[Surrey] Park Avenue | 124m & 118m | 36 & 40 Floors | Complete

[excel]

Wednesday:

my picture

[Dwils01]

Park Avenue East and West



Pictures by me.

[Nites]

Completed now??

Also, can we get the heights changed to 124m & 118m.

[red-paladin]

Originally Posted by skymaster

Completed now??

Also, can we get the heights changed to 124m & 118m.

Corrected heights

[EhJay]

Looks like these are both finished, people are moving into the second tower today.

[Nites]

Originally Posted by EhJay

Looks like these are both finished, people are moving into the second tower today.

I saw a large group of people standing outside.

[GreyCat]

Does not see many rental postings for this new building, and people are already moving in right after the completion. I guess, not many units for investment? Surrey do have needs for these many new buildings?

[Shift]

Originally Posted by GreyCat

Does not see many rental postings for this new building, and people are already moving in right after the completion. I guess, not many units for investment? Surrey do have needs for these many new buildings?

Surrey's population growth between 2011-2016 was 10.6% (49,636)
Vancouver by comparison was 4.6% (27,984)

Yes there is a demand for buildings in Surrey.

https://urbansurrey.com/2017/02/08/surrey-population-surpasses-500000-doubles-vancouver-in-growth/

[GreyCat]

Originally Posted by Shift

Surrey's population growth between 2011-2016 was 10.6% (49,636)
Vancouver by comparison was 4.6% (27,984)

Yes there is a demand for buildings in Surrey.

https://urbansurrey.com/2017/02/08/surrey-population-surpasses-500000-doubles-vancouver-in-growth/

Thank you, Shift. Remember Park Avenue west took long time to sell out. It was not moving fast last year, although pre-sales in Burnaby,coquitlam were very hot that time. Guess people finally realize Surrey Central area is not bad either?

[GMasterAres]

Slower pre-sales can mean a few things. It can firstly mean that a market is saturated and sales are actually slow because of low demand. But it can also indicate that speculators aren't investing in the area because they don't think they'll get instant gains, and instead regular owners who want to live in the units or are more patient longer term landlords are buying.

The sell out in 1 day is NOT the norm over the course of history, so I think we're seeing a few real-estate markets drift back to normalcy vs the last 10 or so years where speculation has just been insane. At least, in the case of Surrey Central at this time. That could change again, but demand for units is definitely there.

[EhJay]

Honestly, the investors going in to flip the property is unfortunate. When you see a place being resold on day one at an inflated price and then someone who will potentially actually be living in an area has to pay more for it.

But, that's a side note.

[rickvug]

Originally Posted by Shift

Surrey's population growth between 2011-2016 was 10.6% (49,636)
Vancouver by comparison was 4.6% (27,984)

Yes there is a demand for buildings in Surrey.

https://urbansurrey.com/2017/02/08/surrey-population-surpasses-500000-doubles-vancouver-in-growth/

As we all know, Surrey is a massive area. Up until recently most of Surrey's growth has been in ground orientated housing such as townhomes. There was a blog post visualizing and grading the growth rates a while ago. Surrey Central is behind Metro's growth forecasts while Vancouver's core is ahead of forecasts. I can't find it but there are numerous articles and maps that show exactly the same phenomenon. I expect this to reverse in time due to the scarcity of developable land, both in downtown Vancouver as well as for ground orientated townhomes in Surrey and Langley. The next wave of growth is going to be dominated by "suburban" Skytrain densification. There's just so much low hanging fruit out there for development, Surrey Central included.

* https://beta.theglobeandmail.com/real-es...834/?ref=http://www.theglobeandmail.com&
* https://censusmapper.ca/maps/583#11/49.2458/-122.9257
* https://urbansurrey.com/2017/02/08/surrey-population-surpasses-500000-doubles-vancouver-in-growth/

[clee7903]

The second (west) tower looks like it's occupied, a clear indication at night where I can see lights in some of the units.

[GMasterAres]

Definitely occupied now. And I agree on the flipping on day one, I drove by on Monday and there were at least 10-15 for sale signs right at the front on the corner for various real-estate agencies. Still, out of maybe 800 total units between the two towers, that isn't terribly bad if that's all that is being sold.

*shrug*

As for growth in Surrey, absolutely the majority of growth has been town and row houses in Surrey. Surrey Central is behind other cores including Coquitlam though it has started to pick up and hopefully we're getting closer to a critical mass I posted about earlier. Surpass Vancouver though? Not sure. While there isn't much "open" land in Vancouver core, there is still plenty of space to redevelop parcels with taller condo and high-rise units.

Vancouver core development targets a different segment of the population these days anyway so I don't really think Vancouver core is in direct competition with Surrey Central. Surrey Central competes more with the Metrotown/Brentwood/Coquitlam Centres and even then it stands a bit on its own given being South of Fraser.

That said, great to see this complete and can't wait to see them start digging the next Concord poject near Skytrain and hopefully get things going on the oval tower next door.

[Shift]

^While true, most development in Surrey is single family, townhouse, rowhouse - the past few years has seen a surge in apartment units under construction in Surrey City Centre.

Expect this trend to continue with a shift towards more 6-storey apartments and towers taking up an increasing proportion of units under construction in Surrey.

Notice the dark greens around Surrey Central / King George:

[Nites]

[Shift]

Liking the purple lighting on this at night. Looks to be coming from a spotlight in the fountain on the corner. Does Park Ave East have this too? Haven't noticed.

[Nites]

Originally Posted by Shift

Liking the purple lighting on this at night. Looks to be coming from a spotlight in the fountain on the corner. Does Park Ave East have this too? Haven't noticed.

Doesn't seem so.

[Cypherus]

Thanks for the pic, skymaster. The tower lighting adds some nice mood lighting for the area at night time. Much needed for a place that lacks character.

[Shift]

^Agreed. Gives that corner a good feel. The fountain is nice too.