Why You Can Save Money By Buying This Vancouver Downtown Studio
June 26th, 2008 Categories: Downtown
708-1189 Howe Street, Downtown Vancouver is a 488 sq.ft. studio in The Genesis, on the corner of Davie Street and is listed $24,000 below the last comparable sale in the building a couple of weeks ago. Listed at $285,000 (under $600 pr sq ft). It faces south and has a large balcony and an open outlook. The maintenance fee is only $175.00 per month. It has one parking spot.
When my clients purchased this Vancouver condo a few years ago they were living in California . I viewed a number of condos for them, took pictures, sent comparable sales in the building and my opinion on the condition of the suites, the buildings, the outlook and the locations. We did the transaction electronically and they did not view the suite before purchasing it. It was bought as a vacation home.
Last week they called me to say they were in Vancouver and wished to look at a few larger suites, so I set up a buyer tour for them on Friday. They selected a suite in the same building. The Genesis is well located for them, close to the seawall, lots of restaurants in the hood and easy walking to the shops and theatres.
Then we returned to their condo, I gave them an evaluation of current market value, calculated their closing costs, required downpayment on the one they wished to purchase and the mortgage payment. I called Alma Pasic my mortgage broker, who emailed an application form and got the mortgage approved by Monday morning. Thanks Alma! You can contact Alma at preferred@telus.net.
We then discussed how to get them from A to B. Option One would be to sell theirs first and then buy….they declined this option as they did not want to miss out on the other condo in The Genesis. Option Two would be to make an offer, subject to the sale of their suite. Option Three would be to make an offer without subject to sale of their suite and have a longer closing. This option meant they could negotiate harder on the one they wished to purchase and list theirs under the current value in order to sell it fast.
After returning to my office to draw up the offer and listing contract, I then returned to their suite to have them sign all the documents. By this time it was 6pm and I presented the offer to the seller at 6.30. It was accepted. We reviewed the necessary strata documents and removed subjects yesterday.
The Genesis has a 24 hour concierge, guest suite, indoor pool, gym, billiards room, theatre room , patio garden and guest parking. The building is pet and rental friendly.
Are you looking for a studio condo in Downtown Vancouver, call me to view this one! It really is a good buy! Let me know if you’ve seen other comparable suites at this price.
Did you know you can seach for downtown condos on this site? Or fill out my contact form if you are buying or selling your Downtown Vancouver condo. Share your thoughts on the Downtown market.
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