Gastown is a well-loved centre of activity in the downtown core with over a century of history that goes back to the early days of settlement in Vancouver. The city’s oldest neighbourhood shows remarkably preserved evidence of the essence and inception of Vancouver’s prolific urban revolution.
Bordering the train tracks that established this area and beyond, the magnificent Burrard Inlet and mountain-scape, Gastown is a unique residential and retail area spanning a handful of blocks East to Main and West to magnificent Canada Place into the new eye-catching architecture that pulls you into the modern world. Find a hub of unique eateries and dining experiences from pubs to elite lounges as well as street side food trucks and seaside restaurants with expansive mountain and ocean views.
Close to everything and within walking distance of most of downtown, feel the pulse of the city right outside your door. Partake in the bustling evening energy as Gastown fills up for fun, lively entertainment and stylish dance clubs.
Inhale the fresh sea air and hear the melodic sounds of seagulls from your windows, while all your needs are met in a fashionable way just by walking down the street. Cozy but elegant floor plans allow for breathtaking views reverberating the heightened energy of the city.
Here, heritage loft conversions feature some of the most unique architectural elements of downtown living. Clustered primarily along Water Street, Powell Street and Alexander Street in Gastown, Beatty Street in Crosstown, and Mainland and Hamilton Streets in Yaletown.
Lofts often include refurbished detailed brick facades, wood casement windows, carved sandstone capitols, original maple hardwood floors, exposed brick and concrete, high 8’9″ and 11′ ceiling heights, honed granite and stone counters, all these items make up one of my personal favourite real estate products. But you don’t have to occupy to benefit from these fabulous living spaces & neighbourhoods.
Lofts provide a sound investment for discerning investors with the potential to readily achieve positive cash flow with superior rental income and asset appreciation. Buyers have to be very sharp to capture the most attractive listings as many of the desirable units sell in a matter of days and more often than not – over the asking price.
Typical rental rates are < $3 per square foot with a slight premium for furnished suites, parking, communal amenities or some utilities. Buying costs can run anywhere in the region of $625 per sf to around $800 per sf. After factoring in your purchase price, strata fees, insurance, property taxes & a few minor maintenance repairs – there are still opportunities to generate positive cash flow – especially with a larger down payment to reduce mortgage costs. Many of the heritage conversions were completed in the last 10-12 years and are managed well by progressive strata companies.
1) Loft on Powell Street sold in October for $26,000 over asking after just 8 days on the market.
2) Beatty Street loft sold in September after one day on the market $7,100 over asking.
1) Beatty Loft leased in October at approximately $3.25 per square foot includes furniture with no parking and no utilities.
2) Gastown loft leased this week at just below $3.00 per square foot – no parking or utilities.
If you are interested in learning more about current loft listings in Gastown, Crosstown or Yaletown – either for living or investment – give me call at 604 612 6392