All active listings West of Denman
There are fewer new developments in the West End than in other parts of Downtown Vancouver such as Yaletown and Coal Harbour. West End Real Estate is on average priced lower than most Vancouver real estate, at $344,759 – on average – for an apartment property. While older in style, these condos tend to be much more spacious than newer apartment properties across the city. The proximity of these properties to the beach and Stanley Park add to their appeal and value.
There are 33 Freehold Strata buildings West Of Denman. Everything from affordable studio apartments to luxury 5 bedroom homes. With only 33 buildings in a 15 square block area, the selection is limited. This maintains the exclusivity and resale potential in one of Vancouver's most sought after neighbourhoods. To own "Freehold Strata" means you get the same bundle of rights and responsibilities as a detached home owner, without the hands-on maintenance reponsibilities. Historically, this category of condo ownership enjoys the best gains in equity and is the easiest to resell.
There are 12 Co-op apartment buildings West of Denman. Co-ops are the pre-cursor to Strata ownership, and were the first way to own and occupy an apartment. Before co-op, the only way to own a home was to buy a house! Essentially, when you buy co-op, you're purchasing shares in a company that owns the land and building you're buying into. You receive the exclusive right to occupy one of the homes in that building. Since there is no actual land transfer, there is no Land Transfer Tax. However, because of this, financing can be difficult with lenders requiring a minimum 35% down. Co-ops tend to be older buildings with an abundance of character and larger room sizes. You'll find that they usually have extremely tight restrictions on rentals, pets, and sometimes even age and smoking! The financing restriction means that the ownership is usually older, and since reselling can be a little more difficult, the prices are generally better than Freehold.
There is only one Leasehold Property West of Denman. The "El Cid” at 1850 Comox Street was built in 1968 with 208 suites on 26 levels. A substantial amount of work has been done on this building recently so it should be worry free for a number of years. Buying Leasehold means that you're essentially pre-paying the rent for the term of the lease. In this case, the lease expires December 31, 2073. The most recent sale at the time of writing (Jan 2012) was a 650 sq ft 1 bedroom home for $260,000. That works out to only $355.20 per month for the length of the lease. Adding in the monthly maintenance fee (it will increase in the future) brings that amount to $734.20 per month. You can see why leasehold can be extremely attractive for any purchaser, but especially for the investor. For more information on Leasehold Properties contact me at firstname.lastname@example.org .
Click here to view a copy of the Head Lease for the "El Cid".
Who Lives Here
Due to the near nonexistence of detached homes in the area, the West End is home to fewer families than the rest of Vancouver. The West End population consists of mostly singles and couples between the ages of 20 to 34, even though the location is fairly family-oriented (see Things to Do). The West End is also home to Davie Village, Vancouver’s largest gay neighbourhood. Residents of Vancouver’s West End tend to be highly educated but with slightly lower household incomes ($51,933 compared to the $64,889 average for Vancouver). This discrepancy could be attributable to the young population employed primarily in the sales and service sector.
Things to Do
Walk / Bike / Run / Rollerblade Vancouver's Seawall
Spend the day in Stanley Park
Watch the Vancouver Fireworks over English Bay in the Summertime
Spend the day shopping in Robson Street Stores
Take a ride on Stanley Park's Miniature Train
Explore the Vancouver Aquarium in Stanley Park
Check out a book at the West End Library
Have breakfast, lunch, or dinner at one of the many West End Restaurants
Visit the Century 21 Kiosk at the Denman Place Mall
The community's first apartments were constructed on the streetcar line that ran down Robson Street. The Manhattan (now a housing co-operative), designed by well-known architects Parr and Fee, still stands at the comer of Robson and Thurlow Streets. City building regulations, which lasted until 1956, restricted these early masonry buildings to six floors, and wood frame buildings to three floors.
During the 1930s and 40s, the third wave of apartment development occurred. These were low rise structures with impressive Art Deco and Tudor-inspired facades. They were designed to give the community an air of permanence and respectability.
The 1950s brought the fourth stage of redevelopment to the West End. These changes were mainly in response to zoning changes and technological advancements which allowed for cheaper and better multi-storey construction. The majority of high-rise apartment development occurred between 1962 and 1975 where more than 220 highrises were built. This building boom created the skyline that we are familiar with today.
In the 1970s, and again in the 1980s, resident's expressed concerns changes in their community. In response, City Council initiated local area planning programs involving West End residents, local business people and City staff.
CENTURY 21 In Town Realty