1003 BURNABY ST., UNIT 1706, VANCOUVER
Listing price: $498,000
Selling price: $520,000
Days on market: 7
Taxes: $1,065.40
Maintenance fees: $238
Listing agent: Ian Watt, Sotheby's International Realty
The action: Listing agent Ian Wattt says an identical unit next door sold in November for $25,000 less, which is a considerable price hike in just four months. The seller was looking to upsize and the buyers were a father-son team of investors. Prior to completing the sale last week, they had already rented the unit out for $1,800 a month, not including the parking stall.
What they got: This 400-square-foot studio unit is in the West End, with views of English Bay, Granville Island and False Creek. It includes a built-in murphy bed, office nook, ensuite laundry, gas fireplace, stone countertops, breakfast bar and a Juliette balcony.
In the Milano building, it is within steps of major bus routes, shopping and the Seawall. The building allows 30-day rentals, Mr. Watt says.
The agent's take: Small units are the most desirable for investors, the listing agent says. "The smaller the unit, the higher the dollar per square foot the rent will be," he says. "So the return is much better, as well as the taxes and maintenance fees are lower."
Because so many people can't afford to buy, it will always have resale value for its rental income potential.