Investors cut deal for downtown Vancouver condo

1050 Burrard St., No. 1505, Vancouver

Asking price: $795,000 (Feb. 15, 2023)

Selling price: $760,000 (Feb. 24, 2023)

Previous selling prices: $450,000 (2010); $177,500 (2002); $216,900 (1997)

Days on market: 9

Monthly maintenance fee: $447

Taxes: $2,014.31 (2022)

Listing agent: Nicolas Blachette, Re/Max Crest Realty

What they got

This northwest corner unit in the 216-unit Wall Centre has city views from a small balcony.

Built in 1995, the kitchen and bathroom could use updating, but because it’s older the one-bedroom is spacious, at 691 square feet, with floor-to-ceiling windows, and a den and dining area.

For a fee, residents can use the Sheraton Hotel amenities including the fitness centre and indoor pool. The air-conditioned condo unit is downtown, near restaurants and the Vancouver Art Gallery, as well as English Bay and the seawall.

The action

Listing agent Nicolas Blachette had five showings and received an offer at the first showing. The seller had been renting the unit out as an investment for the past five years, and the buyer plans to also rent it out, Mr. Blachette says.

“Air conditioning is rare for older buildings and the balcony with panoramic views of downtown, and the impressive floor-to-ceiling windows,” helped sell the unit quickly, he says.

The sale completed April 4.

The agent’s take

The resale market in well-maintained buildings is seen as a sound long-term investment purchase, Mr. Blachette says.

“The downtown market for one bedrooms is quite hot, when priced between $600,000 to $800,000,” he says. “Prices are stable and increasing very slowly due to a low inventory and more buyers entering the market after waiting sometimes for over a year.”