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‘High’ price of a starter condo: Former crack den listed at $419K

‘Financing may be an issue’
Crack den East Vancouver
In this East Vancouver building, a one-bed unit that was formerly a cocaine and fentanyl packaging house is listed for sale at $419,000 as of June 8, 2018. Listing agent: Carlo Melo

In today’s market, $419K for a one-bedroom, 534-square-foot, courtyard-facing Vancouver condo seems fairly typical – if $784 per square foot can be described as such. But would you pay that amount for a unit that was previously a cocaine and fentanyl packaging house?

This starter-sized home in a five-year-old building in Collingwood, on Kingsway near Nanaimo, was put on the market on June 8 for $419,000, with just one external listing photo.

The listing description is 100 per cent up front about the history of the property. “Material Latent Defect: Previously used as an illegal substance packaging house for cocaine/fentanyl/marijuana.”

It goes on to point out that “financing may be an issue” – an admission of the fact that very few mortgage lenders would go near such a property, which means you’ll likely have to be a cash buyer with a high risk tolerance.

Further, the agent explains that the unit has been “completely stripped down… to stud walls and [has] no city occupancy [permit] in place. Major work needed and appliances required throughout.” In other words, right now, nobody is allowed to live there, it is totally uninhabitable in its current form, and an occupancy permit post-rehabilitation is not guaranteed.

The listing description insists, “With a lot of work, this could be a fabulous condo.”

It concludes, “Please call Carlo for more information.”

Good luck, Carlo.

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