Condo of the Week: A West End unit for just $229,000 (but yes, there’s a catch)

The price isn't a typo, but you have to be willing to make some compromises

May 12, 2016

The details: 306-1251 Cardero St. | $229,000 | 505 sq. ft. | 1 bed, 1 bath

The condo: With a tasteful renovation and efficient use of space, this one bedroom condo in the West End offers huge value for those who can look outside the box. This home is bright with green views over the adjoining gardens and features an open concept floor plan with a new kitchen, complete with new cabinetry, quartz counters, stainless steel appliances and a glass backsplash. The bathroom has been upgraded with a walk-in shower, quartz top vanity, and new fixtures, and it has laminate floors throughout. The large balcony is great for a morning coffee or evening wine, and there are no rental restrictions—which make this appealing for both investors and owners. If you’re looking for something to really turn the key, the furnishings are also available for purchase.

The building: The Surfcrest is a 50-year-old concrete building with 162 units. It is a leasehold building, with a pre-paid lease until 2073. Building amenities include an indoor pool and gardens. Maintenance fee includes heat, hot water and property taxes.

The neighbourhood: Just two blocks from the seawall and a short stroll to the bustling Davie and Denman intersection, this is a prime West End location. With a 99 walk score, you won’t need a car.

The potential downsides: Leasehold property isn’t for everyone, as there is some uncertainty to the investment long term. It requires a minimum of 20 per cent down and is likely to have some upcoming maintenance costs given the age of the building. You’ve also got shared laundry and street parking to deal with.

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