Re/Max Crest Realty
3440 W. Broadway, No. 418, Vancouver
Asking price: $868,000 (Sept. 6)
Selling price: $878,0900 (Sept. 16)
Days on the market: 10
Taxes: $3,178.92 (2024)
Monthly maintenance fee: $688.46
Buyer’s agent: Dennis Sepulveda, Re/Max Crest Realty
What they got
The 1,205-square-foot, two-bedroom, two-bathroom, two-storey condo in Kitsilano is a strata leasehold property.Re/Max Crest Realty
Re/Max Crest Realty
This spacious 1,205-square-foot, two-bedroom, two-bathroom, two-storey condo in Kitsilano is a good deal partly because it’s a strata leasehold property, which means it comes with a prepaid lease that expires in 2071, says agent Dennis Sepulveda.
Built in 1993, the centrally located building allows pets and rentals, with some restrictions. The bedrooms are on the lower floor and there’s a flex space, some wood floors and fireplace.
The unit needs new flooring, paint, and remodelling of the bathrooms and kitchen, but the bonus is a private rooftop patio with mountain views.
“The good price comes from a combination of the overall condition and the leasehold title,” said Mr. Sepulveda. “There’s also a special levy coming in the next year or so to replace the roof. I think those three factors scared away most buyers.”
The action
The unit has a private rooftop patio with mountain views.Re/Max Crest Realty
Re/Max Crest Realty
The buyer had been outbid on two previous properties, so when she saw this unit, she did upfront due diligence and made a condition-free offer just a little above asking, said Mr. Sepulveda.
The unit was in original 1990s condition and it needs work. For that reason, it only received two offers. The big draw for the buyer was the big private outdoor patio space with views.
“Of the three units we wrote offers on, the one she ended up with was by far her favourite,” says Mr. Sepulveda. “My buyer played her cards right and is very happy. She didn’t get discouraged and ended up with exactly what she wanted.”
The agent’s take
Re/Max Crest Realty
August was an ultraslow month, but with interest rates on their way down, Mr. Sepulveda had a feeling that his buyer should act fast, before the market picked up. Sure enough, they encountered multiple offers on the first two properties.
“We were both surprised by how quickly the market changed from August to September,” said Mr. Sepulveda. “I have spoken to a few agents who told me this only happened in a few specific, high-demand neighbourhoods, such as Kitsilano and Mount Pleasant. There are many other areas where listings are sitting on the market for much longer, with fewer buyers.”
The sale completed Oct. 14.