8 SMITHE MEWS, UNIT 2603, VANCOUVER
LISTING PRICE $2.450-million
SELLING PRICE $2.3-million
DAYS ON MARKET n/a
MAINTENANCE FEE $704.13
LISTING AGENT Ian Watt, Sotheby's International Realty
The Action: The unit was on the market in the spring and received a few offers that didn't work out. The sellers, who lived in the unit for one year, took it off the market and decided to stay another year. Listing agent Ian Watt was approached recently by another realtor who wanted to purchase the property. After some negotiation, they settled on the selling price.
The owners, who moved back to Maple Ridge, had purchased the property a year ago for $1.95-million.
"They had been working downtown on a project for a year, so they bought it to live in the city during that time," Mr. Watt said. "They're happy, considering that someone basically paid them $350,000 to live there for a year."
What They Got: The bright, 1,614 sq. ft. sub-penthouse suite has unobstructed water and city views, as well as a large 250 sq. ft. patio.
The two-bedroom and den unit is in the Flagship building in Yaletown, built by Concord Pacific in 2009.
It comes with air conditioning, 24-hour concierge, and membership to the Esprit City Club, with a 60-foot pool, sauna, steam room, theatre and bowling alley.
The unit comes with two parking stalls. Rentals are allowed.
The Agent's Take: Mr. Watt said the market for condos has been unnaturally hot this year, although there are signs it is slowing, with higher interest rates on the horizon. He said many people have overpaid for condos.
"The higher end condo market seems to be rolling right now, with people in their 60s cashing out," he said. "To get something solid like this, that is waterfront, it will always maintain its value.
"But there is also a lot of over-priced junk out there. People are paying huge prices for leaky condos. And as soon as the market cools, those leaky condos, they won't sell. They are throwing sense and sensibility out the window. It's shocking."