[Surrey] University District | 67 & 82 m | 26 & 32fl | U/C

[CoryHolmes]

Sah-WEEET! Bring it on, I say!

[e-clam9]

Originally Posted by w34lth

Prime called me a couple months back asking if we wanted to purchase additional parking @ 30k

$30K is really over priced, in my opinion. I paid an additional parking stall for $21K in March at my new condo Park Ave. Currently the new University District pre-sale sells a stall for $25000, and Park George is $27000 (EV ready !!). Our strata is renting out some extra visitor parking stalls for $90 per month, and me too. Some stalls at lower level asks for $70 per month only.... Apparently, parking stalls in this Surrey area are not as hot as the metro Vancouver area.

[CoryHolmes]

Originally Posted by e-clam9

and Park George is $27000 (EV ready !!).

I'm going full EV next year and this gives me hope that I won't have to retrofit every condo building I buy into in the future.

Apparently, parking stalls in this Surrey area are not as hot as the metro Vancouver area.

Not yet, but wait until all these surface parking lots are redeveloped.

[e-clam9]

Originally Posted by CoryHolmes

Not yet, but wait until all these surface parking lots are redeveloped.

King George Hub took away the surface parking next to the station. The park and ride parking lot is now at Scott Road station.

The next big surface parking is the one outside the central mall from Best Buy to Walmart. Surrey already has plan to put a few office/education buildings there. That will take many years to develop. I say 20+ years. If you can wait... I am not quite sure myself :-)

[e-clam9]

Originally Posted by Cypherus

Liking the 2 bedroom suites but those are likely in the $600K+ range for upper floors.

Originally Posted by Cypherus

TLiking the 2 bedroom suites but those are likely in the $600K+ range for upper floors.

You are right, 2br 2ba starts at $609k with one parking stall included. They also has something called Jr 2br 1ba, it is basically a 1 br plus a bigger den (no window but has a small closet) starting at $529K.

More and more presales do not include parking in this Surrey area.... If you want a locker, open your pocket wider.

I just notice that next Phase 3 will have 4 towers across from the currently selling phase 2 on the east (north side of the Safeway supermarket.) It means the view of two towers in phase 2 will be blocked on the east side later. Does it matter, I guess not. All views will be blocked in any direction if they keep building more condo in this new downtown. There are already condo in South and West near this site but they are not that tall.

[Flynn86]

Saw an add for this project in the Star news paper on Friday

[CoryHolmes]

I went to their preview showing, it looks good.

Sales started on the 20th and the cars filled the lot and all the side streets. Same thing on the 21st. I think it's safe to say that most, if not all, of the suites have been sold so far.

I'm hoping this means that Tower 2 will go on the market soon, since they're going to build both at once.

[e-clam9]

Originally Posted by CoryHolmes

I went to their preview showing, it looks good.

Sales started on the 20th and the cars filled the lot and all the side streets. Same thing on the 21st. I think it's safe to say that most, if not all, of the suites have been sold so far.

I'm hoping this means that Tower 2 will go on the market soon, since they're going to build both at once.

This is a big "if". I think we are not like the older days when entire condo tower was sold in one or two days. I was told that condo sales is slowing down. I remember that when King George Hub was on sales, both towers were sold in less than one month last year. However, for the new Park George, tower 1 started condo selection appointment since 9/16 and no news on tower 2 yet. I am just guessing here since I can't get their real stats. Since Park George tower 1 and 2 shares same lobby (in tower 2), amenities (in tower 1), both build on top of one big podium, and also share one underground parking, they may be built at the same time too. I am just guessing all of these.

[e-clam9]

It seems VIP sales on last weekend was done. Public sales starts this weekend and it only mentioned 2 br in this email. The price on email is about 6% less than the 2br price on paper. I wonder if they mean a real 2br or a jr 2br....

We need more high rise condo buildings in this new downtown to make it looks great !! Don't stop :-)

[e-clam9]

Spoke with the rep today at their center around lunch time, 75% was sold. The last 1br was gone while we were talking about it. And they raised some price ! Tower 2 should be available for sales very soon.

[osirisboy]

Surprised they didn't sell both towers at once

[e-clam9]

Originally Posted by osirisboy

Surprised they didn't sell both towers at once

If sales is great on tower 1, then they want to raise price for tower 2 ! Developers always do that to make more $$$$

[GMasterAres]

I believe a lot of it comes down to how these projects are financed. Developers don't get 100% of the total construction financing up front. There are check points and one of the check points is pre-sales percentage. So to minimize risk, they will put the first "tower" or "phase" on sale until it gets above a set threshold by the financial backers.

Then they move onto the next one. After that the next check points have to do with completion percentage. Aka more financing release when you hit ground level, more financing released when you're 50% complete, 75% complete, etc.

So regardless of potential in an area of how "fast" things look to be selling, the developers (unless they have the cash in their bank account) are beholden to their financing for what they put on sale when.

[osirisboy]

Originally Posted by e-clam9

If sales is great on tower 1, then they want to raise price for tower 2 ! Developers always do that to make more $$$$

Hmm not sure. And Bosa sold both their white rock towers at once.

Edit. Yeah jhausner i think you're right

[e-clam9]

Originally Posted by osirisboy

Hmm not sure. And Bosa sold both their white rock towers at once.

Edit. Yeah jhausner i think you're right

When I went to Park George, King George Hub and University District pre-sales, those rep always told me to buy tower 1 now because they used tower 1 to test the water and they always told me that tower 2 would be more expensive. It may be just marketing or scare tactic. I always feel that tower 2 is usually the better tower. For example, tower 2 of Park George has the nice lobby but tower 1 must come over to tower 2 for mail boxes and concierge services. For UD, the tower 2 is further away from skytrain rail noise and closer to the amenities building than tower 1. Tower 2 is also taller. It means they keep the better tower to sell later. I know it can't apply to every case.

[Westbased]

Was just reviewing the legal mumbo jumbo and as stated above Bosa always planned to do this in two phases.

The developer is technically "Bluesky Properties (UD North) Inc. and Bluesky Properties (UD South) Inc." So right off the bat they have this project owned by two separate legal entities on two separate legal parcels. Further, looking at the site plans, each tower has its own underground parking which is separated both by a wall and by access ramp so these are very much separate buildings.

Based on all the information: they will sell out tower 1, the north tower, and begin construction. Meanwhile, they will see how the market reacts, what conditions are like in the next little while and then perhaps begin sales next year sometime for tower 2.

They can keep their presentation centre ready on the south parcel while construction is underway on the north parcel. It's a win-win for them.

Fascinating how these developments are structured!

[Shift]

Oddly though, all the advertised amenities are in the podium for Tower 2. The amenity building wasn't ghosted in on the model - implying it will be built as part of Phase 1?

Would be weird to construct this as a separate standalone building - but is that the case? Or would Tower 1 owners have to wait for the main amenity building?

[clee7903]

I noticed the standalone building too when I was there. It would be kinda weird to walk on the street through construction to get to the gym or pool while the second tower is being built.
I guess for future phases they can have their showroom inside one of those commercial units since their showroom will be gone for the amenities building.

[officedweller]

Four elevators!!!

[Shift]

^Yes unreal for a 28-storey tower.

Also central AC in all units.