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930 Wellington Dr
North Vancouver, BC

930 Wellington Dr

$2,098,000
5 bd • 3 ba • 2,079 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$2,098,000

Price/Sq.Ft

$1009

Year Built

1959

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This property boasts several impressive features that make it stand out in the North Vancouver market: 1. Location: Situated in the affluent Lynn Valley community, known for its natural beauty and desirable lifestyle. 2. Lot Size: An expansive 8,000+ sq ft lot, which is approximately 33% larger than the average lot size in North Vancouver (6,000 sq ft). 3. Renovations: Fully renovated, offering modern amenities and finishes that appeal to discerning buyers. 4. Views: Spectacular elevated mountain views, a highly sought-after feature in North Vancouver. 5. Legal Suite: Includes a legal 2-bedroom mortgage helper suite with separate laundry, providing rental income potential (estimated $1,740/month based on local averages for 2-bedroom units). 6. Interest Rate: The assumable 1.64% interest rate is significantly below current market rates (which are around 4-5%), potentially saving the buyer thousands in interest payments annually. 7. Size: At 2,079 sq ft, it's approximately 20% larger than the average single-family home in North Vancouver (1,700 sq ft). 8. Outdoor Space: Features a private yard and an "enormous private oasis backyard," ideal for families and outdoor enthusiasts. 9. Energy Efficiency: The presence of both electric and natural gas systems suggests potential for energy-efficient heating and appliance options. 10. Amenities: Includes desirable features like washer/dryer, dishwasher, built-in oven, and refrigerator, reducing immediate appliance replacement needs.

The Bad

1. Price Point: At $2,098,000, it's priced significantly above the median home value in North Vancouver (approximately $1.5 million as of 2023), which may limit the pool of potential buyers. 2. Age: Built in 1959, making it 64 years old. Despite renovations, this age could mean potential hidden issues or needed updates to core systems. 3. Price per Square Foot: At $1,009.14/sq ft, it's priced above the North Vancouver average (approximately $800-$900/sq ft), suggesting a premium that may not be justified solely by the renovations and location. 4. School Proximity: The nearest school mentioned (Point Roberts Primary School) is 24.5 miles away, which is impractical. This suggests a lack of nearby school options, which could be a significant drawback for families. 5. Potential for High Property Taxes: Given the high property value and North Vancouver's tendency for higher property taxes, annual tax costs could be substantial (potentially $8,000-$10,000 per year based on similar properties). 6. Maintenance Costs: The large lot size (8,000+ sq ft) may lead to higher landscaping and maintenance costs, especially considering North Vancouver's rainy climate. 7. Heating System: The forced air system, while functional, may not be as energy-efficient as modern alternatives like heat pumps, potentially leading to higher energy bills. 8. Limited Bathroom Count: With only 3 bathrooms for a 5-bedroom home, this could be inconvenient for larger families or when hosting guests.

The Ugly

1. Steep Terrain Risks: North Vancouver's hilly topography could mean this property faces increased risks of soil erosion, landslides, or drainage issues. This may require costly mitigation measures or impact insurance premiums. 2. Climate Vulnerability: The area's high rainfall (North Vancouver receives about 2,500mm annually, nearly double Vancouver's average) could lead to moisture-related problems like mold, rot, or water damage, especially in an older home. 3. Wildfire Risk: Being close to forested areas in Lynn Valley increases wildfire risk. This could result in substantially higher insurance premiums and potential evacuation risks. 4. Market Volatility: The high-end market in North Vancouver can be more volatile. At this price point ($2,098,000), the property may be more susceptible to market downturns, potentially leading to significant value fluctuations. 5. Assumable Mortgage Complications: While the 1.64% assumable rate is attractive, it may come with hidden complexities. The remaining term might be short, or there could be prepayment penalties or other restrictions that limit financial flexibility. 6. Renovation Oversight: Despite being "fully renovated," there's a risk that renovations on a 64-year-old home may have cut corners or failed to address core structural issues. Without proper permits and inspections, this could lead to costly repairs or legal issues. 7. Legal Suite Compliance: While the 2-bed mortgage suite is described as "legal," ensuring ongoing compliance with all municipal regulations for secondary suites can be challenging and may require unexpected updates or changes. 8. Potential Zoning Changes: The large lot in a desirable area could be subject to future zoning changes, potentially affecting property use or leading to increased development pressure in the neighborhood. 9. Bridge Dependency: North Vancouver's reliance on bridges for access to Vancouver proper means potential commute nightmares and isolation risks in case of bridge closures or seismic events. 10. Wildlife Conflicts: Lynn Valley's proximity to nature increases the risk of wildlife encounters, particularly bears. This can lead to property damage, safety concerns, and restrictions on outdoor activities.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for: 1. High-Income Professionals: With a price of $2,098,000, buyers would need an annual income of at least $350,000-$400,000, assuming a 20% down payment and factoring in property taxes and maintenance costs. 2. Families Seeking Space: The 5-bedroom layout and large 8,000+ sq ft lot make it ideal for growing families who value outdoor space and room for activities. 3. Nature Enthusiasts: Located in Lynn Valley, known for its hiking trails and natural beauty, it's perfect for those who prioritize an active, outdoor lifestyle. 4. Investors with Long-Term Vision: The legal 2-bed suite offers rental income potential (est. $1,740/month), which could offset mortgage costs. The property's location and lot size suggest good long-term appreciation potential. 5. Work-from-Home Professionals: The spacious layout allows for dedicated home office space, ideal for remote workers who need separation between work and living areas. 6. Multi-Generational Families: The legal suite and main house combination can accommodate extended family living arrangements. 7. Buyers Seeking Mortgage Rate Advantage: Those who can benefit from the assumable 1.64% interest rate could save significantly on interest payments compared to current market rates. 8. Privacy Seekers: The "private tree lined street" and large lot offer seclusion, appealing to those who value privacy in an urban setting. 9. View Enthusiasts: Buyers who place a premium on "spectacular elevated Mountain Views" will find this property particularly attractive. 10. Renovation-Averse Buyers: As a "fully renovated" property, it appeals to those who want a move-in ready home without the hassle of immediate upgrades.

Not For

This property is not suitable for: 1. First-Time Homebuyers: The $2,098,000 price point is prohibitively expensive for most first-time buyers in the North Vancouver market. 2. Budget-Conscious Buyers: At $1,009.14/sq ft, it's priced above the North Vancouver average, making it unsuitable for those seeking value-based purchases. 3. Downsizers: The 5-bedroom, 2,079 sq ft layout may be too large for empty-nesters or retirees looking to reduce their living space and maintenance responsibilities. 4. Commuters to Vancouver: Despite North Vancouver's proximity, bridge traffic can make commutes challenging. Those needing quick, reliable access to downtown Vancouver may find the location inconvenient. 5. Investors Seeking Immediate High Returns: The high purchase price may result in negative cash flow if used as a rental property, even with the legal suite. It's not ideal for investors focused on short-term gains. 6. Buyers with Mobility Issues: North Vancouver's hilly terrain and the potential for a multi-level home layout may pose challenges for those with mobility concerns. 7. Low-Maintenance Seekers: The large 8,000+ sq ft lot requires significant upkeep, especially given North Vancouver's rainy climate. This is not ideal for those wanting minimal outdoor maintenance. 8. School-Focused Families: With the nearest mentioned school being impractically far (24.5 miles), families prioritizing specific school districts may find better options elsewhere. 9. Urban Lifestyle Enthusiasts: While Lynn Valley offers natural beauty, those seeking a bustling urban environment with walkable amenities might find the location too suburban. 10. Risk-Averse Buyers: Given the potential for natural hazards (wildfires, landslides) and the high financial commitment, this property isn't suitable for extremely risk-averse individuals.
Demographics
Area Median Income

$78,254

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Risk Assessment

Risk Analysis

1. Natural Hazards: North Vancouver faces higher risks of landslides, flooding, and wildfires. The property's location in Lynn Valley may increase wildfire risk, potentially leading to evacuation orders and property damage. Insurance costs could be 20-30% higher than in less risk-prone areas. 2. Market Volatility: High-end properties in North Vancouver can experience significant value fluctuations. During the 2008 financial crisis, similar properties saw value drops of up to 15-20%. Current market conditions suggest a potential for 5-10% price corrections in the luxury segment. 3. Interest Rate Risk: While the assumable 1.64% rate is attractive, if it's a variable rate mortgage, future rate increases could significantly impact monthly payments. A 1% increase could add approximately $1,000 to monthly mortgage costs on a $1.6M mortgage balance. 4. Renovation Quality: Despite being "fully renovated," there's a risk of hidden issues in a 64-year-old home. Poor renovation work could lead to repairs costing 10-15% of the property value over the next 5-10 years. 5. Legal Suite Compliance: Ensuring ongoing compliance with secondary suite regulations can be challenging. Non-compliance could result in loss of rental income (estimated $1,740/month) and potential fines of $500-$1000 per day of violation. 6. Property Tax Increases: North Vancouver has seen property tax increases averaging 3-4% annually. On a $2.1M property, this could mean an additional $300-$400 in taxes each year. 7. Climate Change Impact: Increased rainfall and temperature fluctuations could exacerbate erosion and moisture issues. Mitigation costs for drainage improvements and moisture control could range from $10,000 to $50,000 over the next decade. 8. Zoning Changes: The large lot could be subject to future densification efforts. While potentially increasing value, this could also lead to increased property taxes and changes in neighborhood character. 9. Bridge Dependency: North Vancouver's reliance on bridges poses risks. A seismic event or major accident could isolate the area, potentially impacting property values by 5-10% in the short term. 10. Wildlife Conflicts: Bear encounters in Lynn Valley are not uncommon. Property damage from wildlife can cost homeowners $500-$5000 per incident, and may necessitate additional preventative measures.

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