Buyer closes deal on Vancouver loft with potential Airbnb

933 Seymour Street, #215, Vancouver

Ask for a price: $699,000 (August 8, 2022)

Sale price: $685,000 (August 18, 2022)

Previous sale prices: $335,000 (2012); $330,000 (2008); $165,000 (2002); $124,900 (1998)

Marketing days: 18

Monthly maintenance fees: $432.83

Taxes: $1,586.14 (2022)

Listing agents: Ian Watt and Shali Tark, Sutton Group West Coast Realty

The action

The landlord lived in the unit and then rented it out to a long-term tenant. The tenant moved out, so she thought it was a good time to sell, says listing agent Ian Watt. It attracted a lot of views. Most of the roughly 20 people who came were people planning to put it on Airbnb, he says. He also received a replacement offer.

“If you want positive cash flow on an investment, it’s very difficult with just a regular tenant, so a lot of people are looking at [short-term rental] to cover all of their costs, so that’s been the most exciting thing about this one,” says Watt.

He estimates he could rent between $200 and $400 a night.

what they have

This 645-square-foot loft is in a downtown building called The Spot and is one of the few in the area that allows short-term rentals, like Airbnb. The suite is spacious thanks to its 15-foot, 4-inch high ceilings with floor-to-ceiling windows that overlook the cityscape.

There is a small kitchen, a dining room, an outdated bathroom, a bright boudoir, a stacked laundry room and a bedroom with a dressing room on the second level. The 24-year-old building has a rooftop garden, gym, and is pet-friendly.

Officer taking

“They don’t build these loft-style buildings anymore because that ceiling height volume would be two units now,” says Watt. “They basically gave away 500 square feet from another floor. So when construction costs were low and downtown was relatively cheap to buy land, I guess people could do it.

The sale ended on October 29.