Oakridge Park | 13 Towers | 154m | 52fl | 5M sqft | U/C

[nds88]

Went to the Chinese New Year event Westbank was hosting at Oakridge tonight. Wow, shoulder to shoulder people. Felt much more crowded than Boxing Day. I think all of Richmond was there. Unlimited free food at the food court, free wine and bubble tea, $10 gift cards for the future food hall, and some great performances.

A family member was wanting some more information on the units, as they are considering selling their home and downsizing into a condo. However, some genius decided to perform construction on the show home, so it was not available for viewing. How are you going to sell homes if you close the show home area??

First Westbank sales rep didn't give us the time of day. Basically brushed us off, even though he approached us. The second lady was very helpful, and got the layouts and prices for some 2 bedrooms. There is no owned parking spot(s). Westbank is leasing them at $200 a month, which includes 24/7 valet parking. 10 year lease, then Westbank will probably increase the prices after. My family member thought this was a deal breaker....even though the units are $2.0-$2.5m range they are looking for. $24,000 over 10 years is not much for one spot, relative to the purchase price, but felt like too much nickel and diming. They'd need 2 spots too, so it would be another $30k for a second spot (which is standard), then $200 a month. $400 a month for some dude to drive my car out of the garage a few times a week. I don't mind driving the car in and out of the garage myself. Strata fees are also budgeted at $0.83 cents per interior square foot.

Overall a 10/10 for a free Chinese New Year event. 2/10 in regards to having proper service to sell million dollar condos, which was why we were there in the first place.

[bb1510]

Originally Posted by misher

I wonder if the penthouses get the Rolls Royce.

Penthouses are all sold.

They're now trying to push 04+05 combo units for about 7.3m-8.7m; only three left as well

[WarrenC12]

Originally Posted by nds88

First Westbank sales rep didn't give us the time of day. Basically brushed us off, even though he approached us. The second lady was very helpful, and got the layouts and prices for some 2 bedrooms. There is no owned parking spot(s). Westbank is leasing them at $200 a month, which includes 24/7 valet parking. 10 year lease, then Westbank will probably increase the prices after. My family member thought this was a deal breaker....even though the units are $2.0-$2.5m range they are looking for. $24,000 over 10 years is not much for one spot, relative to the purchase price, but felt like too much nickel and diming. They'd need 2 spots too, so it would be another $30k for a second spot (which is standard), then $200 a month. $400 a month for some dude to drive my car out of the garage a few times a week. I don't mind driving the car in and out of the garage myself. Strata fees are also budgeted at $0.83 cents per interior square foot.

WTF? All of these fees added up will be the same monthly outlay as renting.

I'd love to hear what's behind that parking scheme too, very odd, other than extra cash for Westbank.

[naota2018]

westbank's projects are designing for oversea buyers, not for locals. so any local buys, will be fooled.Like 128 cordova, most of their parking is leasing as well and one of the parking building nearby is going to redevelop, and residents of the building is now so headach about finding a new parking place. and also parking cost in dt is much much higher than anywhere in BC. You can image how alful westbank is.

[retro_orange]

Originally Posted by naota2018

westbank's projects are designing for oversea buyers, not for locals. so any local buys, will be fooled.Like 128 cordova, most of their parking is leasing as well and one of the parking building nearby is going to redevelop, and residents of the building is now so headach about finding a new parking place. and also parking cost in dt is much much higher than anywhere in BC. You can image how alful westbank is.

Thank you for being realistic and upfront.

[nds88]

Originally Posted by WarrenC12

WTF? All of these fees added up will be the same monthly outlay as renting.

I'd love to hear what's behind that parking scheme too, very odd, other than extra cash for Westbank.

Their excuse is that in 10 years they don't know how much parking will be needed (ie perhaps self driving cars and uber etc will dwindle car ownership). However, if you have a 2 br, you still need to pay the parking fee every month since it includes 1 parking spot. Even if you have no car. The 1 br has the option of getting a parking spot. So a 1 br with no car does not need to pay.

Also, I believe with how the strata act works, a contingency fund needs to begin immediately. The developers aren't required to budget this in their marketing, so the fee will likely rise at least 5 percent immediately.

[naota2018]

Originally Posted by retro_orange

Thank you for being realistic and upfront.

Most people who like westbank, or agents who promote westbank’s project are just because of money. Nothing else.
Oakridge could be designed to more affordable, the owner or it still can make money. But why they give it to westbank, that stupid builder only destroys affordable anywhere.

[misher]

Originally Posted by nds88

Their excuse is that in 10 years they don't know how much parking will be needed (ie perhaps self driving cars and uber etc will dwindle car ownership). However, if you have a 2 br, you still need to pay the parking fee every month since it includes 1 parking spot. Even if you have no car. The 1 br has the option of getting a parking spot. So a 1 br with no car does not need to pay.

Also, I believe with how the strata act works, a contingency fund needs to begin immediately. The developers aren't required to budget this in their marketing, so the fee will likely rise at least 5 percent immediately.

There’s a punishment if the developer underbudgets the stratas budget and they do provide the initial CRF. But honestly the stratas starting accounts is peanuts compared to the total cost of the building.

[nds88]

Originally Posted by bb1510

Penthouses are all sold.

They're now trying to push 04+05 combo units for about 7.3m-8.7m; only three left as well

According to the prize sheet (which was not given out, the second sales lady showed me the sheet and let me photo it), there is a penthouse.

The list is too long to type, but basically each unit type was allocated a few prizes. You spin a wheel to determine your prize. Once a prize is allocated, then its off the table.

I'll share the 3br/Penthouse prizes:
- Crystal diamond his and her Hublot watch
- Rolls Royce Cullinan
- Rolls Royce Wraith
- DeBeer's diamond jewelry set, necklace and earrings

Other prizes included several $28,000 gift cards, cars and travel prizes.

[nds88]

Originally Posted by naota2018

westbank's projects are designing for oversea buyers, not for locals. so any local buys, will be fooled.Like 128 cordova, most of their parking is leasing as well and one of the parking building nearby is going to redevelop, and residents of the building is now so headach about finding a new parking place. and also parking cost in dt is much much higher than anywhere in BC. You can image how alful westbank is.

I ran into a realtor friend there and his client bought a unit at Oakridge. His client is a PR and stays in Canada and Asia. However, they will be retiring in Canada and plan to live at Oakridge.

[nds88]

Originally Posted by misher

There’s a punishment if the developer underbudgets the stratas budget and they do provide the initial CRF. But honestly the stratas starting accounts is peanuts compared to the total cost of the building.

Unless they changed the laws, in 2013 this did not happen to me, IIRC. I'm pretty sure it shot up 5% right away for CRF, but I could be wrong. Also, they severely under budgeted the heat/hot water, but blamed the city for this as it was part of the Olympic Village green energy thing that ended up being way more expensive than the developer budgeted. The developer ended up cutting a one time cheque, but basically we are on the hook for relatively overpriced heat/hot water. Was told by the City that as more units complete and get on to the system, costs would go down. Of course that never happened, even though there is a significant amount of new units added after me.

[nds88]

Actually, IIRC, the developer provides some initial CRF, but the strata act requires it to build up to 20%....5% a year I think. The developer doesn't provide all 20%, but they don't need to include this in the budget they market. So right away the strata needs to start saving on top of the initial CRF to reach the 20%, so the strata fee jumps up 5%. I think that was it. Anyways, after re-budgeting and unknown new expenses, comes to about $1 a square foot I would imagine. So a 2br 1000 sf is would be $1,200 a month including 1 parking. I'm not sure if that is comparable to other "luxury" towers like Trump, Fairmont, Shaw and Shang-ri La. Or if buyers at that price range even care.

[WarrenC12]

Originally Posted by nds88

Their excuse is that in 10 years they don't know how much parking will be needed (ie perhaps self driving cars and uber etc will dwindle car ownership). However, if you have a 2 br, you still need to pay the parking fee every month since it includes 1 parking spot. Even if you have no car. The 1 br has the option of getting a parking spot. So a 1 br with no car does not need to pay.

Also, I believe with how the strata act works, a contingency fund needs to begin immediately. The developers aren't required to budget this in their marketing, so the fee will likely rise at least 5 percent immediately.

That explanation is insane. One would think that they would build and sell parking (for a profit). Yes it's often true that 10-15 years down the road, people don't replace cars when they live next to rapid transit. But the developer shouldn't care, they've already walked away with the money. Now they'll have a bunch of spots they can't lease.

As for the strata budget, no, they are required to have a reasonable budget on paper. Sounds like theirs is overkill, I'd love to see what is included.

[Vin]

Originally Posted by naota2018

Most people who like westbank, or agents who promote westbank’s project are just because of money. Nothing else.
Oakridge could be designed to more affordable, the owner or it still can make money. But why they give it to westbank, that stupid builder only destroys affordable anywhere.

Do you have a breakdown of stats showing local vs foreign ownership for Westbank properties?

[GenWhy?]

Originally Posted by naota2018

Most people who like westbank, or agents who promote westbank’s project are just because of money. Nothing else.
Oakridge could be designed to more affordable, the owner or it still can make money. But why they give it to westbank, that stupid builder only destroys affordable anywhere.

Exactly. The money that goes into this project is amazing and the architecture will be great because of it. While just shy of 600 non-market units and rental units doesn't look like a lot compared to the almost 2000 market units, it's a decent chuck on the site. Everything could be more affordable, but someone would have to build it, pay for it, invest in it, and buy it.

[GenWhy?]

FYI for a refresh if needed: https://development.vancouver.ca/650w41st/documents/projectdata.pdf

[naota2018]

Originally Posted by nds88

I ran into a realtor friend there and his client bought a unit at Oakridge. His client is a PR and stays in Canada and Asia. However, they will be retiring in Canada and plan to live at Oakridge.

of course, will have local buyers buy the project, however, compare to the whole, local buyers are very small percentage.

Telling you one more thing, when asking any local wenstbank representitives about available units, they will tell you not too many left, but if you ask directely an oversea westbank guys, they have much more available units for you.

im in the industry i know how they play the game.

like vancouver house, most of the units sold oversea directley, HK,SHANGHAI,BEIJING.

[naota2018]

Originally Posted by Vin

Do you have a breakdown of stats showing local vs foreign ownership for Westbank properties?

No, but im in the industry, once i joined Vancouver house's first event, i met a Shanghai representative, she told me under the table that if i have local buyer i'd better contact her as not many units prepare for local realtors. i know at least 3 guys have vancouver house presale, they all purchased oversea, 2 in HK and 1 in Beijing.
Then, The Alberni. I checked with vancouver westbank representative about 2bdr units, he told me that only 3 left, and again, i said my buyer is very serious and we need to look at more, the other day, the guy gave me 2 more. ok, the 5 units he gave me are all garbage, then i turned to ask a shanghai sales, he shown me much much more available units with best floor best exposure,best layout.
The butterfly, I heardfrom my colleague that most units for mianland china have been sold but HK returned a lot of units due to weak capital market in HK. For local, I have heard only 1 local guy bought a unit. We tried to bring almost of our clients to the presentation centre see if any of them will be interested, unfortunatily, they all believe it priced tooooooo high, with a not perfect location, soso view, soso layout, even Trump tower were selling around 2000/sqft, with better location, better view.

Oakridge, why i say it will continue targeting oversea buyers, because the price, again.
2200/sqft for the worst units, 2600/sqft average for other units, means buyers have to be very stupid. we can check all the listing on the market, even all the sold record in the history, how can you find a condo selling for that price range in that area? even in coal harbor area, water front, no one. on the cambie, brand new condo like Northwest at Marine and cambie, sold price around 1200/sqft,other building nearby around 2-4 years old selling below 1200/sqft. cambie garden selling for 1600/sqft average, COCO selling around 1500/sqft which is selling very slow. My opinion, if oakridge priced 1500-1800/saft on avaerage,it will attacted local buyers, dont forget it has 2600 units, not just 250 or 500. I go oakridge with my family every week, i m so sure that the presentation centre is so quite, 2-3 funny guys stand outside send flyers to people passing by, but mostly people are not interested.
we are all talking about affordability, why? because most locals feel housing price so high and our income can not afford the mortgage, or property tax, or rent, even most locals dont have enough down payment, how come now can afford the 2200/sqft+ condo???so when westbank said in the news that when they sell Butterfly, they give the priority to local buyer......we all laughed. hahahaha.

okokokok, i said too much.

[naota2018]

Originally Posted by GenWhy?

Exactly. The money that goes into this project is amazing and the architecture will be great because of it. While just shy of 600 non-market units and rental units doesn't look like a lot compared to the almost 2000 market units, it's a decent chuck on the site. Everything could be more affordable, but someone would have to build it, pay for it, invest in it, and buy it.

wait, i do not agree with your opinion. They can just do a more common design with less cost, i dont think other developer built garbage.

[retro_orange]

Originally Posted by naota2018

No, but im in the industry, once i joined Vancouver house's first event, i met a Shanghai representative, she told me under the table that if i have local buyer i'd better contact her as not many units prepare for local realtors. i know at least 3 guys have vancouver house presale, they all purchased oversea, 2 in HK and 1 in Beijing.
Then, The Alberni. I checked with vancouver westbank representative about 2bdr units, he told me that only 3 left, and again, i said my buyer is very serious and we need to look at more, the other day, the guy gave me 2 more. ok, the 5 units he gave me are all garbage, then i turned to ask a shanghai sales, he shown me much much more available units with best floor best exposure,best layout.
The butterfly, I heardfrom my colleague that most units for mianland china have been sold but HK returned a lot of units due to weak capital market in HK. For local, I have heard only 1 local guy bought a unit. We tried to bring almost of our clients to the presentation centre see if any of them will be interested, unfortunatily, they all believe it priced tooooooo high, with a not perfect location, soso view, soso layout, even Trump tower were selling around 2000/sqft, with better location, better view.

Oakridge, why i say it will continue targeting oversea buyers, because the price, again.
2200/sqft for the worst units, 2600/sqft average for other units, means buyers have to be very stupid. we can check all the listing on the market, even all the sold record in the history, how can you find a condo selling for that price range in that area? even in coal harbor area, water front, no one. on the cambie, brand new condo like Northwest at Marine and cambie, sold price around 1200/sqft,other building nearby around 2-4 years old selling below 1200/sqft. cambie garden selling for 1600/sqft average, COCO selling around 1500/sqft which is selling very slow. My opinion, if oakridge priced 1500-1800/saft on avaerage,it will attacted local buyers, dont forget it has 2600 units, not just 250 or 500. I go oakridge with my family every week, i m so sure that the presentation centre is so quite, 2-3 funny guys stand outside send flyers to people passing by, but mostly people are not interested.
we are all talking about affordability, why? because most locals feel housing price so high and our income can not afford the mortgage, or property tax, or rent, even most locals dont have enough down payment, how come now can afford the 2200/sqft+ condo???so when westbank said in the news that when they sell Butterfly, they give the priority to local buyer......we all laughed. hahahaha.

okokokok, i said too much.

Ok we definitely need more input from you on a daily basis on this forum. I'd un-ignore Vin with more statements like this, though likely not misher.