SpongeG shared this story on another thread, but it's worth noting here:
The federal government is taking the property developers behind the Marine Gateway project on Marine Drive and the Residences at West on southeast False Creek to court, probing for information on buyers who flipped their presale contracts before construction was completed to verify compliance with the Income Tax Act...
Very nice. Only if they can surplant such developments in more areas of Vancouver, particularly Joyce, Olympic Village and Main Street Station neighborhoods.
Few weeks ago I had the chance to see one of the only two penthouse units in the taller tower. The 38th floor unit was the slightly larger one thatfaces south and offered some nice views from no less than three patios.
View towards north with some Downtown towers visible. Unfortunately the weather was rainy upon our visit with lots of clouds.
Shorter south tower.
Even with all the development going up, the surrounding area is not very appealing with a lot of industrial along the Fraser river bank. I was pleasantly surprised how there wasn't much noise from the landing planes, although I can imagine it being noticeable at least occasionally.
Having seen this complex so many times from our previous place up in Metrotown, it was interesting to now see the opposing viewpoint. I just din't have the right lens to get close enough.
Unfortunately space in the unit was poorly utilized and both bedrooms were really tiny, so we didn't end up making an offer for it. The unit was also in very poor condition, only few years after completion. Whoever was living there currently seemed to have a very strange deal and mostly the unit had been occupied by a "family member" of the owner.
Even without the poor condition of the unit (which had sold for $1.7 Million in the past ), I wasn't impressed by the interiors with everything having a "budget quality" look to it.
Thanks for the pics! I've always wondered what the view was like from the penthouse suites.
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Even with all the development going up, the surrounding area is not very appealing with a lot of industrial along the Fraser river bank.
I agree the surrounding neighbourhood still leaves a lot to be desired. Eventually there is supposed to be a large park along the Fraser but who knows how many decades that will take.
It was posted on Craigslist only once for $4,000/month, but now it is actually for sale for $1.78M. Just look up 3801-488 SW marine Drive. The price is a complete joke, considering how impractically tiny bedrooms in the unit are and how nothing in it is luxurious. Even the low-quality carpets in bedrooms were being loose, a sign of the "quality" they have put in the unit.
I understood the owner having owned both penthouses and the north one having sold earlier. I would never pay even half the price they are asking, since our larger, newer, higher and better quality penthouse in Metrotown sold after 9 months on the market for the price they are asking for this one.
It was posted on Craigslist only once for $4,000/month, but now it is actually for sale for $1.78M. Just look up 3801-488 SW marine Drive. The price is a complete joke, considering how impractically tiny bedrooms in the unit are and how nothing in it is luxurious. Even the low-quality carpets in bedrooms were being loose, a sign of the "quality" they have put in the unit.
I understood the owner having owned both penthouses and the north one having sold earlier. I would never pay even half the price they are asking, since our larger, newer, higher and better quality penthouse in Metrotown sold after 9 months on the market for the price they are asking for this one.
Telling there were so few pictures of the unit in the listing. That building looks like it was built for AirBnB. Hopefully some offshore buyer will lose their shirt.
It was posted on Craigslist only once for $4,000/month, but now it is actually for sale for $1.78M. Just look up 3801-488 SW marine Drive. The price is a complete joke, considering how impractically tiny bedrooms in the unit are and how nothing in it is luxurious. Even the low-quality carpets in bedrooms were being loose, a sign of the "quality" they have put in the unit.
I understood the owner having owned both penthouses and the north one having sold earlier. I would never pay even half the price they are asking, since our larger, newer, higher and better quality penthouse in Metrotown sold after 9 months on the market for the price they are asking for this one.
There's no ac in the buildings too; at least in the non PH units in the building. That would definitely be a nonstarter for me at that price point especially facing south and west.
Given the original starting prices in the building, they weren't exactly meant as luxury units or anything.
Personally, I think the finishes in MC2 are better but the location of Marine Gateway is better
You're right that there is no A/C in the building which was another deal-breaker for us as well. The view from the top floor was still best you can have in the area (even better from the 3802 unit that faces north) and they have huge patios with completely overgrown (never maintained) vegetation. It's silly and sad that we are in the situation where people think such apartment would be worth $1.78M.
WeWork to open a new co-working office at South Vancouver's Marine Gateway
Kenneth Chan Nov 02, 2018
A WeWork co-working office location set to open in South Vancouver will be the company’s first location outside of the downtown peninsula.
The New York-based co-working giant has leased three floors – levels 17, 18, and 19 – of the office tower at the Marine Gateway mixed-use complex, located next to SkyTrain’s Marine Drive Station in South Vancouver.
The location, slated to open on December 1 of this year, will have 850 desks. Customization opportunities currently still exist for businesses who are interesting in occupying half- or even full-floor plates.
^Because they specialize in these types of work environments, they usually offer computers room, meeting areas, private offices etc, and they are open late. And I'm pretty sure once you get your membership, you have access to their facilities all over the world.
What landlord would want to deal with all of that?
^ Wework also manages other things too like cleaning, food for the kitchen, accepting mail, and a bunch of other services that make it ideal middle organisation between the people that work at the desks and the owners of the office space whom rather not deal with all that are involved in a day to day capacity. The other co-work spaces in the industry provide other services like answering calls from clients and many other services to small business owners.
I know what wework etc does and offers. I can't help but feel it's just creating a middleman. Not to mention it looks like a bunch of hipster nonesense, imo. But they obviously do well and they fill the space up so its fine
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), I wasn't impressed by the interiors with everything having a "budget quality" look to it.
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