Fantastic Find

Zenia Gardens – Victoria Park
313, 8100 Jones Road, Richmond
List Price: $325,000
Floor Area: 886
Unit: 2 bed, 2 bath
Maintenance Fee: $225.91
Taxes: $1331
MLS: V967197

What a fantastic complex.  Victoria Park is welcoming and beautiful, complete with landscaping: large fountain areas, kids play parks and walk ways.  There is plenty of guest parking in the underground and within the complex roadways.  There are about 300 units in the complex which was fully rain screened in 2009.  My research shows that there are currently 13 units for sale; the comparable units are listed here.  Many listings do not include pictures, making them difficult to compare.  Unit 313, the second most affordable unit listed, offers a great buy for the layout, location and upgrades it offers.   The unit has also recently had a price reduction from $348,000.

I liked the feel of the space; a feeling of home within an apartment.  The first thing I noticed was the laundry room – an actual, dedicated room for the washer and dryer in a 900 sqft apartment!  Amazing, and it didn’t take away from the usable space of the unit. Even though I was impressed by the laundry room, it did not over shadow the wonderful, open, bright and spacious kitchen.  A great layout, with considerable cupboard space and room for a breakfast bar area.

The living room provides space for both social and dining.  The large patio faces Southeast towards Blundell, however, the beautiful landscaping of trees gives it a very private and quiet feel.  The master bedroom has a full ensuite with a tub, a walk-in closet and cozy window seat.  The second bedroom is not large, but there is a decent closet and enough space to have a double or queen bed with a small dresser.  The second bathroom is beside the second bedroom; a full bathroom with shower.

Amenities include a guest suite, club house, playground, bike room and care taker.  Location is fantastic with transit, sky train, Richmond Centre, community centre, schools, library and shops within walking distance.  Well worth an in-person look as the pictures do not do this unit the justice it deserves.

PROS

  1. Location
  2. Laundry room
  3. Spacious and open kitchen
  4. Landscaping
  5. Guest parking
  6. Renovated and well maintained throughout
  7. Large private patio
  8. Breakfast and dining eating areas
  9. Fireplace
  10. Walk-in master closet
  11. Pets and Rentals allowed (with restrictions)
  12. Completely rain screened in 2009 – 2 more years on warranty

CONS

  1. Upgrades could be done on bathrooms eventually
  2. Middle-aged building that may require repairs
  3. Smaller second bedroom

MORTGAGE NOTES

Example at 3.095; List Price: $325,000

High ratio loan (less than 20% down); 25-year amortization
Down payment (5%): $16,250

Mortgage Amount: $317,240.62
Default Insurance (2.75%): $8,490.62
Loan Amount: $317,240.62
Monthly Payments: $1,516.02
Approximate Income Required: $70,000

Conventional loan (more than 20% down); 30-year amortization
Down payment (5%): $65,000
Mortgage Amount: $260,000
Monthly Payments: $1,108.26
Approximate Income Required: $54,000

From my home to yours –
Irene

Leave a Reply

Your email address will not be published. Required fields are marked *