Sunday, August 05, 2007
deal of the week
In desperation (of new material), and anticipation of what is to come, I am starting a new series - Deal of the Week.
# 106 1429 E 4TH AV,
Grandview, Vancouver East,
I don't know that this place is such a smoking deal, but hey! a quarter of a million will actually buy one somewhere to lay one's head in Vancouver.
The building is 25 years old, and the blurb claims The exterior of this well managed building was redone in 2001 and planned re-piping has been paid for by the sellers. That's encouraging. Isn't it? I just wonder how the exterior was redone. 100 gallons of epoxy paint? New vinyl siding? Proper rain-screen protection? A new wisteria and some gladiolus in the garden.
Nice to know that the piping is planned for provision - and paid for. Too bad you will move into a six month construction project that will see your walls and ceilings torn apart. Maybe the odd asbestos particle floating about too. (Actually, asbestos was not still used in 1982, but it makes it a more scintillating essay...)
The place is a "garden suite" (read dark and gloomy), and boasts 625 massive square feet, with a 110 sq. ft. patio. Fuggetabout The "W", you can live Off-The-Drive for only $416 per square foot! (plus interest, and $196.94/month maintenance).
For those off you who are calculation challenged (or didn't see the handy mortgage calculation button), and have a $26 G down payment burning a hole in your pocket, the Bottom Line is;
% Down Payment 10 %
Mortgage TERM : 5 Yr
Down Payment $ 26,000
First Mortgage Amount $ 234,000
Insurance Fee ( 2 % of mortgage ) $ 4,680
Total Mortgage Amount $ 238,680
Monthly Mortgage Payment $ 1,561
Monthly Property Taxes $ 61
Monthly Condo Fees $ 197
Monthly Heating Costs $ 0
TOTAL Monthly Payment $ 1,819
Household Income Required $ 64,530
Now we're talking fundamentals! The median family can almost afford this place!
Stay tuned, I have a feeling that this might become an ongoing feature here. Don't laugh. I had a dream last night.
Disclaimer - David Campbell seems to me to be a decent realtor. I have worked with his close associate - Sean Holden - and was impressed with his integrity. This is not a paid plug.