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We have been asked to JV with someone in New Westminster, B.C. We are unfamiliar with the B.C. market. We are looking into it and would appreciate talking to someone who invests there already.
Investing in New Westminster, B.C.
- Thread starter DianneDachyshyn
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QUOTE (coinebro @ Jul 27 2008, 09:36 AM) We invest mainly in BC. Is there anything specific you wqant to know about the area.
What type of property?
What price range?
The area is Agnes Street, near the Skytrain and Taylor College. It`s a high-rise apartment condo with underground parking. We`re wondering if it is a fundamentally strong area, what prices run in this type of property and what market rents would be for a one and two bedroom.
What type of property?
What price range?
The area is Agnes Street, near the Skytrain and Taylor College. It`s a high-rise apartment condo with underground parking. We`re wondering if it is a fundamentally strong area, what prices run in this type of property and what market rents would be for a one and two bedroom.
Very interesting! I live in Vancouver and used to live in Burnaby right next to NW. It`s one of the cities that I don`t consider the boonies but yet has pretty reasonable prices. The only thing is, in my head NW is a little ghetto. Don`t take my word for it though, I haven`t been there for over a year.
I`ve actually looked into investing in that area around Agnes before. A 2 bedroom in a highrise about 800sft could get you ~1100-1200 but you`ll need a unit around 200k to get close to cash flowing and there aren`t too many units to choose from that are in the price range. One bedrooms will not go at all as you`d probably get 700-800/m around there.
I personally think Edmonton is a better place to invest.
Especailly if you live there. Just have to convince you JV that hehe..
QUOTE (DianneDachyshyn @ Jul 27 2008, 09:08 AM) The area is Agnes Street, near the Skytrain and Taylor College. It`s a high-rise apartment condo with underground parking. We`re wondering if it is a fundamentally strong area, what prices run in this type of property and what market rents would be for a one and two bedroom.
I`ve actually looked into investing in that area around Agnes before. A 2 bedroom in a highrise about 800sft could get you ~1100-1200 but you`ll need a unit around 200k to get close to cash flowing and there aren`t too many units to choose from that are in the price range. One bedrooms will not go at all as you`d probably get 700-800/m around there.
I personally think Edmonton is a better place to invest.
QUOTE (DianneDachyshyn @ Jul 27 2008, 09:08 AM) The area is Agnes Street, near the Skytrain and Taylor College. It`s a high-rise apartment condo with underground parking. We`re wondering if it is a fundamentally strong area, what prices run in this type of property and what market rents would be for a one and two bedroom.
I will agree with our friend nepoze, New Westminister isn`t the best place to put your money. It`s a very ugly town, and I think the demand really isn`t there, if the market crashes here in Vancouver, you`ll see multiple price cuts in NW.
Before you actually do a JV, go check out the area, how can you spend 10ks of dollars buying a property without checking it out. CHECK the area out, and you might be surprised, if you still wanna put your money in.
Kind Regards,
Singh
Before you actually do a JV, go check out the area, how can you spend 10ks of dollars buying a property without checking it out. CHECK the area out, and you might be surprised, if you still wanna put your money in.
Kind Regards,
Singh
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Thanks to both of you for those responses. Your insight is very helpful.
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Downtown New Westminster is undergoing a large but slow transformation. About $500M
worth of new high rises has and is being built in the downtown area. For the first time
in about 75 years, Columbia St. is actually improving! However it will be
a gradual improvement over quite a few years. I live and invest in the area.
However the cash flow isn`t so great (although probably better than other areas
closer to Vancouver). For example a $250-320k 1.5-2 bed condo might get you $1200-1400
in rent. So I think the area is improving and is more affordable than other areas closer
to Vancouver. But as usual, watch the cash flow - brand new or near new buildings
are usually really bad for cash flow.
Peter
worth of new high rises has and is being built in the downtown area. For the first time
in about 75 years, Columbia St. is actually improving! However it will be
a gradual improvement over quite a few years. I live and invest in the area.
However the cash flow isn`t so great (although probably better than other areas
closer to Vancouver). For example a $250-320k 1.5-2 bed condo might get you $1200-1400
in rent. So I think the area is improving and is more affordable than other areas closer
to Vancouver. But as usual, watch the cash flow - brand new or near new buildings
are usually really bad for cash flow.
Peter