Looking for a solution to Vancouver’s increasingly expensive real estate market?
One listing features waterfront views and lots of space, all for less than $300,000. But it might not be for everyone.
The $299,000 residence listed at 151 Water St. is a 155-foot former naval vessel that has been converted into a live aboard.
“It’s had quite a history,” said realtor Judy Ross, who has had the listing for more than a year.
The M.V. Edgewater Fortune was built in Victoria in 1954 for the Royal Canadian Navy as an anti-magnetic minesweeper.
The vessel was on active duty until 1964 when it was decommissioned. Ross said she heard it was down in Cuba in the early 1960s, around the time of the Cuban missile crisis. In the early 1970s, she added, it was used by Green Peace during protests in Alaska. For many years, the Edgewater also served as a fishing vessel taking tourists up the coast.
The current owners renovated the ship and carved out a new kitchen and living area, including a bedroom and bathroom, but many areas of the ship have remained untouched.
“It’s got great potential. It’s got a lot of space,” Ross said.
It has more than 4,000 square-feet to work with and, in its current state, the vessel could easily sleep up to 25 people.
Ross has been in the real estate business for more than 40 years and started specializing in live aboards and float homes about 15 years ago.
“I’ve had lots of unique listings,” she said. “This is definitely one of the most unique listings.”
While the price tag might seem more affordable, especially in Vancouver’s overheated real estate market, Ross said the listing comes with its own set of challenges. She said it is difficult to get financing to purchase the vessel, due to its age and the fact it has a wooden hull. Ross added that finding moorage is also a challenge. The location where the vessel is currently docked does not allow live aboards, so it would have to be moved.
Rondy Dike, owner of USSC Marina on Bowen Island,said it could run upwards of $50,000 a year in moorage fees, and finding a marina with the space to take a vessel that large could be a challenge. Coal Harbour Marina has 330-feet of transient space, but that only allows short-term moorage.
“It may be a cheap price but it’s not a cheap prospect,” Ross said.
To see the vessel’s listing click here.