[Surrey] Avani Centre (Including Hampton by Hilton) | 107m | 30 fl | Proposed - Page 14

Flynn86 · #**261** Posted **Dec 22, 2018, 8:45 PM**

Anyone hear when they may start breaking ground

Westbased · #**262** Posted **Jan 10, 2019, 1:27 AM**

Just received an email from the sales team...they still have just over 100 homes for sale. Offering up to $70,000 off until next Wednesday, a pretty steep discount in my books.

Shift · #**263** Posted **Jan 10, 2019, 3:15 AM**

Thanks for the update. Market slow down?

Flynn86 · #**264** Posted **Jan 10, 2019, 3:25 AM**

That's still a lot of units to sell.

Shift · #**265** Posted **Jan 10, 2019, 3:34 AM**

What are the prices in comparison to Hub across the street that sold out? (Albeit - at height of market)

Flynn86 · #**266** Posted **Jan 10, 2019, 4:49 AM**

Did the Hub sell out two towers? Plus I think Concords towers are sold out too.

Shift · #**267** Posted **Jan 10, 2019, 6:28 AM**

They did - fairly quickly too I believe. The extensive retail / mixed use and basically being integrated into King George Station probably helped.

I believe Concord's Park George is just gearing up to release Tower 2. I saw signage for it recently. Didn't realize they were selling them separately.

Same story with Bosa University District.

GMasterAres · #**268** Posted **Jan 10, 2019, 11:03 AM**

I posted earlier in this thread i believe that the prices are high. And that was when the market was super hot. I still think they are high and them not selling out reflects that as i don't think my opinion is far off the average local buyer given that is who they need to sell to with the drop in foreign speculators recently.

Expect some further discounts or additional indcentives like 1 to 2 year prepaid strata fees, decorating allowance, etc. if sales stay slow.

Flynn86 · #**269** Posted **Jan 10, 2019, 3:57 PM**

I think this tower has 181 units, so they haven't sold even half. That doesn't look good.

Westbased · #**270** Posted **Jan 10, 2019, 7:06 PM**

It does seem they missed the window to sell at top dollar...I mean their presentation centre took near 6 months to complete...

I think it also makes a difference that 5th Avenue was their marketing firm whereas the others used Rennie, or Concord's in house team both experts at high rise sales.

Add to that they are a new developer using a new builder to the market, Magill, using 5th Avenue who has lost a few condo tower projects in White Rock.

I can also see more buyer incentives coming up because they likely have a 50% pre-sale requirement from their lender...their market exposure is going to be way too long.

e-clam9 · #**271** Posted **Jan 11, 2019, 12:39 AM**

Quote:

Originally Posted by Flynn86

Did the Hub sell out two towers? Plus I think Concords towers are sold out too.

Park George I did not sold out, their facebook news said 90% sold on Jan 4th, 2019. It is almost 6 months since they start selling.

Park George II is coming soon and their ad is out.

Bosa University District tower I is 80% sold. Tower II ad is out too.

Yes, KGH I and II sold out quickly at top of market early in 2018. Lucky them ! Their next phase will come this month.

I see quite many metrotown condo dropping their prices recently. I saw a 1br dropped $70K and still no taker since Nov.

A lot more presale condo are planing to hit market in 2019. I think more drop and more incentives will come. One should get pre-sales from BIG developer now so they have less chance to cancel or delay building or default in a slow market..

I wonder if Avani will pay the same incentives to those pre-sales buyers who bought in May and Dec ???? If not, these buyers may not be happy now...

If the city get final okay to extend expo line, there will be many more condo along Fraser Hwy in next few years.

If the brainless USA president really pushes world economy to crash more and also fooled Canada PM to stay away from China trading and tourism, then more cards will fall. Some of their military even mentioned a war with China in next 10 to 15 years !!! It reminds me judgement day in Terminator movie when nuclear missiles flying to every corner of the world. This China/US conflict will last for years until America can accept China as an equal super power or else... Sorry I have too much day dreaming....

Lucky Canada central bank did not follow the short sighted America Fed to raise interest rate this month !!!! I feel that we need a more experienced PM to deal with that mentally ill man with pathological narcissism in the white house.

e-clam9 · #**272** Posted **Jan 25, 2019, 1:08 AM**

EMail from today:

"Rising above an independently managed, 7 story Hilton-branded hotel, these stunning residences begin on the 8th level and feature exceptional views of the valley and Mount Baker to the South or City and Mountain views to the North. Residences are available in studio, one and two bedroom layouts, with 3 bedroom penthouse and city home opportunities. Studios are available from the 21st floor starting at just $355,900*. "

Gummozebra · #**273** Posted **Feb 19, 2019, 3:33 AM**

Been awfully quiet these few months, has anyone heard of any update on this project? Does it look like they will break ground anytime soon? Developer has been awfully quiet.

EhJay · #**274** Posted **Feb 20, 2019, 12:49 AM**

Quote:

Originally Posted by Gummozebra

Been awfully quiet these few months, has anyone heard of any update on this project? Does it look like they will break ground anytime soon? Developer has been awfully quiet.

Last I heard they were doing some big discounts trying to sell some units. They were a little late getting it into the market and as such the market slowed down as they released. I believe that they need to sell a certain number of units before they can get more financing to start building.

osirisboy · #**275** Posted **Feb 20, 2019, 2:36 AM**

Quote:

Originally Posted by Gummozebra

Been awfully quiet these few months, has anyone heard of any update on this project? Does it look like they will break ground anytime soon? Developer has been awfully quiet.

Phone them and ask

fatpot · #**276** Posted **Feb 20, 2019, 3:02 AM**

I visited their sales center last Saturday. Still lots of units for sale and they honestly seemed a little desperate.

One look at the pricing sheet and I can see why there's little interest considering the very high prices, location, random exuberant furnishings, and also the general look of the building was pretty "blah".

EhJay · #**277** Posted **Feb 21, 2019, 12:18 AM**

Just received an email that there is only ONE "N" plan 1 bedroom with 1 den left.... Dunno how much of everything else though.

Shift · #**278** Posted **Feb 21, 2019, 12:49 AM**

With so much on the market in Surrey City Centre right now - this seems like it would be a tougher sell. People are going to lean towards more established developers and higher-profile projects I would think - Anthem, Bosa, PCI, Concord.

Galaxy · #**279** Posted **Feb 21, 2019, 2:59 AM**

I agree with you Shift! Although I also think once that large office development project you have been talking about goes ahead plus projects like GEC there will be a lot more jobs in the area and a project like this would sell better. This project is one that would benefit from foreign investors as its not a great investment right now but in 10 years these units will be a good seller as its in great proxy to the HUB and other great amenities.

Gummozebra · #**280** Posted **Feb 21, 2019, 3:32 AM**

At this rate this building won't top out by 2025. Does anyone know the actual % requirement of the building to be sold, in order for a developer to be able to get financing?