Sutton Group West Coast Realty
66 W. Cordova St., No. 1010, Vancouver
Listing price: $488,800
Selling price: $492,000
Previous selling price: $472,500 (2017); $281,899 (2012)
Days on market: 8
Taxes: $1,465.76 (2021)
Monthly strata fees: $282.86
Listing agent: Ian Watt, Sutton Group West Coast Realty
The action
The 540 sq. ft. one bedroom unit has views of the Northshore mountains.Sutton Group West Coast Realty
The seller purchased in 2017 for $472,500 and sold the unit in order to upsize. The buyer is a renter in the West End who wanted to purchase an investment property for the future. He plans to rent it out for around $1,900 a month. The seller received four offers. Listing agent Ian Watt said it would have sold for about $150,000 higher if located in nearby Yaletown.
“It’s a young crowd that would rent this place,” said Mr. Watt. “It’s a great building, great unit, but the neighbourhood is rough.”
What they got
The unit has engineered wood floors.Sutton Group West Coast Realty
The 540 sq. ft. one bedroom, one bathroom unit in a boutique concrete building downtown has views of the North Shore mountains and is across the street from the Woodward’s building in the Gastown area. The contemporary unit has engineered wood floors and ensuite laundry and the building has a rooftop patio, fitness centre and allows rentals. There is no parking.
The agent’s take
The unit has views of the North Shore mountains.Sutton Group West Coast Realty
The price of the unit worked out to about $910 per square foot, and with mortgage rates low, ownership is about the same as rent, said Mr. Watt.
“The market is fuelled by the madness of low rates. It really frightens me to think of people out there getting $800,000 mortgages when it would have been a $400,000 qualification years ago. The five-year renewal will be spectacular to watch.”
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