Lots of new condos coming

They aren’t making any more land, but they are making more condos.  Lots more condos.

Real estate market team MPC Intelligence started tracking new condo projects in Vancouver in 2005.

They just recorded the busiest six months on record for announced new concrete condo projects.

This despite a recent slow down in the presales market.

A new wave of projects is expected in the fall.

Hancock said the pace of pre-sales has slowed in the last two months, but he expects a “large wave” of new launches in the fall.

Hancock attributes the slowdown to developers postponing projects because of market conditions, and some projects being delayed in the approvals process.

He said projects priced right and in the right location — near rapid transit — are doing well, citing strong sales at the Solo District condo project in Burnaby that started pre-sales this past weekend.

Hancock noted that 55 per cent of the concrete condos introduced to the market this year have been sold, with most sales in the first quarter and “the second quarter showing slower uptake.”

He also said it’s “too early to tell” if the slowing resale market is a factor in developers delaying projects.

The presales market can’t be doing too bad when we have big projects like Marine Gateway selling out in 4 hours.  The odd thing is some people are reporting seeing bus ads for this development.

Why spend money advertising something that isn’t for sale anymore? Can anyone confirm these ads?

The good news is they have a plan to deal with the smell.

 

 

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G
Guest
G

Does anyone have completion dates on those presale condos in DT, metrotown areas?

I think thats when the death sprial begins….

VMD
Member

@G:
One place to look up completion dates of pre-sales:
http://www.buzzbuzzhome.com/city/canada/british-columbia/vancouver

ScubaSteve
Member
ScubaSteve
One of the shit holes I am keeping an eye on is Quattro in Surrey (www.quattroliving.ca). These guys are SCREWED! They have been desperately trying to sell these condos for years. Instead of just lowering the prices to market value, they have decided to try and spend even more money on advertising. So every week I got more quattro flyers in the mail and have to read about their stupid promotions. But the icing on the cake was a couple of months ago when some genius there came out with “The Greatest New Home Sales Event” (that’s what it’s actually called). From what I can gather (in the 7 seconds I spent on their website before I vomited everywhere), anyone who buys a Quattro condo gets to pick from $2,500 of overpriced garbage, like baby cribs and mp3 players. Oh,… Read more »
joe_blown_away_by_high_housing_costs
Guest
joe_blown_away_by_high_housing_costs
@ScubaSteve I remember reading a few years back how the original Quattro buyers wanted to sue the developer for false advertising. The developer made ads promising that the Whalley area of Surrey would become the next Yaletown. These buyers claim that this promise is what got them to buy. Well, no surprise, Whalley hasn’t turned out to be the next Yaletown. So they wanted to sue for false advertising. WHO IN THEIR RIGHT MIND WOULD BELIEVE WHALLEY WOULD BECOME THE NEXT YALETOWN!?! I actually remember seeing those ads at skytrain stations and I just laughed at the time. Anyone who knows anything about Yaletown knows what a ridiculous claim that is. Yaletown started off as an industrial area full of warehouses. Many of the warehouses were renovated into loft apartments with shops below. Only later did the gleeming glass towers… Read more »
joe_blown_away_by_high_housing_costs
Guest
joe_blown_away_by_high_housing_costs
This plan to demolish the viaducts and build a super road/condos/parks/affordable housing is really bugging me. It just makes me sick because there is no arguing with these biking ideologues. I just hope they demolish the viaducts, the real estate crash takes hold, and Vancouver ends up with a series of half-built condo towers right on false creek where the viaducts used to be. It will look like a giant monument to how f*^ked Vancouver is. And I think it’s one more nail in the coffin for shopping downtown and on Robson Street if people can’t drive into downtown. I really hate how they are talking about brining back Hogan’s Alley and they are talking about preserving Vancouver’s history that was lost with urban renewal/highway construction of the viaducts and how it displaced the black community. Um, if they actually… Read more »
Anonymous
Guest
Anonymous

Bus ads: Why spend money advertising something that isn’t for sale anymore? Can anyone confirm these ads?

I have seen them recently. My guess is they were bought prior to Marine Gateway selling out. The ads probably have to stay on for a minimum time. They can’t just take the buses off the road to strip ads and offer a refund because sales go well.

joe_blown_away_by_high_housing_costs
Guest
joe_blown_away_by_high_housing_costs

Ranting so much I forgot to post the link

http://www.vancouversun.com/news/Vancovuer+proposed+Super+road+mean+early+death+viaducts/6983485/story.html

By the way, I am NDP. But I am a real class politics NDPers. I’m not one of these identity politics/biking politics lefty like Vision Vancouver. Part of why I’m so sick about it is these are the people who are supposed to represent the left wing. We are so F-ed!

registered
Member
registered

4 joe_blown_away_by_high_housing_costs: “WHO IN THEIR RIGHT MIND WOULD BELIEVE WHALLEY WOULD BECOME THE NEXT YALETOWN!?!”

Simple misunderstanding. The developer’s spokesperson has a speech impediment. They meant ‘Aletown’: 50, X, Laker….
No change in other words.

SKS
Guest
SKS
WHO IN THEIR RIGHT MIND WOULD BELIEVE WHALLEY WOULD BECOME THE NEXT YALETOWN!?! I —— I almost spit out my morning coffee when I read this, because a 27 year old colleague went out and bought in that area in late 2009, claiming exactly that – that whalley would be the new yaletown. My other bearish colleague and I almost laughed when she said this during a staff meeting, as he actually lives in Surrey. She was so proud that she wrote in the office log “off to get my mortgage approved for my first place – smiley face” She was married to a guy that works at the bank, and they have since bought another place. They are renting the whalley place, and claim that their rent covers their mortgage payment. When questioned further, they didn’t factor in property… Read more »
Dr. Nick Riviera
Guest
Dr. Nick Riviera

@joe_blown_away_by_high_housing_costs:

there is no arguing with these biking ideologues

There are a lot of vested interests in taking down the viaducts. It seems to me that the biking groups are the lowest on the totem pole. Developers, city planners, and the local residents are driving this thing. Not sure why you feel the need to point fingers at cyclists for all the ills of Vancouver.

Navin R. Johnson
Guest
Navin R. Johnson

@ScubaSteve:

Isn’t Quattro one of the ones that burnt down a couple years ago?

Some Guy
Guest
Some Guy
@joe_blown_away_by_high_housing_costs (but not U.S. gunmen): An emotional rant is fun, but that sort of emotional reasoning is the same mental process that leads people into making mistakes like buying million dollar crack-shacks. Better to have a calm rational analysis of the situation. For example, in analyzing the Vancouver housing bubble, it’s useful to make reference to previous housing bubbles here and in other places, to see what their experience is, trying to figure out why, if any reason, it’s different here, or this time. So, on the topic of removing elevated expressways from an urban area, why not look at previous examples where this was done. Luckily, the internet is big and it is easy to find analyses of this nature. For example, here’s a report from the City Of Seattle that covers a number of mostly North American examples:… Read more »
Turkey
Guest
Turkey
@Dr. Nick Riviera: There are a lot of vested interests in taking down the viaducts. It seems to me that the biking groups are the lowest on the totem pole. Developers, city planners, and the local residents are driving this thing. Not sure why you feel the need to point fingers at cyclists for all the ills of Vancouver. …you nailed it. This is one of those few projects that most interest groups can get behind. The only group that’s left out are suburban commuters, who feel they’re victims of a class war. (@joe_blown_away_by_high_housing_costs, you seem like a reasonable guy when you aren’t fired up about cyclists. I’m not thinking specifically of you here.) Guess what? If you’re surgically attached to your car, it *should* seem like class warfare. But, that complicated assembly of nubbins below your waistline (no, not… Read more »
Tinpot
Guest
Tinpot

If your smart you’ll use this as a chance to buy before prices go up higher. Buying a presale condo is one of the smartest investments you can make.

Don Lapre
Member
Don Lapre
vangrl
Member
vangrl

wtf……did these people buying at the Marine Gateway project know that it smelled like garbage?

was this info out before the pre-sales went on sale? and/or can you actually smell the garbage from the sales office?

this blows my mind..

gokou3
Guest
gokou3

@Don Lapre: Maybe that lawyer yesterday would take these experts’ opinion of 25% “crash”?

donald
Guest
donald

Just walked by Northgate in New West which is just a big hole in the ground at the moment. No smell but I’m sure they will enjoy the six lanes of new Patullo bridge coming soon.

Actually I feel bad for the old condo tower that is just behind it which is going to lose alot of river views. C’est la vie ..

Vote Down The Facts
Guest
Vote Down The Facts

@donald:

“Actually I feel bad for the old condo tower that is just behind it which is going to lose alot of river views. C’est la vie ..”

Buying any place without a protected view seems like a fools game to me. Views often come with a 10-20% price premium, which could be obliterated in an instant.

market stats
Guest
market stats

Watching NVan to some degree and it finally looks like the market has stopped in the last month.

My take is lack of demand will do its work in due course, but would be accelerated by further Euro/chinese economic and financial catastrophe this fall.

gokou3
Guest
gokou3

http://www.vancouversun.com/homes/Vibrant+Brentwood+district+goes+Solo/6977673/story.html

“Appia Developments will soon be pre-selling Solo District – “South of Lougheed.”

This article (ad?) is from Monday July 23th. I thought Solo started presales last Saturday (July 21)? Anyone has updates?

Anonymous
Guest
Anonymous

@Vote Down The Facts: …..Buying any place without a protected view seems like a fools game to me. Views often come with a 10-20% price premium, which could be obliterated in an instant….

Ya, and look at the legions of suckers that were sold the false creek views over and over again. P. T. Barnum was right!

TPFKAA
Guest
TPFKAA

Every day driving around Burnaby you can see a bewildering number of half built or just completed condo towers and townhome complexes. I have no numbers to back it up, but just visually estimating, there is a huge number of new units appearing in a short span of time.

I find myself wondering every day what the people who are going to move into these units will do for an income, as I do not see the same proportionate increase in office, commercial, and industrial space occurring in this span of time.

vangrl
Member
vangrl

woah anyone watching BNN right now?

Doak interview

ScubaSteve
Member
ScubaSteve
@Navin R. Johnson: Yes, Quattro was the dump that burned down (torched by an angry homeowner is my guess). You could see the flames from Vancouver and the thing went up like a pile of twigs. They didn’t replace the foundation (which was all shot to hell) and instead patched it up and got some sketchy engineer to say it was all good. The owners sued the developer saying they had agreed to buy a new building, not a half burnt building with a heat affected foundation. Last I heard, the lawsuits were dropped in 2009 when suddenly the market picked up again and the owners wanted their units at presale prices. What a surprise. Seems like they didn’t care anymore. One guy was a realtor and said he had bought 10 units or something, what a meat head. To… Read more »
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