5880 Dover Cres., No. 108, Richmond, B.C.
Asking price: $519,000 (Sept. 7, 2023)
Selling price: $510,000 (Oct. 3, 2023)
Previous sale price: $265,000 (Jun 28, 2011); $196,200 (May 26, 2006); $163,000 (Jun 14, 2005); $99,500 (May 29, 2000)
Days on the market: 26
Monthly maintenance fee: $266.38
Taxes: $1,368.60 (2023)
Listing agent: Shali Tark, Sutton Group West Coast Realty
The out-of-town sellers of this one-bedroom condo had lived in it more than a decade ago and had been renting it out ever since. They received one offer right away but it collapsed because of the closing date. As well, the buyer had wanted a guarantee that the unit would be quickly vacated, which wasn’t possible. B.C. law requires that tenants be given two months’ notice to vacate when the landlord wants to move in.
“The second offer came in with a more reasonable understanding of the Residential Tenancy Act, and they were comfortable giving [the tenant] two months’ notice,” says listing agent Shali Tark.
What they got
The 642-square-foot ground-floor unit is in a four-storey waterfront building within walking distance of schools, the Olympic Oval and shops.
Built in 1995, the bright, quiet unit has tile and laminate floors and has been well-maintained as an investor-owned rental. There is a small kitchen with white cabinets, ensuite laundry, private patio with garden area, parking and storage.
The agent’s take
The sale was complicated because a lot of buyers have been given rate holds by their lenders that have expiry dates. Making that timeline work with the closing date on a tenanted property was a challenge, said Ms. Tark.
“With the mortgage environment, everybody is feeling, ‘Hurry up and get it done’ before their rate guarantee expires. I’ve had a few buyers motivated that way. It comes down to getting that property that they can complete quickly on.”
The sale completes Jan. 15.
Editor’s note: A previous version of this article incorrectly stated the height of the condo building. This version has been updated.