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done deal

1220 E. Pender St., No. 213, Vancouver

Asking price: $998,000 (August, 2020)

Previous asking price: $1,050,000 (July, 2020)

Selling price: $962,857 (January, 2021)

Previous selling price: $870,000 (2016)

Days on market: 140

Taxes: $2,194.27 (2021)

Monthly management fee: $292

Listing agent: Paul Albrighton, Re/Max Crest Realty

The action

There is a large breakfast bar and exposed brick.Re/Max Crest Realty

The sellers had purchased the loft in October, 2016 for $870,000. Listing agent Paul Albrighton had first listed the property for them in July, 2020, for $1.05-million.

By mid-August they re-listed and reduced the price to $998,000. An offer of $962,857 was accepted on Dec. 11. The deal closed Jan. 30. The buyers were looking for a modern loft. The sellers wanted more space, near a school.

What they got

The unit has polished concrete floors and double-height windows.

The 1,608-square-foot., two-bedroom, two-bathroom live/work loft is located in Strathcona, east of Chinatown, bordered by industrial buildings.

The 43-unit concrete building was built in 1999 for commercial use but was rezoned to live/work residential after the developer had trouble selling commercial units.

The unit, with polished concrete floors, double-height windows, large breakfast bar and exposed brick, had been renovated a few times over the years, most recently with bathrooms, new railings and kitchen updates.

The agent’s take

The unit had been renovated a few times over the years, most recently with bathrooms, new railings and kitchen updates.

“Live/work lofts can require more time and a targeted demographic to sell to,” listing agent Paul Albrighton says. “The market for these types of properties is a smaller niche market than a typical two-bedroom condo around the same price range.”

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