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done deal

Macdonald Realty

2189 W. 42nd Ave., No. 602, Vancouver

Asking price: $998,000 (Jan. 15, 2023)

Selling price: $1,050,000 (Jan. 23, 2023)

Days on market: 8

Monthly maintenance fee: $755.33

Taxes: $2,595.97 (2022)

Buyer’s agent: Lorne Goldman, Macdonald Realty

The action

The kitchen was updated in 2017.Macdonald Realty

Once government lifted all rental and age restrictions on strata buildings last November, the demand for older condos increased. Although it was listed in the winter off-season, the seller received four offers on the property – including the winning bid from a resident who already lived in the building with his wife.

The couple had been looking to upsize to a bigger unit without leaving Kerrisdale, but they felt the new buildings were overpriced. They were also pleased to see the restrictions lifted in their building, which would open it up to younger families moving into the area and increase the value of their home.

What they got

The unit has southern views.Macdonald Realty

This Kerrisdale midrise was built in 1988, when units were large but age and rental restrictions were common.

The 1,294-square-foot, two-bedroom condo unit is bright with southern views, updated kitchen and two bathrooms, laundry, fireplace, and two large balconies. Renovations had been done in 2017.

The building is well maintained and updated and is located across the street from a community centre and pool, within walking distance to shops and cafes.

The agent’s take

Macdonald Realty

The building didn’t allow rentals or residents under the age of 19.

“Once they got rid of the rental and age restrictions, which was the No. 1 problem with these units, everybody comes out of the woodwork and wants to buy them,” says the buyer’s agent, Lorne Goldman. “There were very few of them [with age restrictions],” he added.

“I’m sure quiet enjoyment at the time was a concern when the restrictions were put in place but that doesn’t mean 30 years down the line the next buyer is in agreement with that.”

The sale completed Feb. 28