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done deal

The 608-square-foot unit is in a 13-year-old building.

938 Smithe St., Unit 1830, Vancouver

Listing price: $749,800

Selling price: $749,800

Days on market: 43

Taxes: $1,461.59

Buyer’s agent: Nicolas Blachette, Re/Max Crest Realty

The action

It took two price reductions, from an initial listing price almost $50,000 higher, before this one-bedroom-plus-den sold, says the buyer’s agent, Nicolas Blachette.

“My buyers were looking for the perfect downtown investment, with long-term growth potential. This one ticks all the boxes,” he said. “It is move-in ready, with stunning panoramic – and protected – city views. The location can’t be better for finding good tenants. It’s steps to everything.”

The seller, he says, had lived in the home for a few years and wanted to upgrade to a bigger space.

What they got

The 608-square-foot unit is in a 13-year-old building with updates such as new hardwood floors and stainless-steel appliances in the small galley kitchen. The unit has unobstructed views of downtown Vancouver from the balcony, bedroom and living room. The building allows pets and rentals.

The agent’s take

“If you are in the market to buy, now is the time to negotiate deals as we have a larger inventory and the number of sales are going down,” Mr. Blachette said. “It is hard to predict what the future may hold this year in terms of prices and inventory, but in the long term, downtown remains the flagship market for the Lower Mainland.

“It has some of the lowest vacancy rates for rental space in North America and only a few new residential towers are being built, marketed for the high-end luxury market, and selling 20 [per cent] to 30 per cent priced higher than comparable resale units.”