161 W. GEORGIA ST., UNIT 605, VANCOUVER
LISTING PRICE $469,888
SELLING PRICE $455,000
DAYS ON MARKET 62
PREVIOUS SALE PRICE $233,000 plus GST (2012)
MAINTENANCE FEE $230.48
LISTING AGENT Ian Watt, Sotheby's International
The Action: This 447-square-foot studio suite in the Cosmo building, by Concord Pacific, was purchased from the developer by two investors. It rents for $1,790 a month. It was originally listed for $479,888 and lowered to $469,888 after seven weeks. It sold a week later, to another investor.
"The sellers are very savvy investors who felt the market is ready to change, so they decided to cash out," says listing agent Ian Watt. "They doubled their money. But I think a lot of really educated, perhaps slightly older people feel this is not a normal market, with properties going up another 20 per cent this month, or whatever. They are ready to get out of the Vancouver condo market."
What They Got: The downtown studio faces south, in a building with 24-hour concierge, rooftop lounge, firepit, barbecue, wet bar, indoor swimming pool, bowling alley and hot tub. It is steps to BC Place, Rogers Arena, Costco and SkyTrain. The unit includes Miele appliances, quartz counters and grey hardwood flooring.
The Agent's Take: Mr. Watt doesn't think the frenzied condo market can sustain itself.
"This is uncomfortable. Everyone says there's a lack of inventory. But we had about the same inventory last year, and prices didn't jump up like they have in the last four months. It's gone nuts. It tells me that people are caught up in a frenzy.
"I'm seeing local end users who want to live in them and they are young people who feel like this is their last chance to get into the market because they qualify."