In the Greater Vancouver area of Burnaby, a modern real estate development project is beginning to prove that given the right amount of planning, purpose, and time, real estate confidence in buyers can rise just as high as the new proposed buildings.
With twenty-eight acres and more than fifty floors of residential units in the first available building recently made available, buyers flocked to the Brentwood Town Centre development at Lougheed Highway and Willingdon Avenue well in advance of residential sales. Three days before sales were to begin, potential buyers camped out, and all available units sold in the very first day within a matter of several hours. The redevelopment is underway on the existing retail portion of the project and residential development begins this year, with move in dates slated for the winter of 2017.
Now why would someone camp out for three days to buy a property three years in advance? The answer lies not only in the physical offerings of the entire project, but in the price of the residential units as well. Touted as an urban destination that supports sustainable lifestyles, Brentwood is planning on offering a mixed-use and transit-oriented destination for living, working, shopping and playing. Price tags for the residential units range from $299,000 for a one-bedroom unit up to $949,000 for a three-bedroom unit.
With approximately half of the units slated to be high-end rental units, the top half is dedicated specifically to units for condominium buyers. According to the developers, Shape Properties, the buyers for the first residential phase of this project ranged in age from approximately 20 to 70, and were investing in the units for downsizing, for their children to occupy, or for their own retirement down the road. For individuals not able to purchase in this first round, additional units go on sale in the fall for a second building and the developers anticipate those sales to go just as quickly. More than one-hundred people are already on a VIP access list for pre-sale of available condominiums.
With this instant sale of such a high number of properties, redevelopment projects on this scale and scope may just be one of the answers to the continued real estate woes of Vancouverites; low inventory of available properties and soaring prices on properties for sale. The Brentwood project is beginning to prove the triumph of sky-high living in Burnaby without the sky-high prices.
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