8720 NO. 1 RD., UNIT 106, RICHMOND, BC
ASKING PRICE $190,000
SELLING PRICE $180,000
DAYS ON MARKET 12
TAXES $770 (2013)
MAINTENANCE FEE $380
YEAR BUILT 1975
LISTING & SELLING AGENT Owen Bigland, Macdonald Realty Westmar
The Action: "Who says that young people are priced out of the market?" agent Owen Bigland says. The first-time buyer in her 20s had been renting an older one-bedroom condo in central Richmond and paying $1,050 a month. "She had been looking for something she could fix up and put her personal touch on, as well as something with a den or second bedroom to convert to a home office space."
What They Got: This two-bedroom, two-bathroom condo in Richmond is ultra basic, but affordable, Mr. Bigland says. The 1,100-square-foot space is large for a Lower Mainland condo, with an enclosed balcony. "The unit was clean but in desperate need of a complete renovation," Mr. Bigland says. Located in West Richmond, the building is within a five-minute walk to shops, restaurants, parks and dyke trails. The building includes an indoor and outdoor pool, exercise room and lounge. The maintenance fee includes heat and annual fee for water.
The Agent's Take: The young buyer has plans to do a complete renovation, with the help of her boyfriend, who's a licensed plumber and skilled tradesman, according to the agent. "With 10 per cent down, this buyer's mortgage payment is around $750 a month, plus her maintenance fees and property taxes. So, not much more than what she was paying to rent a much smaller unit," Mr. Bigland says.