[Burnaby] Modello | 37fl | Completed

[Prometheus]

Originally Posted by Klazu

How many floors to go?

By my count, it looks like about 10 more floors to go.

[VarBreStr18]

Originally Posted by jenniyah

I got word from the sales centre that ti's official sold out

Good for them , although it took 2 1/2 years. Gold house and Amazing Brentwood only took months. If market slows down , this will take equally longer time to off load .Who has money to buy high end condos then if they are taking so long to sell even in crazy market now. I hope market won't slow down
But then people who buy Modello probably don't have to worry about market down turn anyhow.

[VanK]

Originally Posted by VarBreStr18

Good for them , although it took 2 1/2 years. Gold house and Amazing Brentwood only took months. If market slows down , this will take equally longer time to off load .Who has money to buy high end condos then if they are taking so long to sell even in crazy market now. I hope market won't slow down
But then people who buy Modello probably don't have to worry about market down turn anyhow.

The Developer's goal is not always a race to sell out the building as quickly as possible. Each developer is different and some chose to stretch their sales program out over time by increasing prices and maximizing profits. There is sunk cost in a sales office anyways and it takes these towers 2-3 years to build anyways. Some developers believe that if they sold the building too quickly that means they underpriced the building. You cant just judge the success of a building by sales velocity.

[VarBreStr18]

Originally Posted by VanK

The Developer's goal is not always a race to sell out the building as quickly as possible. Each developer is different and some chose to stretch their sales program out over time by increasing prices and maximizing profits. There is sunk cost in a sales office anyways and it takes these towers 2-3 years to build anyways. Some developers believe that if they sold the building too quickly that means they underpriced the building. You cant just judge the success of a building by sales velocity.

I rather doubt it that developer would stretch out sale over time if they have a line up of buyers tenting outside pushing to buy!! Dont forget if you sell after you bought , the listing price will be higher because you need to include GST and realtor commission. Sky is not always blue, and it has been blue for too long. I am not a pessimist, just cautious. There must be some fundamental reasons other than price why some projects are sold faster than others .

[jlousa]

Any developer I've worked with would be happy to sell everything as quickly as possible. They aren't too worried about potentially leaving a few dollars on the table. If the purchaser makes some money flipping afterwards, the developer isn't too concerned, that purchaser will very likely be a future client on another project. Also most developers have a provision in the contract these days that if you flip before completion you need authorization from them and that comes at a fee.

[Marshal]

Agreed, having worked with and had discussions with many developers, not a single one would not like to sell out as quickly as possible. That said, I can take a point from VanK in that 'what they are trying to sell out' can differ based on the developer's estimation of what will bring in the most money. Also, maximizing profits as quickly as possible is a quantity that does not get established for a single project in isolation. Their strategies are longer term and are prioritized for their whole business (their money costs, timing, market definition, etc.) on an ongoing basis. Like an automotive manufacturer, each model has its place in their overall business plan, and within those constraints, they would love to sell as quickly as possible.

[VanK]

I am not stating an opinion I am stating a fact. Some developer chose to leave pricing the same and sell out as quickly as possible and some developers don't like it when they sell out of a building because this means they under priced the units and thus being to constantly increase pricing.

[Marshal]

Originally Posted by VanK

I am not stating an opinion I am stating a fact. Some developer chose to leave pricing the same and sell out as quickly as possible and some developers don't like it when they sell out of a building because this means they under priced the units and thus being to constantly increase pricing.

Sorry, its easy to talk like that . . . loosely. Do you work in their boardrooms to hear these things. I do, and I don't hear these things. If I did it would be nothing more than one guy's expression of a frustration. Highly unlikely to be a company's policy. You should never say you are stating a fact when you don't know at what level your information operates. There are numerous aspects to how prices are set and projects are sold. Any developer who is governing their business according to your portrayal would be one dumb developer. Come on. Not wanting to sell because it would mean you under priced (which could only be guessed at) - that's plain stupid.

[VanK]

Originally Posted by Marshal

Sorry, its easy to talk like that . . . loosely. Do you work in their boardrooms to hear these things. I do, and I don't hear these things. If I did it would be nothing more than one guy's expression of a frustration. Highly unlikely to be a company's policy. You should never say you are stating a fact when you don't know at what level your information operates. There are numerous aspects to how prices are set and projects are sold. Any developer who is governing their business according to your portrayal would be one dumb developer. Come on. Not wanting to sell because it would mean you under priced (which could only be guessed at) - that's plain stupid.

Yes I do work in "their boardrooms". I am stating a fact because I know exactly what I am talking about. You obviously are not aware of what goes on in the developer world. Perhaps in "your boardroom" the game is sell as quickly as possible but in other's its sell all the units at the highest prices while taking into consideration risk. Its called profit maximization in a robust real estate market that is a function of risk tolerance. In case you haven't noticed there is more than one developer or marketing agency that works in this town. Not all developers work under the same business model. All I am saying is there are developers in town that work under different objectives and since you are telling me what to say and what not to say, its now my turn to tell you that you shouldn't go around and basing your opinions on only what happens in your boardroom.

[Marshal]

Originally Posted by VanK

Yes I do work in "their boardrooms". I am stating a fact because I know exactly what I am talking about. You obviously are not aware of what goes on in the developer world. Perhaps in "your boardroom" the game is sell as quickly as possible but in other's its sell all the units at the highest prices while taking into consideration risk. Its called profit maximization in a robust real estate market that is a function of risk tolerance. In case you haven't noticed there is more than one developer or marketing agency that works in this town. Not all developers work under the same business model. All I am saying is there are developers in town that work under different objectives and since you are telling me what to say and what not to say, its now my turn to tell you that you shouldn't go around and basing your opinions on only what happens in your boardroom.

Its not "my boardroom," its the boardrooms of many developers that my firm has worked with (that would be 14 by last count), as well as my own. I know I'm being less than polite, but I get cranky sometimes, as I can see you do to. And sorry, I still am. Your 'points,' and bluster provide little confidence that you are not just making shit up and then getting defensive about it.

But, that is irrelevant really. I will repeat just this - simple statements, like those you made, while they may be your experience, are not FACT. There is no such thing as fact in a world full of complexity and contradiction. There is 'reasonableness" though, and what you were saying wasn't. Your last post is saying things differently and I have no problem with it. It makes sense, is reasonable, and I would generally agree.

So, how about you take the last word (I won't be replying), bloody my nose, and then move on, back to Modello.

[VanK]

Originally Posted by Marshal

Its not "my boardroom," its the boardrooms of many developers that my firm has worked with (that would be 14 by last count), as well as my own. I know I'm being less than polite, but I get cranky sometimes, as I can see you do to. And sorry, I still am. Your 'points,' and bluster provide little confidence that you are not just making shit up and then getting defensive about it.

But, that is irrelevant really. I will repeat just this - simple statements, like those you made, while they may be your experience, are not FACT. There is no such thing as fact in a world full of complexity and contradiction. There is 'reasonableness" though, and what you were saying wasn't. Your last post is saying things differently and I have no problem with it. It makes sense, is reasonable, and I would generally agree.

So, how about you take the last word (I won't be replying), bloody my nose, and then move on, back to Modello.

Correct me if I am wrong but from your statements it appears that you either work as a consultant to a developer or a sales & marketing agency to a developer and not the developer itself. This would explain that yes, your consulting firm/agency + the firms you work with/for may be of the breed that likely has the mandate of wanting to sell out as quickly as possible. On the other hand when I say that I am in the "boardroom", I am physically in the boardroom of the decision making team of my company (a developer) which allows me to validate my comments as "fact".

Going back to my original post: "The Developer's goal is not always a race to sell out the building as quickly as possible. Each developer is different and some chose to stretch their sales program out over time by increasing prices and maximizing profits. There is sunk cost in a sales office anyways and it takes these towers 2-3 years to build anyways. Some developers believe that if they sold the building too quickly that means they underpriced the building. You cant just judge the success of a building by sales velocity."

I am simply stating that there are SOME developers (I never stated all, a lot or most) that I have spoken with directly on this matter several times over a number of years that share the same strategy as my firm (and trust me we are not speaking of small mom and pop operations). It does seem you got up on the wrong side of the bed and are a bit cranky and I responded to your tone accordingly. Its a wonder to me how some people live in their bubble and don't consider that there are different views in life and different opinions and views. If you think I am making up "shit" as you say then sure.. ok.... I have nothing else to say on this matter since its all "shit" and you are correct.

To try and get back on topic, I am not speaking on behalf of Boffo on this Modella project but their slower sales velocity may have more to do with their larger more expensive price point and product and the buyer of this product tends to be more of a end-user rather than an investor buyer. From my observation, Boffo tends to build larger, higher-end product which takes a longer sales program. If they were primarily concerned about sales velocity then one would think they would build smaller and cheaper product that is more conducive to selling out asap. I am glad there are developers like Boffo that are not afraid to build a different product that caters to a different buying demographic (larger units with more bedrooms and space). After all, it is becoming more and more difficult to afford a single family home and more families will need to live in apartments.

[Marshal]

Originally Posted by VanK

Correct me if I am wrong but from your statements it appears that you either work as a consultant to a developer or a sales & marketing agency to a developer and not the developer itself. This would explain that yes, your consulting firm/agency + the firms you work with/for may be of the breed that likely has the mandate of wanting to sell out as quickly as possible. On the other hand when I say that I am in the "boardroom", I am physically in the boardroom of the decision making team of my company (a developer) which allows me to validate my comments as "fact".

Going back to my original post: "The Developer's goal is not always a race to sell out the building as quickly as possible. Each developer is different and some chose to stretch their sales program out over time by increasing prices and maximizing profits relative to time. There is sunk cost in a sales office anyways and it takes these towers 2-3 years to build anyways. Some developers believe that if they sold the building too quickly that means they under-priced the building. You cant just judge the success of a building by sales velocity."

I am simply stating that there are SOME developers (I never stated all, a lot or most) that I have spoken with directly on this matter several times over a number of years that share the same strategy as my firm (and trust me we are not speaking of small mom and pop operations). It does seem you got up on the wrong side of the bed and are a bit cranky and I responded to your tone accordingly. Its a wonder to me how some people live in their bubble and don't consider that there are different views in life and different opinions and views. If you think I am making up "shit" as you say then sure.. ok.... I have nothing else to say on this matter since its all "shit" and you are correct.

To try and get back on topic, I am not speaking on behalf of Boffo on this Modella project but their slower sales velocity may have more to do with their larger more expensive price point and product and the buyer of this product tends to be more of a end-user rather than an investor buyer. From my observation, Boffo tends to build larger, higher-end product which takes a longer sales program. If they were primarily concerned about sales velocity then one would think they would build smaller and cheaper product that is more conducive to selling out asap. I am glad there are developers like Boffo that are not afraid to build a different product that caters to a different buying demographic (larger units with more bedrooms and space). After all, it is becoming more and more difficult to afford a single family home and more families will need to live in apartments.

OK, less cranky, no last word of an argument, just discussion: You know, we basically agree on most of it. Developers are just businesses, they set what they are going to sell to best tap the whole of the marketplace, and then sell using strategies they decide will be most effective to maximize profit. Within their project's definition, after it is all set up and they go to market, they want to sell out as fast as possible. That allows them to get going on the next project, thus maximizing overall profits. There is no contradiction in that and what you have said, except when you push the point and make it seem that, given a particular scenario, a developer might purposely try to slow sales or otherwise manipulate their pace. Agreed?

(Enough said on this though. Modello)

[glock22x]

Just wondering how many forum users here have bought and planning to move into Modello?

[EddieVH]

Originally Posted by glock22x

Just wondering how many forum users here have bought and planning to move into Modello?

I have a co-worker that bought a unit up on the 33rd floor. I have another co-worker that bought at Aldynne.

[red-paladin]

I'd love new pics of this tower, pretty please anyone?

[Klazu]

Here you go, red-paladin. Taken today from the south. I really hope this will top out soon, as it will be running very close to my unobstructed panorama of Downtown.

[Klazu]

From above.

[LeftCoaster]

Wow, very cool vantage.

[officedweller]

Very cool - can you see Wall Centre Central Park?

[phesto]

Very cool shot. That's Joyce Station in the background...this should be a marketing photo to show how close it is to being in Vancouver!