Aspiring condo flippers get caught in Vancouver market downturn

1225 Barclay St., No. 802, Vancouver

Listing price: $1.388-million

Selling price: $1.160-million

Previous selling price: $1,230,000 (2018)

Days on market: 39

Taxes: $2,704.54

Maintenance fee: $573.78 a month

Listing agent: Ian Watt, Sutton Group West Coast Realty

What they got

The two-bedroom, 1,315-square-foot penthouse suite has a downtown view, two patios and office space. Every room has been renovated since it was built in 1993, with new floors, lighting, appliances and fixtures. The unit comes with one parking space. The building does not allow more rentals.

The action

The sellers had purchased the condo as a flip, but after completing major renovations, the market softened, and they made less than expected, listing agent Ian Watt says. They had listed with a previous realtor for $1.548-million before dropping the price. They paid $1.23-million for the unit, plus renovation costs. “It’s the reality of the market,” says Mr. Watt, who saw about 40 people come through the showings. He received two offers. The buyers, in their 30s, had been renting. They took possession of the unit this week.

The agent’s take

The upside to a building with rental restrictions is that they are generally well run because the residents take pride in ownership, Mr. Watt says, “whereas if you are an owner living overseas, and renting it out, you don’t care that there’s a big stain on the carpet.” The downside, he says, is that can impact the value, because it limits the number of interested buyer-investors.

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