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150 ALEXANDER ST., UNIT 501, VANCOUVER

ASKING PRICE $1.199-million

SELLING PRICE $1.350-million

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DAYS ON MARKET 7

TAXES $3,234.94

MAINTENANCE FEE $581.66

LISTING AGENT Shaun Gregory, Sutton Group, West Coast Realty

The Action: This two-level, 1,478-square-foot Gastown penthouse was on and off the market with various realtors for five years prior to its most recent listing. Listing agent Shaun Gregory says the unit had been painted in dark colours, which turned off potential buyers. Also, because it was tenanted, it was difficult to show. Five years ago, it had been listed at $1.4-million, and had been relisted for as low as $1.050-million. Because the tenant was leaving Feb. 1, the owner was able to repaint the entire unit, do some repair work, stage it and take better photos. Within a week, they received six offers.

What They Got: The heritage conversion building was originally built in 1912, and features exposed brick walls and wood-beam ceilings in the master bedroom. The 17-unit building was converted in 1982, when units were built bigger than they are now. The penthouse has skylights, wood-burning fireplace, and 410-square-foot private patio with views of the North Shore mountains.

"It's classic Gastown," says Mr. Gregory. "It is a stunning property. The real selling feature is you have unobstructed views forever."

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The Agent's Take: The condo market is the hottest market in Vancouver, outpacing detached houses and townhouses, says Mr. Gregory.

"We are coming into the spring market, and after the foreign-buyer tax last year, there was a bit of uncertainty in the market, but still lots of buyers holding ground for a while to see if the bubble would burst. And the bubble hasn't burst, so I think there is more buyer certainty this year than last year," says Mr. Gregory.

He adds that it's unlikely the market will reach the records it did this past year, however.

A new real estate report from Royal LePage analyzing trends in the last quarter of 2016 suggests that the GTA will become the hottest housing market in the country in 2017, surpassing Vancouver.
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