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Re/Max

588 E. 5th Ave., No. 348, Vancouver, B.C.

Asking price: $538,000

Selling price: $498,000

Story continues below advertisement

Previous selling prices: $321,000 (2012); $289,000 (2008); $102,000 (2000); $102,000 (1997)

Days on market: 21

Taxes: $1,184.02 (2020)

Listing agent: Mary Cleaver, Re/Max

The action

The unit is in a low-rise building that dates to 1974.

Re/Max

The unit sold on April 26, after several weeks on the market. It had received a couple of offers that weren’t accepted by the seller, according to listing agent Mary Cleaver.

They relisted the property at $499,900 and got a decent offer. The buyers who made the third offer were highly motivated, she says. The deal completed on May 28.

What they got

The kitchen has new cabinets and granite counter tops.

Re/Max

This 678 square-foot top-floor unit in a low-rise building with mountain view was built in 1974, but has been fully updated in more recent years with new cabinets, granite counter tops, hardwood flooring, new ceilings, pot lights, an updated bathroom with soaker tub and ensuite laundry.

Story continues below advertisement

The building is in Mount Pleasant within walking distance of shops and transit, and allows rentals.

The agent’s take

“The buyers were keen on Mount Pleasant and saw the value, and we were able to put it together,” Ms. Cleaver says.

“The buyers are investors and the seller is moving a little further out, but staying within Greater Vancouver.”

Economist Mohamed El-Erian says that the coronavirus shutdown will create a buyer's market for real estate, offset by reduced incomes putting stress on the whole sector. El-Erian was in conversation with Rudyard Griffiths from the Munk Debates. The Globe and Mail

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