchased as an investment.

The property was listed at $429,000, reduced to $409,000 after several weeks without selling and was reduced again to $399,000. It finally sold 51 days after being listed for $395,000.

What they got: Because Vancouver hasn’t got a lot of lofts, the lofts that do come on the market go for a price that’s generally slightly higher than the average. This loft at 528 Beatty, known as Bowman Lofts, is a warehouse conversion by Salient Group in the neighbourhood of Crosstown, which intersects three neighbourhoods: Yaletown, Gastown and Chinatown. It’s on a highly desirable street, close to trendy upscale restaurants as well as the hockey arena and movie theatres.

The agent’s take: Realtor Paul Albrighton is a loft specialist whose listings usually come up in places like Crosstown where the buildings were formerly used for light manufacturing and warehousing. In the current market, “we are seeing more investor style clients that are planning to purchase properties either as holding property or rental properties because they recognize that prices have come down,” Mr. Albrighton said. “The purchaser of this place is planning to rent it out for the long term, as it’s a unique place and the price was very attractive.”

Editor's Note: Done Deals contain information gathered from real estate agents, home buyers, home sellers and sale prices that are publicly available from government sources. While we try to publish Done Deals as soon as possible after the transaction has occurred, long closings can cause delays.

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