A large private outdoor green space is being credited for pushing up the sale price of a 1970s condo in Kitsilano, which just sold for 35% over asking.
The two-bedroom, one-bathroom, ground-floor unit in the wood-framed building on Walnut Street, not far from Kits Beach, was listed for $899,000.
But it sold for $1.221 million, with seven offers in a week. Built in 1975, the unit was renovated in 2006 and comes with an underground parking space.
What made the Kits Point condo so attractive was the large 900-square-foot newly landscaped patio space and garden off the living room — a space almost as large as the whole condo.
“What we’re seeing a lot in this market is private patio space is being valued very, very highly,” says Stilhavn realtor Ben Chimes.
Although the rainy climate precludes the use of outdoor space year-round in Vancouver, a patio or yard can effectively extend your functional living space, especially during the pandemic.
“I think people are latching onto that. Having the opportunity of having friends or family over in the yard,” Chimes tells Daily Hive.
The condo also boasts custom built-in closets, renovated bathrooms, brand-new appliances and in-suite laundry.
Record sales across the region
The region saw a record number of home sales in March, with the chair of the Real Estate Board of Greater Vancouver saying residents bought and listed homes at levels never before seen in the area.
That surge in activity is increasing upward pressure on prices, said Taylor Biggar of the REBGV in a statement.
While Biggar said the board is seeing double-digit price gains for single-family homes and townhouses over the past year of the pandemic, the condo market has also picked up some serious steam.
“Detached homes heated up quickly after the first COVID-19 lockdown last year, but condos are now playing catch up in this extremely low-interest-rate environment. Especially units with great patios or outdoor space,” said realtor Jeff Applebe.
In March, realtor Karin Smith told Daily Hive Urbanized she saw huge demand for listings with ground-floor outdoor space.
One of her renovated listings, at 1535 Nelson Street in the city’s West End, sold for 24% over the $599,000 asking price, with 15 offers.
The regional real estate board attributes the frenzied activity to factors including increased household savings during the pandemic, signs of overall economic recovery, higher demand for more living space, and historically low interest rates.
The benchmark price for all residential properties within REBGV jurisdiction is $1.123 million.
The national average home price is expected to rise by 16.5% in 2021, according to the latest forecast report from the Canadian Real Estate Association (CREA).