Vancouver’s Downtown East Side Goes Upscale
Posted April 24th, 2008 in R.E. Stories, Real Estate
Photo Credit: Flickr - Yuppies off the east side (cropped) - ardenstreet
Say Goodbye!
Just when you thought Vancouver Real Estate had seen it all!
A recent story from the National Post informs us of the imminent demise of the downtown east side. National Post tells us that Concord Pacific thinks it has “struck gold” in the poorest part of town.
Amenities
Instead of exercise rooms, and lap pools you get to live next to “an open drug and sex market that for decades has been a home of last resort to the down and out.”
Special Features
The project is
next door to the planned Greenwich condo complex: A ramshackle hotel and rowdy country and western bar. And immediately to the east, a building that provides accommodation to adults suffering from mental illness, addictions, and other health problems. Down the street are more seedy hotels and bars, where convicted serial killer William Pickton once cavorted with prostitutes - National Post
Makes You Feel Good
Condo fees alone would likely come close to what residents of the neighbourhood’s existing, private housing stock - squalid hotel rooms, rented out by the month - pay for shelter - National Post
Photo Credit: Flickr-77Loans-revs&audy
Financing Options
You get to buy 475 square foot studio at $400/foot - ok, I’ll do the math. That’s $200,000. You can try and qualify for a zero down mortgage at the local financial institution. Failing that, polish up your tin can and get working the street. Your new neighbours might have some spare change to help with your purchase.
Suggested Purchasing Hints
- It’s probably not a wise idea to camp out for the pre-sales.
- Bring extra food, clothing and a blanket for your new neighbours.
- Realtors® be considerate - take your old bimmer for the showings.
Got a Vancouver Real Estate question? I’ll do my best to answer it. Call or send me an email.
hat tip to Maggie
I wish CP all the best of luck with this project. There’s no doubt redevelopment is necessary in the area and how it will pan out only time will tell.
Me? No way am I going to be there nor bring my clients. I think the article’s $400/Sq.ft is optimistic. I was hoping Woodwards was going to be that and we saw that the prices were well North of there. Still, when it sold out at prices higher than (at the time) Yaletown you were likely as shocked as every realtor I spoke with.
The article also didn’t get strata fees correct (maybe a Toronto writer who knows nothing about Vancouver?) in stating they’d likely be as high as the SRO rents. Not even close. Even at an exhorbitant $0.40/Sq.ft a smaller unit would be $200/month and no SRO was $200/month. Of course, in Toronto the strata would be closer to $400/month which is more inline with the SROs.
But I digress. At least the article was written with an outsider’s point of view which hasn’t been tainted by the rose coloured glasses so many local’s (and not so local’s) have. I’d rather sit out and wait to see if the area cleans up, maybe even pay more for the property, than take my chances hoping me and my better heeled neighbours bring about the change.
Will,
You may be right but!
I liken the today’s market to a three ring circus. In ring 1 - the bears, ring 2 - the bulls and in ring 3 - the if-onlys.
“Me? No way am I going to be there.”
Your enjoyment and reward of attending the attraction depends on which act you follow.
As for me, I congratulate the ringleaders. Their determination to tame the beast is you must admit , fascinating.
The question: - will their whip and master skills deliver substantial box office receipts for having danced with the tiger.