The overseas owners of this small Kelowna condo found that the only interested buyer was the current tenant.Engel & Völkers Okanagan
515 Houghton Rd., No. 308, Kelowna, B.C.
Asking price: $368,800 (March 14)
Selling price: $335,000 (April 29)
Days on market: 46
Monthly maintenance fee: $433
Taxes: $1,668 (2024)
Listing agent: Richard Deacon, Engel & Völkers Okanagan
What they got
This 19-year-old unit is part of a larger complex in the Rutland North neighbourhood of Kelowna, with amenities that include a clubhouse, gym and guest suite. The complex, built in 2006, is centrally located near shops, schools and transit.
The one-bedroom, one-bathroom, top-floor unit has 777 square feet of interior space. The layout is fairly basic, with a small, dark kitchen, laminate counters and mixed tile and carpet flooring. The property needs updates.
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The action
The sellers live in Australia. They had bought the unit in 2017 for $236,000 but got jobs in Australia, so moved and rented it out. They had no plans to return to Kelowna and made the decision to sell. The long-term tenant had said he’d be interested in buying it, so Mr. Deacon gave him a week’s advance notice before listing it. The tenant said the price was too high.
Mr. Deacon said tenants don’t usually buy the units they occupy, even if they’ve expressed interest.
To his surprise, the tenant made an offer a week after it went on the market. It was lower than the sellers wanted, so it wasn’t accepted. But with few other potential buyers coming through to look at the unit, Mr. Deacon asked the tenant if he’d like to return to the table to make another offer. That offer got accepted. The sale completed on May 30.
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The agent’s take
“For [the tenant] it was very convenient, and they didn’t have to deal with moving out,” said Mr. Deacon.
“I counselled my clients that it’s not easy to sell an older one-bedroom apartment in Rutland, which is an inner-city neighbourhood in Kelowna, a little rough around the edges.”
Although a basic condo, it had decent amenities and low maintenance fees, said Mr. Deacon.
When considering the offer, he’d advised the sellers it could take six to nine months to sell, and they’d likely have to reduce their price anyway.