Heller Murch Reallty
2880 Oak St., No. 101, Vancouver
Asking price: $425,000 (July 11)
Selling price: $417,500 (July 21)
Days on the market:10
Taxes: Included in monthly fee
Monthly maintenance fee: $365.50
Listing agent: Noam Dolgin, Heller Murch Realty
What they got
The price was substantially lower than a comparable strata unit.Heller Murch Reallty
The building is one of the few that operates as an undivided interest property, which means, in this case, that the owner owns a 7.6-per-cent interest.
“There are only a few of them in Metro Vancouver,” says listing agent Noam Dolgin.
The ground-floor unit is centrally located near to Vancouver General Hospital and is walking distance to shops and transit. It needs updates, but it has 757 square feet of space and a good-sized bedroom with a walk-in closet. Built in 1950, the 10-unit building is a classic three-storey apartment building that became a co-op in 1977. It allows rentals and is not subject to the empty homes tax, making it desirable for snowbirds, says Mr. Dolgin.
The action
While it needs updates, the unit has 757 square feet of space.Heller Murch Reallty
Unlike other co-ops, there were no restrictions around age, pets or rentals, and financing was available, if needed, which made it desirable. The price, as well, was substantially lower than a comparable strata unit.
The seller had been renting the unit out and wanted to sell because of rising interest rates, says Mr. Dolgin. They received one offer, from a buyer who intends to live in the unit.
The sale completed Aug. 15.
The agent’s take
“The thing about this form of ownership, from an affordability perspective, it just makes a lot of sense,” Mr. Dolgin says. “If it were stratified, it would have sold for around $650,000.”