Vancouver real estate: leaky East Broadway condo project unit for sale, price reduced, $339,900, cash only

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      About two weeks ago, the Straight reported the sale of a unit at a leaky Vancouver condo complex.

      It was a $285,000 cash-only, no-financing deal.

      Now there’s another unit for sale in the same condo development, Gardenia Villa.

      It’s also cash-only, and no mortgage is available.

      The price for 603-2468 East Broadway has been reduced to $339,900 from its original listing tag.

      Gardenia Villa is known as a leaky condo development.

      On September 16, 2006, Vancouver Sun reporters Fiona Anderson and Glen Bohn wrote that owners may have to pay up to $40 million to keep the complex from rotting.

      “The project, designed by architect James Cheng and developed by Hong Kong-based Maple Resources Investment Co. Ltd., is a colourful eleven building complex with three gated courtyard gardens and a pool on five acres of land,” Anderson and Bohn reported.

      Owners first noticed water issues at the 250-unit Gardenia Villa located at East Broadway and Nanaimo Street, “shortly after it was built in 1994”, the Sun noted in a report about 10 years later on October 2, 2016.

      Reporter Keith Fraser wrote in the 2016 report that a judge ordered the strata council to impose on the owners a $16.8 million special levy to repair the complex.

      RE/MAX City Realty listed 603-2468 East Broadway on November 25, 2019 for $349,000.

      The listing was terminated on January 20, 2020 at a price of $344,000.

      On the same day, a new listing came up for $339,000. It expired on June 26. On the same day, a new listing was released for the same price of $339,000.

      Now the seller wants a little bit more.

      The current listing increased the price by $900 for the sum of $339,900.

      Compared to its November 25, 2019 listing tag, the present listing price represents a $9,100 reduction.

      The listing history of the property was tracked by Zealty.ca, a real-estate information site owned and operated by Holywell Properties.

      RE/MAX Crest Realty describes the property as a “large” unit on the sixth floor of a “concrete leaky condo”.

      “Potentially building will be Rain-screened or sold to Developer. No Mortgage available for this complex. Must buy all cash,” the listing states.

      The two-bedroom, two-bath, plus den unit “faces towards the center courtyard which is very quiet”.

      The other condo unit that the Straight reported about on November 17 is on the fifth floor of the same 2468 East Broadway leaky condo building. That was Unit 502, which the listing described as one that faces a “beautiful courtyard”.

      [Update: After this story came online, a social media post by Zealty.ca indicated that there are five other current listings in the leaky Gardenia Villa condo complex. Details here].

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