This 627-square-foot unit is south-facing and bright, and has sliding doors out to a balcony.Photography provided by Macdonald Realty Westmar
8511 Ackroyd Rd., No. 120, Richmond, B.C.
Asking price: $399,000 (Nov. 5)
Previous asking prices: $438,000 (Sept. 9); $425,000 (Sept. 22); $409,000 (Oct. 22);
Selling price: $385,000 (Nov. 11)
Days on market: 63
Monthly maintenance fee: $332.35
Taxes: $1,266.45
Listing agent: Owen Bigland, Macdonald Realty Westmar
The condo underwent major renovations nine years ago, including adding new laminate flooring.
The action
Listing agent Owen Bigland re-listed the unit to adjust to market conditions, and priced at $399,000 he received considerable interest. The seller, who’d owned the investment property since 1992, received one offer.
“He decided to sell after his long-time tenant gave notice to vacate,” said Mr. Bigland. “He didn’t want to put another tenant into it because he wasn’t sure when it would become vacant again. He never wanted to sell with the tenant in the unit.”
The buyer is a first-time buyer who plans on living in the unit, the agent said.
Three years ago, the same unit would have sold in the mid $400,000s, he said.
New white cabinetry in the kitchen was part of the renovations done nine years ago.
What they got
This centrally located condo is in an older three-level building constructed in 1982. The unit had undergone major renovations nine years ago, refreshed with white cabinetry and laminate flooring.
South-facing and bright, the 627-square-foot condo has a 75-square-foot covered balcony that overlooks a tree-lined street.
The one-bedroom unit is a short walk to the Canada Line SkyTrain station, Lansdowne Centre, grocery stores and postsecondary schools, and comes with parking.
The condo has a 75-square-foot covered balcony that overlooks a tree-lined street.
The agent’s take
“These are the types of units I’m getting my young first-time buyers into, in areas like the downtown West End. However, a lot of research and due diligence needs to be done when looking at these types of units, as many strata are in very poor condition with major levies on the horizon,” Mr. Bigland said.
“It was a win-win situation. The buyers got a great unit at a good price. My seller was happy with the price they received, given the superior appreciation, and low holding costs over the past 30-plus years.”