202-1333 Hornby Street, Vancouver



Asking Price: $223,800

Selling Price: $221,000

Taxes: $847 (2009)

Days on Market: Eight

Selling Agent: Walter Wells, Sutton Group West Coast Realty


The Action: “My client was looking for life at the centre of the action,” says agent Walter Wells. This 462 sq. ft. suite may be small and almost 30 years old, being constructed in 1981, but it offered the lifestyle his buyer was looking for.

“She sold her newer, bigger suite that was located 15 km away on the border of Vancouver and Burnaby to take this smaller unit for about the same price,” he says. A sale price under $250,000, no matter the size or the age, still represents a very affordable option in downtown Vancouver.

What They Got: “Older is not always worse,” says Mr. Wells. “This building was constructed in 1981 using poured concrete. It has been well maintained and will never suffer the fate of some of the newer buildings which have since become ‘leaky condos’. It has a brick exterior and a tar and gravel roof,” he says.

With its small size, this bachelor has a “nook” for a bedroom, a large balcony, an open floor plan, and large windows. There is an open courtyard in the centre of the complex and this  unit includes one underground parking stall and a storage locker.

The Agent’s Take: In this case, the suite’s “poor condition” was a plus, says Mr. Wells.

“The buyer has plans to immediately renovate and modernize this suite,” he says. “She will rip out the old carpets and replace them with engineered bamboo flooring, update the bathroom with a new vanity and flooring, and have IKEA come in and install a brand new kitchen. With similar renovated units in the building selling for prices up into the $260,000s this will instantly provide the buyer with a substantial return on her investment.”

“Living downtown also allows for someone who works downtown to realize the savings of no car insurance or taxi fares, or even bus pass costs as one can literally walk everywhere,” he adds.

The biggest motivator behind this sale was the buyer’s desire for a downtown lifestyle.

“Money isn’t everything,” says Mr. Wells.