After talking about Downtown developments, the Urban Dweller decided it was appropriate to use my computer brain to focus on other areas of the city that are undergoing a massive change. Mount Pleasant, uptown or South Main (SoMa) whatever you want to call the area is one such area. Gentrification is in full swing as the marginally rich west side dwellers of the city escape escalating real estate cost to the less expensive east side. With other projects such as Stella and Life on The Block this is becoming a prime destination for young professional who are nauseated by the thought of living in a far flung suburbs of Vancouver. This area is solid for investors. In 5 years you will reap the rewards.
Some of you might remember hearing about this development last year as then developers Eden Group walked away from the project due to an escalation in construction costs. The project is 85% complete and is now in receivership. Reselling of the remaining 35 units of the 81 unit 8 floor mid-rise condo have started. Currently a 5% discount is being offered to entice potential buyers.
The units offer great views. Homeowners will have views of the mountains from the 2nd floor and as you get up to the 5th floor the water and English bay are clearly visible. High end finished throughout and a minimum of 9 ft. ceilings are a huge plus. The price range is from $380,000 to $700,000. A good investment indeed. The Suburban Don is even considering a move to one of these units as the idea of him smoking his cigar in his signature white bathrobe while looking at the mountains has tickled his fancy.
Note: The Urban Dweller will probably grab one to add to his ever growing condo collection. Who knows you the internet reader might already be renting a condo owned by The Urban Dweller. Lucky you, unless you don’t pay your rent, then Guido will pay you a visit to break a few knee caps.