Wall Corporation and Rennie Marketing systems now bring us Strathcona Village, and I must admit, they are really trying to balance the line between gentrification (a term too often thrown around in Vancouver) and adding badly needed market housing to one of the last underdeveloped neighborhoods in Vancouver.
The price points are attractive, and fall most definitely into the range of what one would expect to spend in the area. Being a new build, the suites will also have the features that are lacking in some of the older buildings, such as in-suite laundry and dishwashers. The emphasis during the presentation I attended seemed to very much be on the first time home-buyer, also a change from the usual practice of trying to sell to as many investors as possible. Price points start at $199900, and many great floor plans are around the $250000 mark. You cannot beat this price and location, especially for the first time home owner that wants to stay close to downtown.
This is not to suggest, however, that investors should stay away. I believe that this building, from it’s sheer size alone, will attract a large number of investors, and there is nothing wrong with that. Either way, more housing will be provided in the form of rental suites.
With the average rent in buildings in near by Chinatown, such as the Ginger and V6A, are around 1500-1600/month for a 1 bedroom, and I would expect Strathcona Village to be very close in rental return, making it a great investment.
Overall I have to admit that I am impressed with what I saw in the presentation center. The building looks like it blends into the area, some of the outside looks like shipping containers that one can see near the docks. A wonderful integration of the urban and modern design.
It is hard to deny that change has to come to the area, I have personally lived on Hastings street in Gastown for years, and have seen new and wonderful restaurants and coffee shops move into the area. It is also an area, despite many of it’s social issues, that feels like a neighborhood. At times it is hard to put a finger on it, but the area has it’s on beat.
I would encourage anyone to go down and check out the offerings at the presentation center. If you need to make an appointment, or would like to discuss investment or ownership in more detail, give me a call!
Floor Plans for Phase 1 - The Heatley