Endless Possibilities

Admiral’s Walk
102, 10631 No 3 Road, Richmond

List Price: $229,000
Floor Area: 1158
Unit: 1 bed, 2bath
Maintenance Fee: $352.27
Taxes: $1013
MLS: V975838

An oldie, but a goodie.  This 38-year-old building, although aged and not really modernized, has a vibe all on it’s own.  Once the Show Suite at Admiral’s Walk, this unit is like no other in the two building complex…or Richmond for that matter.  Nestled in the quietest southwest corner with easy access to parking, the courtyard, pool, clubhouse, community gardens and RV parking, this condo unit could be transformed into a wonderful home.  It will take work with head to toe renovations required, but with the size, layout and current design, the possibilities are truly endless.  A buyer can consider closing the den to have a second bedroom, opening the kitchen up to the dinning and living room, sectioning off the dining room to create separate dining room access, or design a custom built-in floor to ceiling cabinetry in the area between the kitchen and the dining room…and more.

With direct access to the courtyard, ample closet and storage space (one storage unit within the unit and a second located down the hall), the space feels more like a townhome than a condo.

PROS

  1. Lots of living space – great potential to make the space your own.
  2. Unit has capability of adding in-suite laundry (but has to be ventless dryer).
  3. Lots of storage space.
  4. Great location – close to amenities, shopping and transit.
  5. Active and engaged strata hosting events.
  6. Clubhouse with pool and private garden plots.
  7. Deep freeze added to kitchen.
  8. Great placement in complex with direct access to courtyard.
  9. Sun room and patio area.
  10. Large bedroom with two large closet spaces.
  11. New piping (horizontal) being installed now.

CONS

  1. Needs considerable amount of renovations, mainly new flooring and bathroom upgrades.  Possibly new wall designs and other conversions.
  2. Restrictions – No pets, No rentals, 16+.
  3. Wood fireplace may be changed to electric (this is not necessarily bad, but may add to costs).
  4. Old building and not aesthetically appealing inside common areas.
  5. Older building may have more costly improvements needed over time.
  6. Condo fees are higher, however, they do include heat, hot water and sewage.

MORTGAGE NOTES

Example at 3.09%; List Price: $229,900

High Ratio Loan (less than 20% down payment); 25-year amortization
Down payment (5%): $11,495
Mortgage Amount: $218,405
Default Insurance (2.75%): 6,006.14
Loan Amount: $224,411.14
Monthly Payments: $1,072.41
Approximate Income Required: $58,000

Conventional Loan (20% or more down payment); 30-year amortization
Down payment (20%): $45,980
Mortgage Amount: $183,920
Loan Amount: $183,920
Monthly Payments: $878.91
Approximate Income Required: $48,000

From my home to yours –
Irene

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