Buyers attracted by three levels of finish
Jeani Read
Province
Instead of building an entirely new apartment complex, developers chose to renovate the building at 1010 Howe Street. The response from buyers has been so strong it surprised everyone with 70 per cent of the units selling in the first day. PHOTO AT LEFT SAM LEUNG — THE PROVINCE, MAIN PHOTO BY JON MURRAY — THE PROVINCE
The response to the open house at 1010 Howe St. surprised even the marketers when buyers started lining up a day early. The units at the 24-year-old retrofitted building come in three options: Bronze, Silver and Gold (above). Photograph by : Jon Murray, The Province
The response to the open house at 1010 Howe St. surprised even the marketers when buyers started lining up a day early. The units at the 24-year-old retrofitted building come in three options: Bronze, Silver and Gold (above). Photograph by : Jon Murray, The Province
Gold suites feature new tilework, new stainless appliances, new bathroom and kitchen cabinets and counters. Photograph by : Jon Murray, The Province
Buyer Matt Stone is thrilled with his purchase at 1010 Howe. ‘At that price point . . . there was nothing close to it.’ SAM LEUNG — THE PROVINCE
This one surprised even the folks at Rennie Marketing Systems, who merely expected a respectable start to sales and then an ongoing campaign.
But the lineup to buy suites in 1010 Howe’s 24-year-old retrofitted building — first built as offices and then converted into rental residences — started Friday at 2 p.m. for a Saturday 9 a.m. opening, and 97 of 130 units were sold the first day. Yes, an overnight lineup.
“It was unexpected,” says Rennie president Tracie McTavish. “But I think the buying population, which is still very healthy, recognized the tremendous location and the opportunity to buy into a concrete building — and to [be able to] move in this fall.”
It seems that, as the downtown core fills up and new real estate becomes more difficult to access, reno projects like this could be a new way to contend with the increasingly impossible housing demand. The snazzy Wedgewood Hotel started life as an office building — why not this?
Here’s the deal: There are three options for buying in 1010 Howe, labelled Bronze, Silver and Gold.
Prices are all set at the Silver level, which means the units have all been fitted with new carpeting, baseboards, paint and lighting fixtures.
Subtract $7,000 for Bronze, which is as-is from the 1996 conversion, just scrubbed and cleaned up.
Add $30,000 for Gold, which is a big upgrade. It’s an almost complete retrofit, says McTavish, with new tilework, new stainless appliances, new bathroom and kitchen cabinets and counters, toilet and sink — all fine finishings conceived to bring the suite into the 21st century.
The Gold is great, but most people are buying the Silver, says McTavish, because they’re choosing to spend their upgrade money on items they’ll handpick to suit their own tastes.
This project is really all about location and pricing: Of the 130 units, 112 are under $299,000 — some starting at $229,000 or $239,000, says McTavish — prices that are pretty well unheard of in the heart of the city, within walking distance of, well, everything. Buyers who live here will likely be fond of their homes but love getting out into the city even more.
The website places 1010 Howe at the heart of so many businesses and services it’s not possible to make a list. Well, OK, we can try: Blenz Coffee, Starbucks, Caffe Artigiano, Skybar, Crush Champagne Bar, Bacchus Lounge, Roxy, Orpheum, Pacific Cinematheque, Urban Barn, Komfort, Sleep Country, UBC, Law Courts, Vancouver Art Gallery. And that’s just a tiny starting point.
All this centrality was definitely the lure for first-time buyer — and realtor — Matt Stone. “It’s the location,” he says. “It’s right downtown. It’s close to work for me. There’s tons of restaurants. And Yaletown’s only four blocks away. And the price point was so good. I did a comparative search at that price point and there was nothing close to it.”
In his late 20s, Stone found himself stranded after a relationship ended and he “boomeranged” back to living with his parents.
The plan was to save money to get into the market, but as the now-crazy market continued to rise, “It got harder and harder and harder,” he says.
He’s been looking for quite a while and is delighted with his new spot.
He bought the Bronze option because he’s going to fix it up himself.
Is he handy? “I can do the floor,” he says. “And, I have friends who are handier.”
QUICK FACTS
1010 HOWE
What: 1010 Howe is 130 units in a renovated 24-year-old building in downtown Vancouver.
Where: 1010 Howe St.
Developer: Ten Ten Howe Street Developments
Size: One-bedroom suites at 478 sq.ft. to 500 sq.ft. and penthouses on two levels at 1,651 sq.ft. to 1,829 sq.ft.
Prices: One-bedrooms $227,900 to $311,900 and penthouses $919,9000 to $959,900
Open: Noon to 5 p.m. daily except Fridays, 604-228-1010.
© The Vancouver Province 2006