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969 RICHARDS ST., UNIT 402, VANCOUVER

LISTING PRICE $449,000

SELLING PRICE $462,500

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PREVIOUS SALE PRICE $249,000 (2006)

ORIGINAL SALE PRICE $111,000 (2002)

TAXES $962.36

MAINTENANCE FEE $200.54

LISTING AGENT Ian Watt

The Action: The unit sold sight unseen, subject free, which tells you something about the condo-buying frenzy, listing agent Ian Watt says.

"It's a sign that people have lost their minds," he says. "The buyer had written multiple offers and lost out, so she was just willing to buy whatever."

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Upon listing the property, Mr. Watt received a flood of phone calls prior to the showing. The buyer, who Mr. Watt believes is an investor, made an offer based on a recent sale on a higher floor in the building. That brings the price to about $1,100 a square foot for a 420-square-foot unit that faces an alley.

"I could see the 16th floor going for something like that, with a view."

What They Got: The corner studio suite in the 15-year-old Bosa built Mondrian building has windows on two sides, a Murphy bed, gas fireplace, engineered wood flooring, installed flat screen, laundry, small corner kitchen and flex space for office or storage. The building has two guest suites, gym, steam room, swirl pool, and allows rentals and pets.

The Agent's Take: Any unit less than $800,000 is getting multiple offers, Mr. Watt says.

"It's the cheapest unit in a decent building in Yaletown, with parking and storage. And there's nothing for sale like that, for that kind of product. They just don't come up, and they rent so easily."

Per square foot, a studio suite is better value for the investor. An 800-square-foot two-bedroom rents for around $2,800, while a 420-square-foot studio such as this one rents for $1,850, he says.

170 Avenue Road is a new building in a desirable area near Toronto's Yorkville neighbourhood. This two-bed, three-bath luxury apartment was on the market for just three days before selling for $1,550,000, $20,000 under the asking price.
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