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The Globe and Mail

West End Vancouver penthouse gets lowball offers

1111 Haro St., Unit 1602, Vancouver.

LISTING 1111 Haro St., Unit 1602, Vancouver

ASKING PRICE $1.795-million

SELLING PRICE $1.72-million

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TAXES $3,336.67


LISTING AGENT Ian Watt, Sotheby's International

The action: Because it needs significant upgrades, two offers came in too low, listing agent Ian Watt said. "People think, 'Oh I should be able to knock off a couple hundred thousand because it will cost that to renovate it,' but it doesn't work that way."

The seller had been in the unit for several years but was moving out of the city for a different lifestyle. The couple that purchased the unit are relocating from another West End apartment.

The unit was not of interest to investors because of rental restrictions, Mr. Watt said. He estimated that cut out about half the potential buyers.

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What they got: This 1,348-square-foot West End penthouse unit has a 500-square-foot wraparound deck with unobstructed views of city and mountains.

Atop a 22-year-old building, it features over-height ceilings, a layout with two bedrooms on opposite sides and a master ensuite. It comes with two parking stalls.

The agent's take: Mr. Watt said the condo market has significantly cooled.

"Things do sell, but it's not crazy like before. I think people are done. They are fed up. There are a bunch of things going on right now – with mortgage rates going up and the new mortgage stress test – that are affecting the market."

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