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383 E HASTINGS Street in Vancouver: Hastings House for sale (Vancouver East) : MLS®# R2278764

Posted by Aedis Realty on June 21, 2018
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Chinatown Overview

Vancouver ChinatownCanada’s largest Chinatown, among the largest in North America, is in the City of Vancouver, British Columbia, in the blocks around Main, Pender, and Keefer Streets with the Gastown and Downtown districts to the west, Downtown Eastside to the north, the residential district of Strathcona to the east, and False Creek to the south. Chinatown remains a popular tourist attraction despite the growth of the newer Chinese immigrant business district in the suburb of Richmond south of Vancouver on Lulu Island in the Fraser River. Many affluent Hong Kong and Taiwan immigrants in Richmond have developed successful Chinese businesses in the area now named Golden Village by the City of Richmond, which once proposed the name “Chinatown” only to encounter strong resistance from the original Chinatown in Vancouver and from non-Chinese Richmond residents and merchants.

Asian Influx

The Greater Vancouver Regional District received large numbers of Asian immigrants during the late 20th Century, primarily Chinese, whose population reached 300,000 by the mid-’90s. More immigrants settled in Richmond than in Vancouver Chinatown for its lower costs of living and closer distance to the Vancouver International Airport. The development of suburban Asian shopping districts with plenty of parking space like Richmond’s Aberdeen Centre, visibly impaired the business heart of historic Chinatown.

Decline

Chinatown businesses today consist mostly of working-class retailers, small groceries, tea shops, and souvenir stores. Some restaurants stand out, but there are no longer so many, and their declining numbers brought less foot traffic and nighttime activity than in former times. The 10-percent Chinatown vacancy rate shows the need for a fresh approach to development to replace businesses that have moved to suburban locations, retired, or simply closed. Redevelopment opportunities are clearly present. Chinatown lease rates from $15–30/square foot are the cheapest in the city, much lower than those in Vancouver’s Downtown shopping district.

The Vancouver Chinatown Business Improvement Area

In the 1990s, the Vancouver Chinatown Merchants Association searched for an effective vehicle for projects to revitalize the area. Gastown and Downtown Vancouver had formed business improvement areas (BIAs) with evident success. With the consent and support of merchants and property owners, the association planned to establish a Chinatown BIA.

After several attempts, the association succeeded in winning the community support necessary establish a Chinatown BIA. The Vancouver Chinatown Business Improvement Area (VCBIA) incorporated in 2000 on a model of BIAs successful in other areas of the city to improve Chinatown’s cleanliness and safety, expand and promote its events, and work with media and external partners to make Chinatown popular and prosperous again. A voluntary board of property owners and tenants manages the VCBIA. The city assists with annual funding through a special property tax like a local improvement levy. Each property’s contribution to the annual BIA budget is according to its proportionate share of the total BIA taxable value.

Information Links:

http://vancouver-chinatown.com
http://vancouver.ca/home-property-development/chinatown-revitalization.aspx

Redevelopment Prospects

A new Chinatown business plan now encourages entrepreneurs to move in to rehabilitate storefronts, attract a young crowd, and make visitors more comfortable. Attracted by low rents and heritage buildings, new businesses have moved in with owners in apartments above the shops. Chinatown’s priority now is to attract people of all backgrounds in the belief that non-traditional stores will bring a new flow of energy and income. Commercial activity is increasingly diverse with vintage stores, two art galleries, bars, and now a nightclub at the location of the former Ming’s restaurant, an attempt to bring back some of the nightlife atmosphere of the 1950s and ’60s. The diversity of new shops and businesses has created a new Chinatown image of vibrancy to compete with suburban districts and complement nearby Gastown and Downtown Vancouver.

New Chinatown Live MLS Listings

383 E HASTINGS Street
Hastings Vancouver V6A 1P3

$1,688,000
Residential Detached beds: 6 baths: 3.0 3,200 sq. ft. built: 1901

Main Photo: 383 E HASTINGS Street in Vancouver: Hastings House for sale (Vancouver East)  : MLS®# R2278764
Prop. Type:
Residential Detached
MLS® Num:
R2278764
Status:
Active
Bedrooms:
6
Bathrooms:
3
Year Built:
1901
HEART OF THE CITY! Stucco on the outside, treasure on the inside, one of the oldest houses in the City with original fir floors & many interior details intact! Originally built as a rooming house with 6 bedrooms, 3 kitchens, 3 bathrooms=3 finished floors, each with its own front & back entrance, and rare unfinished attic with separate entrance. Many possibilities now & the future for a bold & savvy investor! Located in the DEOD, this is a unique house in an unexpected location, perfect to buy & hold while surrounding area is quickly evolving into the city's hottest spot for foodies, artists & local entrepreneurs. Viewing on Saturday, June 23, 2018 from 12-3pm, by appointment only.
Property Type:
Residential Detached
Dwelling Type:
House/Single Family
Home Style:
Year built:
1901 (Age: 117)
Total area:
3,200 sq. ft.
Total Floor Area:
3,200 sq. ft.
Price Per SqFt:
$527.5
Total unfinished area:
400 sq. ft.
Main Floor Area:
1,000 sq. ft.
Floor Area Above Main:
900 sq. ft.
Floor Area Below Main:
900 sq. ft.
Basement Area:
0 sq. ft.
Finished Levels:
4.0
Rainscreen:
Bedrooms:
6 (Above Grd: 6)
Bathrooms:
3.0 (Full:3/Half:0)
Kitchens:
3
Rooms:
13
Taxes:
$4,897.5 / 2017
Lot Area:
3,050 sq. ft.
Lot Frontage:
25'
Lot Depth:
122
Rear Yard Exposure:
Outdoor Area:
Patio(s) & Deck(s)
Water Supply:
Plan:
196
Heating:
Construction:
Foundation:
Basement:
Fully Finished
Roof:
Floor Finish:
Fireplaces:
0
Parking:
Parking Total/Covered:
2 / -
Parking Access:
Exterior Finish:
Title to Land:
Freehold NonStrata
Flood Plain:
No
Suite:
Floor
Ensuite
Pieces
Other
Main
Above
Below
Clothes Washer/Dryer, Refrigerator, Security System, Smoke Alarm, Stove
Central Location, Recreation Nearby, Shopping Nearby
NORTH SHORE MOUNTAINS
LT 20 BL 56 LD 36 PL 196 DL 196
Dist to Public Trans:
Dist to School Bus:
NEAR
Property Disclosure:
Fixtures Leased:
Fixtures Removed:
Reno / Year:
Partly / -
Services Connected:
Electricity, Natural Gas, Sanitary Sewer, Water
Listed Date:
Previous Price:
Original Price:
  • Photo 1: 383 E HASTINGS Street in Vancouver: Hastings House for sale (Vancouver East)  : MLS®# R2278764
    Photo 1 of 1
Larger map options:
Listed by Georgia Pacific Realty
Listing information last updated on June 19, 2018 at 02:10 AM (UTC)
Area Statistics
Listings on market:
14
Avg list price:
$1,773,500
Min list price:
$925,000
Max list price:
$2,225,000
Avg days on market:
55
Min days on market:
2
Max days on market:
248
Avg price per sq.ft.:
$774.71
These statistics are generated based on the current listing's property type and located in Hastings. Average values are derived using median calculations.
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