The investor buyers of this never-lived-in two-bedroom condo decided that a tenant-occupied unit might not sell for as much.Royal Pacific Lions Gate Realty
2375 Emery Court, No. 201, North Vancouver
Asking price: $1,199,000 (Jan. 27); $1,149,000 (March 20)
Selling price: $1,120,000 (March 21)
Previous selling price: $949,900 (Jan. 2)
Days on market: 53
Monthly maintenance fee: $618.95
Listing agent: Michelle Vaughan, Royal Pacific Lions Gate Realty
This condo unit offers 1,031 square feet of living space with a monthly maintenance fee of $618.95.Royal Pacific Lions Gate Realty
What They Got
This brand new, never-lived-in, two-bedroom, three-bathroom condo is in Lynn Valley, with easy access to the Ironworkers Memorial Bridge. The unit has 1,031 square feet of living space, with high-end kitchen appliances, wood cabinetry, picture windows overlooking park-like surroundings, two ensuite bathrooms with pedestal sinks and an enclosed balcony. The building has an indoor pool, fitness centre, lounge, outdoor patio, bike room, electric vehicle parking, and is close to trails, shops, schools and parks. The strata council allows pets.
The unit has high-end kitchen appliances, wood cabinetry and picture windows overlooking park-like surroundings.Royal Pacific Lions Gate Realty
The Action
Listing agent Michelle Vaughan’s clients purchased the unit as a presale and intended to use it as an investment property. But they decided that a tenant-occupied unit might not make the best investment, so they decided to sell right away instead.
Sale of two-bedroom suite tethered to buyer selling own condo
“Properties that are tenanted typically do not show as well,” said Ms. Vaughan. “This usually reflects in a lower selling price.”
Ms. Vaughan said they knew there would be a lot of other listings coming up in the building, so they staged it to get the best price and a quick sale.
She received two offers.
The agent said the owners knew there would be a lot of other listings coming up in the building, so they staged it to get the best price and a quick sale.Royal Pacific Lions Gate Realty
The Agent’s Take
“We’re not really seeing investors right now,” said Ms. Vaughan. “The prices are down, but when you look at what it cost to buy the property, mortgage rates, and of course, strata fees, there isn’t really anything left over for the investor at the end of the month.”
The sale completed May 15.