New Listing in Fraserview: #313 2250 SE Marine Dr
|Title||Pre-Paid Lease to 2087|
|Type||Top Floor Condo|
|Living Area||1229 sq.ft.|
Attention Buyers! The WeLoveEastVan.com Team is happy to present this 1229sqft 3 bedroom, 2 bathroom home in the fabulous Waterside Complex in Fraserview. Don’t worry about the Marine Dr address.. the unit faces south and is top floor, so it’ll be quiet and private.
Sept 24th from 12-2pm
Sept 25th from 1-3pm
This home boasts a large floor plan with open but dedicated living spaces. The large living room has a gas fireplace, access to the oversized balcony, vaulted ceilings and south facing windows offering gorgeous Fraser River views. Next to the living room is the kitchen, which features tons of cabinet and countertop space, updated appliances and countertops and a bay window with an bright eating area. The dining room is open to both the kitchen and living room, and has enough room for a large table and buffet – the space is big enough to have your friends and family over for delicious dinners!
The master bedroom is large enough to fit a king size bed and lots of storage space, and features it’s own large ensuite bathroom with great storage. The second and third bedrooms are big enough for your growing family or guests. The second bathroom is well placed near both rooms.
Rounding out the home is a good sized front hall closet and large in suite storage. With 1229sqft, you’ll have a lot of room to spread out.
For more information: #313 2250 SE Marine Dr
As for the building, 2250 SE Marine Dr is very well managed, with fantastic neighbours and lots of updates. This building was fully RAINSCREENED in 2007, with a new roof and windows in 2006 and a new boiler in 2013.
Are you thinking, why is it listed at $450k? Well, the property is sitting on City of Vancouver Leasehold Land (with the lease ending in 2087), which is very typical in the South Vancouver area.
What are Leasehold Properties?
Leasehold properties have one major difference compared to freehold properties: though you own the unit and building (along with the rest of the Strata) you only rent the land underneath. 2250 SE Marine Dr sits on City of Vancouver land, which is considered the safest investment with the best lease terms. This lease in particular was originally a 100-year prepaid lease (this is common), with a lease end date of 2087. Given that the lease still has 67 years left, which is significant, the next handful of Buyers for this property shouldn’t encounter any issues with mortgages or value. At the end of the lease, the terms are re-negotiated and a new lease payment will be paid by the Owners.
Many people think that getting a mortgage on a Leasehold property is more difficult, but that isn’t necessarily the case. This lease still has a number of years left in it’s life, which is great for the next few Buyers. Buyers with a good financial record will be able to qualify for a mortgage through any bank and particular lenders, and it’s unlikely that you’ll need more than 20% down. It can take a few extra days longer to have the mortgage approved since the lenders require more information, but the approval is still possible.
You can still earn equity with leasehold properties, and frankly, a $450,000 three bedroom, 1229sqft home isn’t possible anywhere else in the City of Vancouver, Burnaby or Richmond. If you’re looking for the benefits of home ownership, in a fantastic building, in an up and coming area, that can handle a growing family, this is it.