DONE DEAL

KITSILANO

2610 West 10th Avenue, Vancouver

 

GLOBE & MAIL

Asking Price: $1,099,000

Selling Price: $1,240,000

Taxes: $3,946 (2006)

Days on Market: 6

Listing Agent: Walter Wells, Sutton Group West Coast Realty

BY THOMASINA BARNES

 

Despite its million dollar price tag, agent Walter Wells recommended this 3,192 sq. ft. triplex as a first time buyer's investment.

"This is an excellent way for any buyer but especially a first time buyer to invest in the Vancouver real estate market," he says.

"The $3,000 a month in rental income from the two lower suites helps pay almost half a million dollars in mortgage; a big help when the lowest purchase price in Vancouver these days is often over $1,000,000," Mr. Wells says.

In the 1960's, after this original character home was converted into three separate suites, it became a hippie commune, says Mr. Wells. "What is now the luxurious top floor owner's one bedroom suite was then occupied by three families," he says.

The previous owner scraped together what was needed for a down payment on the home which was sold for $75,500 in 1977. In the 30 years since, she has been slowly renovating and updating the suites, living in the top floor one-bedroom plus loft and renting the three-bedroom basement suite and the two-bedroom main floor suite.

Now the three-storey triplex has been sold for $141,000 over the asking price, which alone is $65,500 more than it was purchased for in 1977.

"This is a classic story of wealth accumulation through investment in real estate," says Mr. Wells.