New live/work loft for sale at # 314 1220 E PENDER ST, Vancouver and currently listed at $449,000.

True two level live/work loft. Bright, dramatic, modern and minimalist - all in one. This extremely open plan leaves endless room for your "lofty" dreams. This top floor loft features over 1100 sq.ft., over 19 foot ceilings, double height windows and a bright skylight. "The Workshop" is a ultra-solid concrete built, unique, high-quality, one-of-a-kind warehouse styled loft building located near Commercial Drive in Mount Pleasant. Enjoy the custom upgraded large kitchen, stainless steel appliances, plenty of built-in storage, and concrete floors. Live the loft lifestyle at The Workshop. Building information page: http://www.albrighton.ca/1220-e-pender-st-the-workshop.html

Video tour: http://video.pixilink.com/video/314-1220-e-pender-t/

Current list of great Vancouver lofts priced under $700,000

Property Link with details on each place:

http://mlslink.mlxchange.com/Pub/EmailView.asp?r=991743551&s=BRC&t=BRC

GASTOWN
Koret Lofts in Gastown
#413 55 E Cordova -  It is next door to both a stairway, and a structural concrete wall making for extra sound insulation.  The suite shows beautifully, and it has plumbing in the entry storage area if you wanted to build a powder room.  This building has beautiful design and finish.  As I mentioned there will be less late evening noise.  This unit also has an owned parking stall which is rare in this building, adding great value.  This unit is very well priced.

#316 55 E Cordova - This is a similar unit to #413, with about 140 sq.ft. less space, and the parking stall that is leased in another local building.  Making the price less at $474,900.

#302 150 Alexander St - Gastown - This is away from some the Gastown action, but still down the street from a smaller bar.  This unit is really beautiful as it is in a heritage conversion building, and has beautiful Northern views.  The only Downside with Gastown water view units is you can hear the trains, which don't run too frequently, although there is an early morning commuter train that comes in around 5:30am - 6:00am.

#604 53 W Hastings - Paris Block - I've added this suite because it is beautiful inside.  It is located near Carrall so there are quite a few street people around, but you can see this is reflected in the price.  It has over 1000 sq.ft. and plenty of outdoor space.

CROSSTOWN
#5 - 2 550 Beatty St - Beatty Street will have much less noise than Richards Street.  There is one bar on this street named Chambar which may have some noise, I cannot tell, but if this is a unit that faces the back lane (which is a dead -end) then it should be much quieter.  The listing doesn't have any photos, so I've included this link which has some photos from the past when it was for sale in 2007: (email Paul Albrighton for link).  This was the first heritage-conversion loft building in Vancouver done around 1985 - so the hallways and lobby are dated.  There are some incredible units within this building.  

#307 546 Beatty St -  This is a large 900+ sq.ft. unit.  This unit also faces the back lane so it will be quiet.  The open concept design is very nice, and the kitchens and bathrooms are new.  The building was completed in 2008.  This unit is worth closer to $555,000 - $560,000.  Mind the photos, the loft is in desperate need of some good lighting.  

COAL HARBOUR QUBE
#1115 1333 W Georgia St - This is the architectural building I mentioned in Coal Harbour.  It was first built in 1969 as a modernist styled earth-quake proof building, as it is suspended from the top.  Here's my information page: http://www.albrighton.ca/the-qube-1333-w-georgia-st.html  This unit has 771 sq.ft. and nice North West views.  The high ceilings and open design make it very functional.  This unit is worth in the high $480's.  This is my favourite mid-range building in the city.  

#1414 1333 W Georgia St - This is the two bedroom, two bathroom plan.  It is also one level from the PH so it does command great value.  These units sell in the $650,000 range.

POINT GREY
#201 4387 W 10th Ave - Roar One - This is the beautiful Point Grey loft building I mentioned.  It features very unique flexibility with the open loft style plan.  Larger units are priced closer to $750,000 which rarely come up.  The listing here has bad photos, here is a recent sale which had almost 1100 sq.ft, the photos show great: http://www.albrighton.ca/property_detail-1-135-8962.html.  This unit (#201) has a similar plan, only smaller, and on the W 10th side, so there is some traffic and bus noise during the day.  

MOUNT PLEASANT
#404 138 W 6th Ave - This is another unique building in Mount Pleasant near some light-industrail buildings, so it should be very quiet at night.  This space is great with a large open two level layout, a city-view patio, and over 1000 sq.ft.  It probably needs some renovations.  It is worth closer to $610,000 - $620,000.

#308 256 E 2nd Ave - Jacobsen - Here is a two bedroom, two bathroom plan at Jacobsen, the new building we spoke of.  The finish and design are very nice, I'm sure you will like it.  This unit also has Northern views over E 2nd Ave.  E 2nd Ave is a busy street, so there will be some traffic noise, but not much pedestrian noise as the area is mainly residential and light-industrial.  This unit is worth closer to $550,000 - $565,000.

#301 2635 Prince Edward St - Soma Lofts - This is a very nice newer building, they are not real lofts, but condos with good layouts, and 10' ceilings.  Generally the floor plans at Soma Lofts are very good, and always feel bigger than they really are. This is just off Kingsway and 11th Ave, but in a quiet little tucked away area.  The build design and finish in this building are very good.

#1007 328 E 11th Ave - Uno - This is across the street from Soma Lofts.  This building just has a bit of a modern feel, but not lofts.  This unit is slightly pricy at $599,000 but offers plenty of space with over 1100 sq.ft. nice interior design, and in with some views.

Vancouver Condo and Loft Market Update

The end of 2009 finished with plenty of activity and recovered prices from early 2009.  This high-level of activity and price gains have continued into the early portion of 2010.  In January 2010 there were 152% more sales than in January 2009 in all of Greater Vancouver.  The first half of 2009 was primarily dominated by first-time buyers who were attracted to low interest rates and prices down from the peak in late 2007.  The second half of 2009 proved more sales in the $500,000 - $1,000,000 range compared to the year before. 

From February 2009 Vancouver condo and loft sale prices have increased 19.7% on the Vancouver Westside and 15.3% on the Vancouver Eastside.  Certain segments of the Vancouver condominium market have now surpassed peak prices as seen in 2007. 

Demand remains strong in all price levels, as activity has been high with limited inventory.  The Olympics have just passed, and there are already signs of above-average inventory coming onto the market.  The Vancouver Westside market has become very challenging for purchasers as we have been in a sellers market since Summer 2009, so increased inventory could become beneficial by finally offering people good options to choose from, and to level off the aggressive price gains seen over the past year. 

Mortgage qualifications have been slightly tightened, as buyers will now have to qualify on five-year fixed rate instead of the previous three-year fixed rate (five-year fixed rates are slightly higher), this has a small effect on most buyers purchasing power, but is a positive sign to keep our market stable.  This will also ensure first-time buyers are staying within their limits and further avoid risk seen with interest rate increases.  

Pricing Chart for Great Vancouver - 10 Year Trend

Graph from Real Estate Board of Great Vancouver Feb 2010 Market Update.  Email paul@albrighton.ca for full pdf copy.

Written by Paul Albrighton March 2010