Vancouver's Real Estate Market

[6thGear.]

Originally Posted by G

Went in to Concord this past weekend for the Brentwood development.

They did not have a price for anything. But they said you are looking at around 350-375K starting for 1 bedrooms, not including parking (around 35 to 40k). Yikes.

If you guy's are interested in what else they have let me know and ill post more...

Post more info please. I'm just curious. Thanks

[G]

Originally Posted by 6thGear.

Post more info please. I'm just curious. Thanks

Sure.

I've heard two starting prices so far. $330,000 to $350,000 for 1 bedroom, without parking.

Floors 8 and under may not (still being decided) be able to purchase parking.

Two bedrooms start at around high 400's without parking.

The first phase consists of two towers, the first one is the one being marketed now. 44 Floors, these two towers will start from the 3rd floor, and will be constructed on top of a 2 storey podium that acts as a clubhouse and concierge. The parkade will be accessed from this podium and will not be connected to the elevators in the towers (which means you will need to switch elevators from parkade to your home.

There will be a clubhouse in the podium that has the normal stuff and the strata for the two towers will go towards this. With more and more towers (they anticipate 10 towers, with townhouse somewhere in between as well), each will have their own clubhouse. There will also be one large clubhouse that they called "Super Club" that is shared between all the towers.. Details on the strata and fees for this are unknown, but this facility will include a bowling alley, indoor and outdoor pool, and other stuff.

All units will come with marble, air conditioning, and Bosche appliances and you will have 3 color palettes to choose from.

Sunday and Monday and perhaps throughout the week it was reported that around 19-20,000 people went to submit a suite request. A suite request is basically a criteria sheet where you mark down your prospective unit, floor level, and price range. Later, I am not sure how it really works, but they will give buyers an appointment time to write up their purchase agreement and stuff. They will also give them all the details and information about the building and unit etc. (Pretty scary not knowing what you are signing yourself into).

It seems like Concord is marketing this project quite a bit as there has been billboards, advertisements overseas, and tons of advertisements on chinese TV/news papers.

Its anticipated that the first tower will most likely be sold out and might even be prior to it being brought to market! Crazy...

Nevertheless, with the estimated prices looming around, you are looking at around $700ish per Sq.Ft. which is slowly creeping up to Metrotown numbers area.

[Liquid_o2]

I know several people who work for Concord from industry events. According to them, you are exactly right. Concord has been heavily marketing this development overseas in China. They had the ability to sell out the entire 1st phase to overseas buyers prior to selling it to the local market. Not sure how many units were actually sold overseas though... although the percentages that they threw around were high.

[CRS]

Originally Posted by Liquid_o2

I know several people who work for Concord from industry events. According to them, you are exactly right. Concord has been heavily marketing this development overseas in China. They had the ability to sell out the entire 1st phase to overseas buyers prior to selling it to the local market. Not sure how many units were actually sold overseas though... although the percentages that they threw around were high.

Maybe it's just me but I would not want to live in a high rise with a lot of foreigners. It's a complete different culture how people live abroad and what you're expecting when you've lived in a western society.

I can't even begin to imagine the strata and concerns you'll have.

[yray]

Concord bringing HK to Hongcouver.

Superclub concept with 10 towers is exactly hong kong style.

Except hong kong has 50 towers in one development

[Alpine]

Originally Posted by Liquid_o2

I know several people who work for Concord from industry events. According to them, you are exactly right. Concord has been heavily marketing this development overseas in China. They had the ability to sell out the entire 1st phase to overseas buyers prior to selling it to the local market. Not sure how many units were actually sold overseas though... although the percentages that they threw around were high.

This is a concern that i have with navio by concert as well. Had anyone heard anything about the same type of marketing behaviours with concert? Looking to upgrade from my 1bed+den, but really like my current building and strata.

[meme405]

#1 - Buying a condo in that area is a shitty investment, prices won't go up as much as a detached house, or buying in DT. The reason is simple; they will simply build more buildings to meet the demand, therefore the price wont go anywhere.

#2 - Buying the first phases of that will be crap, they usually build the first buildings in developments like this, and the views and stuff look great, and then by the time they put up the next few towers, all of a sudden your view is cut off.

If anything wait for the last few towers and buy in those. That also gives the opportunity to see all the issues related to the buildings.

[G]

^While true, the price of the first tower is most likely cheaper than other towers. They also want to establish the community with a strong start and often enough the next towers are more expensive than the previous.

This first tower by Concord is positioned very well but suites are only good on two sides. Problems are typically less prevalent in bigger and more established companies like Concord or Polygon. BUT anything is possible.

[Hondaracer]

Originally Posted by CRS

Maybe it's just me but I would not want to live in a high rise with a lot of foreigners. It's a complete different culture how people live abroad and what you're expecting when you've lived in a western society.

I can't even begin to imagine the strata and concerns you'll have.

what i was just thinking as i read that write-up.

Within the next year or so I will be looking to buy a new primary residence and most likely rent out my unit i'm living in now.. Would love to stay in Burnaby or move into Van.. but I NEED 1100+ sq feet in order to make the move happily.. really hoping market kinda slows or at the very least older condos. Would love to get into a PH or sub penthouse but even holding a good downpayment, the way the market is now it feels like it wouldnt make sense

[meme405]

Originally Posted by G

Problems are typically less prevalent in bigger and more established companies like Concord or Polygon. BUT anything is possible.

I said the same thing about Bosa, we bought a place built by them, it was the same garbage as all the other companies.

Their all crooks, building things as cheap as possible, and selling them for top dollar.

The prime example I can give; the tiles in our apartment started to lift about 1.5 years after we bought it. This was nice marble flooring, contractor came in to inspect the reason, turns out they hardly used any thinset, like literally half the floor didn't have any thinset or anything under it.

Bosa still ignored the issue since the warranty period was up.

[Hondaracer]

really, its not really a Bosa issue.. no one is inspecting installations of things like that and trades are cutting corners everywhere to make a buck. At the end of the day, yea, you'd hope a builder would stand behind their product, but i'm sure cases like that are few and far between (standing behind a product that is)

And if it was out of warantee, dont see why they'd do anything

[Traum]

Doesn't new condo have a 2-5-10 warranty? If problems started surfacing 1.5 years in, wouldn't you still be within the warranty period?

A lot of times, I find that strata almost has to play hardball with the developers to get them to honour the warranty. (ie. sending them a formal, legal letter via the strata's lawyer). This hardball game is easier to play with a good property management company, but with one of the apartments that I had in the past, the management company was basically a subsidiary of the developer, and it was very frustrating for the strata to get any useful info out of the management company even though they were supposed to work for us (the strata).

[meme405]

Originally Posted by Hondaracer

really, its not really a Bosa issue.. no one is inspecting installations of things like that and trades are cutting corners everywhere to make a buck. At the end of the day, yea, you'd hope a builder would stand behind their product, but i'm sure cases like that are few and far between (standing behind a product that is)

And if it was out of warantee, dont see why they'd do anything

Your damn right its a Bosa issue. I bought a product I expected to meet Bosa quality standards. Instead I got a product which meets the standards of a mud hut in romania.

The blame starts with Bosa and follows all the way down the tree to the idiot that failed so poorly at tiling my floor.

That's like me hiring a company to build my house, and then I fall through the floor when I move into the house. I am supposed to not lay any of the blame on the company and only blame the nupty who framed my house? Nah man, the company is just as responsible.

Originally Posted by Traum

Doesn't new condo have a 2-5-10 warranty? If problems started surfacing 1.5 years in, wouldn't you still be within the warranty period?

A lot of times, I find that strata almost has to play hardball with the developers to get them to honour the warranty. (ie. sending them a formal, legal letter via the strata's lawyer). This hardball game is easier to play with a good property management company, but with one of the apartments that I had in the past, the management company was basically a subsidiary of the developer, and it was very frustrating for the strata to get any useful info out of the management company even though they were supposed to work for us (the strata).

Bosa retiled the entire building after a 3 year battle.

The fact that they refused to do it from the onset it what makes them crooks.

EDIT: And yes the management companies really suck, it's not that they are a subsidiary of the developer, its that they want a good relationship with the developer because it is the developer that normally brings on the management company until the strata is established.

Strata's are pretty crap as well, but that's a whole other issue. Lots of people who have no idea about anything end up n strata, and just screw things up.

Lets just say I'm better off as a detached home owner, where I can do whatever I like.

[Urrtoast]

Originally Posted by Tapioca

If you're living in a bungalow and your parents are seniors, why don't they defer? They can defer in perpetuity (i.e. when they decide to sell or they die) and the interest rate is 0.7% per year which is nothing. If your family plans to keep the home until they die, then any estate sale will take care of the property taxes owing at that time. Or you can simply assume the title if they are willing the house to you and roll the taxes owing at that time into a new mortgage.

You can then direct that money you would have spent on property taxes and invest it in whatever you like and get triple the return in a conservative bond ETF or something similar.

That is correct... spend your kids inheritance..lol
Also if your house is assessed for over I think 1.4 mill there is no home owners grant....

[quasi]

Originally Posted by Hondaracer

really, its not really a Bosa issue.. no one is inspecting installations of things like that and trades are cutting corners everywhere to make a buck. At the end of the day, yea, you'd hope a builder would stand behind their product, but i'm sure cases like that are few and far between (standing behind a product that is)

And if it was out of warantee, dont see why they'd do anything

The problem is if nobody is inspecting the work that's actually Bosa's fault, they are the ones who sign off on everything. They should be inspecting construction as it's happening as well as when it's complete, that's why they get the biggest piece of the pie. At the end of the day the general contractor is responsible for everything his subs do and the contract to construct a building it typically between the GC and the Owner unless it's a project management thing. In Bosa's case a lot of times they are the owner as well as the GC.

I know what your saying about being out of warranty period but if shits failing because it was done incorrectly they should stand behind there work and make it right within a reasonable amount of time. I guess that's the debatable part, what's reasonable?

[CT10]

Originally Posted by G

Sure.

I've heard two starting prices so far. $330,000 to $350,000 for 1 bedroom, without parking.

Floors 8 and under may not (still being decided) be able to purchase parking.

Two bedrooms start at around high 400's without parking.

The first phase consists of two towers, the first one is the one being marketed now. 44 Floors, these two towers will start from the 3rd floor, and will be constructed on top of a 2 storey podium that acts as a clubhouse and concierge. The parkade will be accessed from this podium and will not be connected to the elevators in the towers (which means you will need to switch elevators from parkade to your home.

There will be a clubhouse in the podium that has the normal stuff and the strata for the two towers will go towards this. With more and more towers (they anticipate 10 towers, with townhouse somewhere in between as well), each will have their own clubhouse. There will also be one large clubhouse that they called "Super Club" that is shared between all the towers.. Details on the strata and fees for this are unknown, but this facility will include a bowling alley, indoor and outdoor pool, and other stuff.

All units will come with marble, air conditioning, and Bosche appliances and you will have 3 color palettes to choose from.

Sunday and Monday and perhaps throughout the week it was reported that around 19-20,000 people went to submit a suite request. A suite request is basically a criteria sheet where you mark down your prospective unit, floor level, and price range. Later, I am not sure how it really works, but they will give buyers an appointment time to write up their purchase agreement and stuff. They will also give them all the details and information about the building and unit etc. (Pretty scary not knowing what you are signing yourself into).

It seems like Concord is marketing this project quite a bit as there has been billboards, advertisements overseas, and tons of advertisements on chinese TV/news papers.

Its anticipated that the first tower will most likely be sold out and might even be prior to it being brought to market! Crazy...

Nevertheless, with the estimated prices looming around, you are looking at around $700ish per Sq.Ft. which is slowly creeping up to Metrotown numbers area.

Also, their 1 bed's are about 535 sq ft, 2 beds are 732 sq ft. They don't have anything in the 800 sq ft range, it jumps straight up to 977 and 996 sq ft, and these are up on the 33rd floor and higher. Their biggest largest ones are 1200 sq ft, again on the 33rd floor and higher.

[adambomb]

Originally Posted by meme405

Lets just say I'm better off as a detached home owner, where I can do whatever I like.

This quote right here is a major factor for our housing prices. Anybody I know (30-35 age) that lives in a strata controlled building are fed up with dealing with stratas that they are justifying jumping into this crazy housing market just for the freedom to wash their car as they please or maintaining a garden with flowers of their choosing.

Clubhouses and concierges are nice. But I prefer a slightly overgrown lawn and access to the collection of tools I have and i'll never use. You can only get that luxury with a detached home and it is worth every penny.

[superdennis]

Originally Posted by Traum

Doesn't new condo have a 2-5-10 warranty? If problems started surfacing 1.5 years in, wouldn't you still be within the warranty period?

The 2 year material and labor warranty is actually only 12 month
Strata common space is 15 months
So it's a little on the misleading side
24 months in electrical, plumbing, heating etc.

5 years is building envelope
10 years structure

So any defects in your home, better make the claim with in the year you take possession.

[jing]

Basic info:
https://www.dropbox.com/s/g4qcahzt0s...ckage.pdf?dl=0

Sample floorplans:
https://www.dropbox.com/s/ppti6hwnsg...plans.pdf?dl=0

[Amuse]

Originally Posted by Liquid_o2

Concord has been heavily marketing this development overseas in China.

The demand of our housing is certainty high in China. That's the only way Concord can sell 10 towers of units. So are our housing prices cheap compared to what you get in China?
Another 10 towers by the strip east of Brentwood. This is crazy. Imagine the horrible traffic.

Looking at Marine Drive west of Boundary, they cut all those trees just for more high-rises, completely changing the scenery. It used to be a nice drive with all those trees around.

[Nlkko]

Talking about Brentwood. Haven't been to in years. The other day I drove by that mall by accident and damn that big parking lot by Willingdon is gone. Replaced with condos now? Crazy.

[nah]

Everyone is profit taking now and moving away. It's leaving Vancouver and the surrounding area a shell city.

[stewie]

Originally Posted by adambomb

This quote right here is a major factor for our housing prices. Anybody I know (30-35 age) that lives in a strata controlled building are fed up with dealing with stratas that they are justifying jumping into this crazy housing market just for the freedom to wash their car as they please or maintaining a garden with flowers of their choosing.

UNLESS you live on a street with an oil pipeline running through it. Want to plant a tree? a garden? build a new garage? If you're within 30m of the pipeline you have to get written permission and have someone come to your house to make sure its safe to do so to build/landscape on your own property. 30m may not seem like much, but when the pipe is running under the side walk, your yard is fucked. No permanent structures...ponds, trees, a deck....

[meme405]

Originally Posted by stewie

UNLESS you live on a street with an oil pipeline running through it. Want to plant a tree? a garden? build a new garage? If you're within 30m of the pipeline you have to get written permission and have someone come to your house to make sure its safe to do so to build/landscape on your own property. 30m may not seem like much, but when the pipe is running under the side walk, your yard is fucked. No permanent structures...ponds, trees, a deck....

Fuck what an inconvenience.

Alright guys, lets go rip up all these pipelines, that's way too much hassle. I mean not being able to plant a tree in your yard, I can only imagine how traumatizing that must be.

Spoiler!

Your on a car forum, oil should run through your veins. Quit complaining about pipelines.

I'm sure you rather have the pipeline under your sidewalk working safely and silently than having 100 oil tankers drive past your house 24 hours a day.

[westopher]

Pretty sure he didn't even complain.
He literally just listed off facts about properties on a street with a pipeline.
Its like saying someone who tells you that you can't build a certain structure near a power line is complaining about electricity.