A recent sale of a condominium in Vancouver demonstrated how a combination of size, location, and a small number of necessary upgrades can impact the final selling price. The property, located at 315 Renfrew, No. 306, was sold below the asking price, despite its ample size and desirable location. This can be attributed to the fact that while it boasted an impressive square footage and a view of the North Shore mountains, it required updates to the kitchen and bathroom.
The Property Details
The condo is situated in a 44-unit building that was constructed in 1992. With a generous size of 1,025 square feet, the property features two bedrooms and one bathroom. It also includes a 150-square-foot balcony that offers scenic views towards the North Shore mountains. However, despite these attractive features, the property was in need of some updates, particularly in the kitchen and bathroom areas. The unit was listed for sale at an asking price of $725,000 on September 22nd. After eight days on the market, the property was sold for $710,000 on September 30th.
The Selling Process
The unit was viewed by about two dozen groups before it was sold. According to the listing agent, Cheryl Davie of Stilhavn Real Estate, the new flooring and fresh paint were key selling points for the property. Without these improvements, Davie believes the unit would have remained on the market for a longer duration. She also noted that selling a two-bedroom unit with only one bathroom can be challenging, as prospective buyers with children often prefer a second bathroom. As a result, she advises sellers to be sharp on pricing to make the property more appealing.
The Building and Location
The 44-unit building where the condo is located has undergone various upgrades, including rain-screening and improvements to the elevator and courtyard. The property is situated within walking distance of the Pacific National Exhibition and several parks. Additionally, it offers easy access to Highway No. 1, making it convenient for commuting. However, despite these advantages, the requirement for updates in the kitchen and bathroom likely played a role in the final selling price being below the asking price.
Market Trends
According to Ms. Davie, first-time buyers are currently the most active in the market. They didn’t experience the ultra-low interest rates of 2021, so they’re comfortable with today’s rates. On the other hand, existing homeowners find it more challenging to move up to a more expensive property at higher rates, as this leads to bigger payments and a loss of equity gains. Hence, even though the condo in question offered a size bonus, the needed upgrades likely impacted its final sale price.
