289 Drake St., unit 1805, Vancouver
289 Drake St., Unit 1805, Vancouver
Listing price: $1,399,800
Selling price: $1,350,000
Days on market: 11
Taxes: $2,055.84
Maintenance fee: $506
Listing agent: Nicolas Blachette, Oakwyn Realty Downtown
What they got: The two-bedroom, 1,265-square-foot unit with a view is in a Yaletown tower adjacent to David Lam Park. The building is 25 years old and includes a swimming pool and gym. It allows rentals but no pets. The unit has floor-to-ceiling windows, galley kitchen, closed-in balcony, brick feature walls and walk-in closet.
The action: The unit had been on the market in September, 2017, for $1.449 million, but it did not sell. The sellers dropped the asking price to $1.39 million on Nov. 1, but found they were competing with inventory at lower prices. They re-listed it this year and it sold quickly because similar inventory had dropped, the listing agent says.
The sellers were downsizing to a smaller unit and the buyer was looking for a long-term investment with high rent potential.
“Market wise, we are still in a seller’s market in downtown Vancouver, with almost one home out of two selling,” listing agent Nicolas Blachette says. He says 415 units are for sale as of March, with 187 sales recorded.
The agent’s take: “Buildings built in the 1990s have more living space, larger rooms, and prices are more competitive than new-built homes, which are often smaller in comparable buildings,” Mr. Blachette says.