5500 LYNAS LANE, UNIT 415, RICHMOND, B.C.
ASKING PRICE: $628,000
SELLING PRICE: $615,000
DAYS ON MARKET: 34
MAINTENANCE FEE: $404
LISTING AGENT: Bryan Yan, Regent Park Realty Inc.
The action: The sellers paid $250,000 for this two-bedroom unit in 2004, but have now retired and are moving to Kelowna, B.C. The unit sold for 50 per cent more than its assessed value – unusual in the current market, listing agent Bryan Yan says. The 22-year-old unit has not been updated since it was built and the building does not allow rentals, which made it a tough sell. However, Mr. Yan priced it high and received two offers.
What they got: The 921-square-foot unit overlooks water and mountains and has a 12-1/2-foot, vaulted living-room ceiling. The 1995 building was rain-screened in 2011. Features include unobstructed views, a gas fireplace, balcony, two parking stalls and a nearby walking trail.
The agent's take: Mr. Yan says the sale had its challenges, but the view was a selling feature. "There's the rental limitation and there's a recycling depot across the street. It's not walkable to the city centre, either. You'd have to drive."
The sellers asked him if they should renovate it prior to listing, but he advised them not to; buyers typically want to renovate themselves, he says. The condo market is still hot he says, but units can sit if not marketed properly. A similar unit in the same building is has been listed for more than 90 days.