108 West Cordova St., Unit 2804, Vancouver
LISTING PRICE: $549,900
SELLING PRICE: $617,000
PREVIOUS SELLING PRICE: $437,500 (Aug. 2010)
DAYS ON MARKET: Seven
LISTING AGENT: Keith Roy, Re/Max Select
The Action: The seller purchased the unit from the developer after construction. It was on the market this time for one week, with two open houses. Listing agent Keith Roy received two offers, both above asking. The unit will continue to be used as a rental.
"The sellers of this home were no longer using it and didn't want to maintain a rental," he says.
"The buyers were looking for something with a tenant in place so they could help cover payments before they move into it, in a few years."
What They Got: This 713-square-foot one-bedroom unit is in the Woodward's Building, with southern views of False Creek. The unit has hardwood floors, open concept kitchen/living room and small balcony.
The building comes with 24-hour concierge, shopping at ground level, and in the second tower there is a hot tub, gym and amenity space.
There is three years remaining on a 10-year lease for a parking space.
The Agent's Take: Mr. Roy says prices are still high, but the market is showing signs of slowing, particularly detached houses. "Because house prices have increased so dramatically, there has been a lot more pressure on condo prices in the city," he says.
"Even with the slow down in sales activity, we were able to get our sellers an amazing price for a one-bedroom condo by working with the tenant to ensure access and creating some competition among buyers."