Great Investment Building: 989 Nelson Street

Recently, a client of mine, a lovely young lady and first time BUYER, purchased a one bedroom and one bathroom condo at 989 Nelson Street in downtown Vancouver. Prior to the late 1990's, this was the BC Hydro Building - an office tower.

I had never been in the building before and was really impressed with the successful conversion to condos. This unit faces the Wall Center and has an extra city view in its reflection! At only 496 square feet, the great layout made it feel more spacious.

This building allows all owners to rent out their units, with short term rentals allowed as well.

It is a big building, with 446 commercial and residential units, originally built in 1957. Much of the exterior has been beautifully maintained with its vintage aquamarine tiling. It is also a great location, central to so much.

It is always great to add one more building to my list of "Vancouver buildings I have gotten to know". Especially after living here for more than 50 years!


My Experience

Since the BC government has reopened all our public spaces and various businesses, we have seen a real increase in the number of people listing their homes, and as a result more sales.

We have now had almost 4 months of learning how to do real estate in a safe and productive way, with our masks, gloves, hand sanitizers and social distancing ( which is a bit tough in some of those small 1970's elevators!).

The busiest market is the condo market which is where home purchasing is still most affordable especially under $1,000,000. Because of the pause in the market during the shut down, we had more buyers than sellers and actually had many multiple offers on properties. That is continuing now into June.

It does put pressure on Buyers to be ready - with their financing, the diligent reading of documents, potential pre- home inspections and more.

However, more home owners feel comfortable opening their homes up to potential buyers and there are more homes available to see. We are continuing to keep our buyers and sellers safe, as we always have, but now in a more attentive way.

Let me know if you have any questions!

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