Since there was a lot of talk recently here on how people have been able to sell their properties for much higher than the asking price due to the lack of real estate out for sale I thought it would be fun to see what was out there. While prices do seem higher, what caught my attention were certain properties that seemed way too cheap which made me wonder what was wrong with it. As it turned out, certain buildings had major issues as they were a leaky condo and it was interesting to see how real estate agents attempted to make it sound like a great deal.
For this one property it was listed at about $199,999 for about 850 sqft which is pretty darn cheap considering its in the Vancouver area. It said this on the description though
“Ground floor unit in concrete leaky condo. Will be Rain-screened and Buyer to assume levy. No Mortgage available for this complex. Must buy all cash. This 2 bed 2 bath faces towards the center with a patio. Concrete construction. This building is one of several in Gardenia Village, w/outdoor pool, fitness & ping pong room. RENTALS ALLOWED 2 dogs ok 35lbs MAX 1 parking 1 locker.”
Essentially, the price you pay now will be significantly more once you factor the building levy that seems to be coming for the building. As well, all cash would imply no bank would want to finance the building. Regardless, the typical selling points of a property were listed. But does that really make it sound like a good deal? For example, saying its concrete construction wouldn’t mean much if it’s a leaky condo overall. You can even see the walls are soaked in the pictures.
It almost makes me wonder if you are better off just presenting these kinds of properties in a “as is” sort of sale as I would imagine an investor would entertain the idea of buying it in hopes that a developer will buy the property out after.