[Surrey] Park Boulevard | 42 fl | 124m | Completed

[Shift]

Park Boulevard signage has been up for a while.

New renderings on the dys architecture page. Breaking the table top a bit.



http://dysarchitecture.com/projects/concord-park-boulevard/

[EhJay]

The signage that I am referring to was put up on Tuesday or Wednesday.

I'm a fan on the angles on this building though

[pok3mytummy]

Anyone know the starting price list?

[Shift]

I don't think it's in sales yet. Site still says Register.

There have been quite a few promotional 'articles' this week though in the Georgia Strait, Vancouver Magazine, and Daily Hive, so sales should be starting soon.

https://www.parkboulevardliving.com/

[shsieh]

Originally Posted by pok3mytummy

Anyone know the starting price list?

The sales rep says it will be in the ball park around $650~700/sqft

[TrickyTree]

Originally Posted by shsieh

The sales rep says it will be in the ball park around $650~700/sqft

Wow! They're asking for top dollar. Hope they get it though. It will help raise the values of the other properties in the neighbourhood - including mine!

[Blease]

Originally Posted by TrickyTree

Wow! They're asking for top dollar. Hope they get it though. It will help raise the values of the other properties in the neighbourhood - including mine!

What are comparable prices in downtown Vancouver. I'd imagine upwards of 1K per sq/ft.

[TrickyTree]

Originally Posted by Blease

What are comparable prices in downtown Vancouver. I'd imagine upwards of 1K per sq/ft.

At least.

If accurate, the "ballpark" $650 to $770 per square foot will easily set a new high water benchmark for the Surrey Centre area. A 550 square foot condo will cost a minimum $360,000 plus GST.

[Cypherus]

Originally Posted by TrickyTree

At least.

If accurate, the "ballpark" $650 to $770 per square foot will easily set a new high water benchmark for the Surrey Centre area. A 550 square foot condo will cost a minimum $360,000 plus GST.

The developer is targeting cash offers with their pricing list. I was invited to their VIP appointment in which it was indicated by the sales agent that buyers will have to put down 25% over 6 months, which would be $94,500 on a 550 sq. ft condo priced at $360,000 + 5% GST. Basically this would reduce a substantial amount of first time home buyers looking to get into that building.

[w34lth]

Originally Posted by Cypherus

The developer is targeting cash offers with their pricing list. I was invited to their VIP appointment in which it was indicated by the sales agent that buyers will have to put down 25% over 6 months, which would be $94,500 on a 550 sq. ft condo priced at $360,000 + 5% GST. Basically this would reduce a substantial amount of first time home buyers looking to get into that building.

I know a few people who have already purchased units here as investments.

I am fine with the price increases - better for the units I have purchased in the city center.

[Cypherus]

Originally Posted by w34lth

I know a few people who have already purchased units here as investments.

I am fine with the price increases - better for the units I have purchased in the city center.

Well it's great if you already own property in City Centre and plan on selling it for capital gains. My condo went up $70,000 since last year. But, it's still Surrey after all - it will never be geographically close to Vancouver and there will always be more competitive locations north of the Fraser to allocate your investments. The sudden price increases in Surrey is pure speculation by top level investors investing south of the Fraser, low supply, and Christy Crunch's interest free mortgage loan to first time homebuyers looking to just buy anything. Concord is just going to release high prices to cash in from the madness of top level investors and speculators, while having occasional promotions (such as "free mortgage for 2 years") for lower income earners to ensure all units in the building eventually sell out.

[GMasterAres]

Originally Posted by Cypherus

The developer is targeting cash offers with their pricing list. I was invited to their VIP appointment in which it was indicated by the sales agent that buyers will have to put down 25% over 6 months, which would be $94,500 on a 550 sq. ft condo priced at $360,000 + 5% GST. Basically this would reduce a substantial amount of first time home buyers looking to get into that building.

So they basically just want investors and foreign money sounds like. Unfortunate. I understand they are wanting to cash in, this is Concord Pacific after all, but still a bit sad since Surrey is one of the last bastions in Metro Vancouver where prices are actually affordable for first-time home buyers.

[pok3mytummy]

Friend said sales started on Friday...
Parking cost $22,000 and storage cost $5000 on top of the price

[Blease]

Can price levels in Surrey Central specifically and Greater Vancouver generally hold up or continue or are we at the peak? How will a potential NDP/Green party alliance impact real estate? Any thoughts?

[TrickyTree]

Originally Posted by Blease

Can price levels in Surrey Central specifically and Greater Vancouver generally hold up or continue or are we at the peak? How will a potential NDP/Green party alliance impact real estate? Any thoughts?

We're not at a peak. While the population of the Lower Mainland will continue to increase, the fact remains the amount of land available to build housing is shrinking. B.C.'s population has increased by 500,000 over the past 10 years. B.C.'s land mass has not.

[TrickyTree]

Originally Posted by Blease

Can price levels in Surrey Central specifically and Greater Vancouver generally hold up or continue or are we at the peak? How will a potential NDP/Green party alliance impact real estate? Any thoughts?

We're not at a peak. While the population of the Lower Mainland will continue to increase, the fact remains the amount of land available to build housing is shrinking. B.C.'s population has increased by 500,000 over the past 10 years. B.C.'s land mass is not getting any bigger!

[SkyboxInvestment]

Yup I think it's about 60% sold - one bedroom $400k around $720/ft and two beds in $550ks range. Slightly higher than Park Avenue basically but much more high end.

[GMasterAres]

Much more high end is a state of mind. Basically same condos in the same neighborhood. Only thing > for this building is proximity to SkyTrain but that's marginal and non-existent when compared to Park Place/Infinity. The prices are inflated because clearly the demand and marketability is there at those prices. Means all the condos in the area will see a bump assessment wise and likely means a kick in the pants to other developments around King George SkyTrain.

Also means the days of cheap condo prices in Surrey Central are eroding. It was inevitable anyway. Heck I just got invited to an event in New Westminster for a new development. Townhouses starting at $700,000. That's New West.

[CoryHolmes]

Why would that be "a kick in the pants" for other developments? Won't they look more attractive with lower pricing, or will they raise theirs to match?

[Cypherus]

Originally Posted by SkyboxInvestment

Yup I think it's about 60% sold - one bedroom $400k around $720/ft and two beds in $550ks range. Slightly higher than Park Avenue basically but much more high end.

2 bedrooms in Park Avenue were selling recently for $400,000 on the MLS. Likewise, 1 bedrooms selling around $330,000. These prices are way higher than Park Avenue, and it's done on purpose to target cash offers and speculators coming from a specific background.

There are still people who bought into hype and paid $365,000 for an upper floor 1 bedroom condo in Ultra back in the 2010-2012 presale stage, that has been selling well below asking for $320,000 or less since the building's completion in 2013. These investors are still playing the waiting came wondering when they can sell for asking.

In my opinion, once you're up to $400K for a condo in a city south of the Fraser where townhomes are not far off or about the same price, then irrational greed is the prevailing mindset of such buyers and they will be going very long in their position like some of those Ultra buyers.