In today鈥檚 market, $419K for a one-bedroom, 534-square-foot, courtyard-facing 麻豆传媒映画condo seems fairly typical 鈥� if $784 per square foot can be described as such. But would you pay that amount for a unit that was previously a cocaine and fentanyl packaging house?
in a five-year-old building in Collingwood, on Kingsway near Nanaimo, was put on the market on June 8 for $419,000, with just one external listing photo.
The listing description is 100 per cent up front about the history of the property. 鈥淢aterial Latent Defect: Previously used as an illegal substance packaging house for cocaine/fentanyl/marijuana.鈥�
It goes on to point out that 鈥渇inancing may be an issue鈥� 鈥� an admission of the fact that very few mortgage lenders would go near such a property, which means you鈥檒l likely have to be a cash buyer with a high risk tolerance.
Further, the agent explains that the unit has been 鈥渃ompletely stripped down鈥� to stud walls and [has] no city occupancy [permit] in place. Major work needed and appliances required throughout.鈥� In other words, right now, nobody is allowed to live there, it is totally uninhabitable in its current form, and an occupancy permit post-rehabilitation is not guaranteed.
The listing description insists, 鈥淲ith a lot of work, this could be a fabulous condo.鈥�
It concludes, 鈥淧lease call Carlo for more information.鈥�
Good luck, Carlo.
