Written by: Elliot Funt, Real Estate Advisor, Engel & Völkers Vancouver

Written by: Elliot Funt, Real Estate Advisor, Engel & Völkers Vancouver

 

704 1633 W 8th Ave.

704 1633 W 8TH AVENUE (8th & Fir)

Price: $549,000
Size:664 Sq.Ft.

Why it's on the list: Half decent view. Reasonable $/SqFt for the area of $828.16 with a good layout. Nice hardwood floors. All the unit really needs is a repaint and updated appliances. 

Downsides: Rental restriction on this building of 34 rental allowed. That being said, currently, only 19 units are rented out. Not an issue if you're a short-term investor, though could pose an issue if you're a long-term investor. 

204 1729 E Georgia Street

204 1729 E GEORGIA STREET (E Georgia & Commercial)

Price: $599,000
Size: 838 Sq.Ft.

Why it's on the list: Excellent investment opportunity. It's an averagely sized 2-bedroom in a reasonably small development. Building not too old–1993, though old enough that you're not paying new building prices. No rental restrictions. You could probably rent this unit out for at least $2000/month.

Downsides: Not yet rain-screened, which means you might have a strata levy at some point in the next 10-years.

202 789 Drake Street

202 789 DRAKE STREET (Drake & Howe)

Price: $499,000
Size: 585 Sq.Ft. (plus 387 Sq.Ft. of patio as LCP)

Why it's on the list: Patio, Patio, Patio! You're paying below average $/Sq.Ft. ($852/Sq.Ft.) for the interior, and that $/Sq.Ft figure doesn't include the exterior patio space.
Also, rentals allowed, so great for investors. The unit was previously tenanted at $1950/month, which is a great return on investment for a $500k property downtown. The building has also been rain-screened already (this info from a previous listing in this—you should double check strata docs if purchasing).

Downsides: Will be somewhat noisy considering it's on the 2nd floor in downtown. 

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Disclaimer: 

I only cover Vancouver, North Vancouver, and West Vancouver in this report. This is meant to be an informative report of new listings on the market. If you are considering buying any unit, please contact me (or another realtor) before submitting an offer. When purchasing a condo you should check all strata documents before submitting an offer. Further real estate comparables should also be checked before any major real estate purchase.

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