1723 Alberni Street, Unit 1001, Vancouver
Asking price: $349,000
Selling price: $345,000
Previous selling prices: $324,000 (2007); $229,000 (2005); $162,615 (1999)
Taxes: $1,391 (2009)
Days on market: 29
Buyer's agent: Nicolas Blachette, TRG-The Residential Group Realty
"Market-wise, things seem to move fast downtown," says agent Nicolas Blachette. However, "according to the supply versus demand laws, it looks like buyers have the leisure to take more time to find their property," he says.
"Before the Olympic Games, there were approximately 900 listings downtown, by the end of March, this number had increased to 1,200, and today there are between 1,550 and 1,600 listings for sale, a 70 per cent increase of supply on the resale market since before the Winter Games," he explains.
Because of this, his client, the new owner of this 576 sq. ft. suite was able to purchase a suite with, "a very good price in one of the most desirable locations in downtown Vancouver: Steps to Robson and Denman shopping, restaurants, entertainment, the sea wall, Stanley Park and the beaches," he says.
The one-bedroom suite has an eight by five foot sunroom, in-suite laundry and one underground parking stall. The gardens, gas and hot water are paid for with a $286 monthly maintenance fee.
Because it is a buyer's market, the new owner was able to make a deal with the previous owners over the cost of building repairs.
"The building is going through major repairs that need to be done with all the current owners contributing to the expenses, according to their strata lot unit entitlement," says Mr. Blachette. Luckily for the new owner, "upon selling a unit, it is usually the seller that pays any amount approved and due to the strata corp. on his completion day," he adds. What this should mean, is that the new owner will not have to give money for building repairs for a long time.