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The Real Estate Market Yaletown condo sells over a list price that neighbours complained was too low

Sotheby’s International Realty Canada

1000 Beach Ave., unit 501, Vancouver

Asking price: $1.098-million

Selling price: $1.123-million

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Days on market: 6

Taxes: $2,779.29

Maintenance fee: $667.78

Listing agent: Ian Watt, Sotheby’s International Realty Canada

The action

The 26-year-old unit is spacious by today's standards, though it does not have a view of the water.

Sotheby’s International Realty Canada

The sellers were a growing young family that had lived in the unit for a few years and needed a third bedroom. The buyer was a young Toronto family attracted by the price and location. The unit did not have a water view, unlike others in the building.

What they got

The unit features an updated kitchen.

Sotheby’s International Realty Canada

The fifth-floor, two-bedroom, two-bath condo is 1,339 square feet and comes with wood floors, a brick feature wall and an updated kitchen. Built in 1993, the condo is spacious by today’s standards and well located, in the Yaletown neighbourhood.

The agent’s take

The condo features wood floors.

Sotheby’s International Realty Canada

“A lot of people in the building were complaining about the price,” listing agent Ian Watt says. “They said, ‘That’s way too low!’ But the fact is, we had 30 people come through the open houses and we received two offers. So we priced it right. It’s not like we had 10 offers.

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“It’s a kind of a lesson for everybody out there – if your property is not selling within a month, it’s overpriced. There are buyers, but they don’t want to pay last year’s price.”

Mr. Watt says when the market was at its peak, the unit would have sold for about $1.3-million.

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