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September 7th, 2007
Panorama – You are here
Lofty Ambition
Vancouver Magazine
September 7, 2007
A spacious loft-style condo under $300,000? New Westminster is chockablock with them. This unit, found on the top floor of the former post office, was one of the first heritage building renos in the city’s downtown core, in 2002, the minimalist concrete structure was overhauled to accommodate a police station on the first two floors (forget property crime, and loud parties for that matter) and 45 apartments above. On completion, this unit sold for around $149,000 (similar spaces in downtown Vancouver went for $250,000). It looks much as it did then, with its 11ft. ceilings, contractor’s cream paint and pristine cabinetry and tile. It’s a low-maintenance starter, sure, and one block from the nearest SkyTrain station, but is a condo in New West a wise buy? Tough call. A few years back, local journalists were writing about the city’s “exciting resurgence;” every new business and condo development received column inches. Now, the optimism seems premature. This stretch of Columbia Street, once the “Miracle Mile,” still lacks decent eateries, pubs and shops – unless you’re in
the market for a fuschia bridesmaid dress. And Price Waterhouse Coopers until recently was warning of an over-supply in the condo market. The gap between planned starts and estimated housing requirements is narrowing, mostly because of fewer planned starts, but there’s still reason to tread carefully.
502-549 Columbia St.
$299,000
Monthly Condo Fee: $214.33 House size: 798 sq. ft.
Bedrooms: 1 Bathrooms: 1
1. Antique Alley
Front Street’s antique row is a lot like Main Street’s: quality is hit and miss. The major difference is price. Here, a mid-century teak credenza can still be found for $500, and pariking in the waterfront parkade overhead Is cheap and abundant. Definitely worth a rainy-day trip.
2. 668 Columbia St.
Sign of the times: The Trapp Block – Columbla Street’s prettiest heritage building – used to house a family hardware store. Now its main floor is home to a Yaletown Sofa Co., a chainlet that specializes in condo-sized furniture, and the bullding is slated for redevelopment by Robert Fung’s Salient Group, the developer remaking Gastown.
3. Columbia Station
From here, the termlnus of the original SkyTraln line, it’s only a 20 minute ride to Waterfront Station provided you don’t have to wait for a train during peak hours.