FALSE CREEK: Lesson in relative rates of appreciation in residential values led couple to Coopers Lookout
Sun
CREDIT: Ian Lindsay, Vancouver Sun Coopers Lookout’s Tracie McTavish stands with the model of the penultimate project on the old Expo 86 site.
CREDIT: Ian Lindsay, Vancouver Sun INTERIOR AMBIENCE SUITS MILLION-DOLLAR VIEWS, ALL FOR LESS THAN A MILLION: Concord Pacific is marketing Coopers Lookout as one of the last opportunities to own Vancouver waterfront for less than $1 million, a possibility the display centre mirrors with its million-dollar ambience.
CREDIT: Ian Lindsay, Vancouver Sun INTERIOR AMBIENCE SUITS MILLION-DOLLAR VIEWS, ALL FOR LESS THAN A MILLION: The hardwood is an upgrade, but stainless steel appliances, glass doors on the upper cabinets and the stone counter in the kitchen (right) are not.
CREDIT: Ian Lindsay, Vancouver Sun INTERIOR AMBIENCE SUITS MILLION-DOLLAR VIEWS, ALL FOR LESS THAN A MILLION: Vessels sinks are standard in the bathrooms (right below); the vanities are either stone or marble.
When Alexander and Frances Stewart bought their current Vancouver residence 16 years ago, nearby Southwest Marine Drive wasn’t the busy truck route it is today.
In between then and now, consequently, the Stewarts have come to the conclusion that because of that increase in passing trucks they will not generate the same return on their home that other westside homeowners might generate on their homes.
Accordingly, when it came time to investigate investment property to which they might someday retire, finding property whose appreciation will more likely than not meet or beat the norm was a priority.
And that’s how the Stewarts ended up buying a Coopers Lookout apartment on the north shore of False Creek.
Championed by Concord Pacific as one of the last opportunities to own Vancouver waterfront for under $1 million, the 221 Coopers Lookout residences range in price from $240,000 to $2.3 million.
The buildings in which they will be located will be among the last Concord Pacific will build on the old Expo lands.
“I’m sure the apartment will be worth more than this house and land,” says Alexander Stewart, 67. “Real estate is a funny thing. It’s like buying stock. You try and hedge your bets.”
The Stewarts bought a 1,200-square-foot, two-bedroom-plus-den apartment on the 29th floor of the 30-floor concrete tower at Coopers Lookout. They paid more than $700,000 for it.
“I don’t want to be paying tomorrow’s prices for it,” he said, adding Frances, 53, told him she believes it will increase in value.
“She thinks it’s a winner and I always listen to my wife.”
Stewart said his only concern is the views won’t be unimpeded water views, noting Concord Pacific will be building another residential tower nearby.
The tower in which the Stewarts bought is at the rear of the site, which is adjacent to the Plaza of Nations just east of Cambie Bridge. “A third of the way up the tower there will be expansive views from English Bay to Mount Baker,” Concord Pacific’s Tracie McTavishbites,
He added the project will look out over the Olympic Village on the south shore of False Cree,. “This is the first time we’ve sold a building where the views aren’t there yet. We’ve gone to the city to see the drawings of Olympic Village and it’s going to be a tiered back from the water.”
The best False Creek water views at Coopers Lookout will be from the 10 villas to be built in the front of the property, residences that will overlook the seawall, said McTavish.
Six two-storey townhouses and 12 two-storey lofts will be located between the apartment tower and the villa building.
The three-bedroom-plus-den villas range in price from $1.5 million to $2.3 million; the townhouses, from $770,000 to $880,000; the lofts, from $500,000 to $640,000.
McTavish said it’s Concord Pacific’s policy not to say how many of the units it has already sold, but he added there’s still plenty of choices for buyers because it’s only been on the market since December. He added there was an earlier pre-sale to buyers who registered nearly one year ago but all of the residential options, from villas to lofts to apartments, are available.
“This is a chance for people to buy affordable waterfront that won’t soon exist,” said McTavish. “Its all run out. Its all been developed. The harsh reality is we’ve very close to completing all of the foreshore.”
Concord Pacific has spent the past 13 years developing the former Expo 86 site, working in close conjunction with the city of Vancouver.
It is currently the largest residential community being developed in Canada.
Coopers Lookout is part of Coopers Quay, a five-building mix of low and high rise buildings that stretch along the north shore of False Creek. In total Coopers Quay will have 600 units.
Concord marketing director Ivan Tsao earlier told the media the residential site is the second to last of the lands bordering False Creek being developed by Concord.
“We have one more site to the east, but this is the last small-scale waterfront development,” he said
McTavish said Coopers Lookout is linked to the water and the activities it offers and residents of the development will even have the opportunity to sign out a kayak they can then walk down to False Creek.
Coopers Lookout residents will also have membership to the Coopers Quay Esprit City Club, a 14,000-square-foot recreation centre, where the fleet of kayaks are stored. The centre also boasts a private, two-lane, 10- pin bowling alley, a 60-foot lap pool, big screen video theatre, fitness centre and a yoga-Pilates studio.
Coopers Lookout is the first phase of the Coopers Quay neighbourhood, which is expected to create 1,700 person years of employment.
Stewart said initially he was against the former Expo land being sold to one developer but now he is supportive of what the developer has done to create a community on the site.
“They have a pretty good reputation and have turned out good buildings. It’s turned into a magnificent setting for the city. You get a mixture of families and there’s parks, shops and restaurants there now. It’s become quite the centre,” he said.
Indeed, Frances added the couple are so encouraged by the work by Concord they have also bought a second investment property from the company- this one in the 32-storey Park West Towner that overlooks Granville Island.
“Because Concord is developing the entire site you know you’ll have view corridors,” she said. “It really is a good investment.”
Presentation centre: 1550 Homer
Centre hours: Daily from 10 a.m. to 5 p.m.
Telephone: (604) 899-8800
Website: www.cooperslookout.com
Developer: Concord
Architect: Jim Hancock
Interior design: David Hepworth of Situ Design
Project size: 30 storey tower, 6 townhomes, 12 lofts, 10 villas
Residence size: 550 sq. ft. for a one bedroom to 2,866 sq. ft. for a villa Residence price: $240,000 to $2.3 million
Construction: Concrete
© The Vancouver Sun 2005
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