2020 West 8th Ave., No. 414, Vancouver
Asking price: $725,000 (July 4, 2022)
Previous asking prices: $699,000 (July 2022); $675,000 (Aug., 2022)
Selling price: $675,000 (August 28, 2022)
Previous selling price: $335,000 (2010)
Days on market: 55
Monthly maintenance fee: $364
Taxes: $1,879.66 (2021)
Listing agent: Paul Albrighton, Re/Max Crest Realty
The owner had purchased the unit for $335,000 in 2010, and then did a complete makeover. Family members had lived in the unit over the years. The sellers listed the property in early July and then reduced the price to $699,000 three weeks later, but they still didn’t receive decent offers. They reduced the price again on Aug. 28, to $675,000 and it sold for that price within one week.
“It generated many inquiries at that price,” said listing agent Paul Albrighton. “Owner-users are the majority buyers of most property transactions lately.”
The sale completed Sept. 27.
What they got
The sellers had updated the kitchen, bathroom, fireplace and other features of the penthouse unit, with views of mountains and the city. The 33-year-old building has also been rain-screened and well maintained.
The 645-square-foot unit features a large living area, skylights, vaulted ceilings, newer wood cabinetry, doors and trims, stone counters, updated appliances, gas fireplace, laminate floors, laundry and a work space.
It’s located on a quiet tree-lined street in Kitsilano, just off the Arbutus Greenway, close to shops, restaurants and Kits Beach.
The agent’s take
“This listing is an example of how the market has changed over the last six or seven months,” Mr. Albrighton said. “The changes are not drastic. Buyers are just more price conscious, and properties not only have to offer good quality and attractive marketing, but an appealing list price.”
Prices need to reflect the higher interest rates in order for a buyer to act, he said. Comparable one-bedrooms have dropped about three to five per cent since the start of the year, he added. Mr. Albrighton said that higher priced properties have lost more value, which opens up some opportunities for those who want to upgrade.