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

[Flynn86]

I bet percentage has a lot to do with the developer

[Westbased]

Originally Posted by Gummozebra

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?

Based on some conversations I've had it will depend on the lender's comfort with the developer and their net worth to back up the project.

Typically, it might be around 80% of their loan amount in sales which can equate to at least around 50% pre-sale.

[e-clam9]

Avani said 50 homes left in the email today. I hope they start building soon.

"Only 50 Homes Left Under $500,000!

The team at Avani Centre has been bustling over the last couple of weeks, and we currently only have 50 homes available under $500,000! If you dream of owning in the desirable Surrey City Centre, you won't want to wait any longer to see what Avani Centre has to offer!

Studios from $348,900*
One Beds from $389,900*
Two Beds from $591,900*
Three-bed Penthomes from $1,092,000*"

[GilmoreStation]

how many units are priced above $500k?

[Shift]

181 units total
74 priced above 500k.
107 priced below 500k

14 Studio
93 one-bedroom
51 two-bedroom
23 three-bedroom

https://www.surrey.ca/bylawsandcouncillibrary/PLR_7916-0183-00.pdf

So of the 107 units 'under 500k' they've sold just over half (assuming no 1 bedrooms are above 500k).

[Flynn86]

So 50 units under $500,000 but how many do they still have over $500,000 to sell?

[GMasterAres]

Originally Posted by e-clam9

Avani said 50 homes left in the email today. I hope they start building soon.

"Only 50 Homes Left Under $500,000!

The team at Avani Centre has been bustling over the last couple of weeks, and we currently only have 50 homes available under $500,000! If you dream of owning in the desirable Surrey City Centre, you won't want to wait any longer to see what Avani Centre has to offer!

Studios from $348,900*
One Beds from $389,900*
Two Beds from $591,900*
Three-bed Penthomes from $1,092,000*"

FYI what the last few posters are beating around the bush trying to say is:

"Only 50 Homes Left Under $500,000!" is not equal to "Avani said 50 homes left in the email today."

To help out, I highlighted the part you seems to have disregarded.

[e-clam9]

Originally Posted by jhausner

FYI what the last few posters are beating around the bush trying to say is:

"Only 50 Homes Left Under $500,000!" is not equal to "Avani said 50 homes left in the email today."

To help out, I highlighted the part you seems to have disregarded.

Actually my mistake, I should not say "50 homes left". You are right, it sounds like 50 homes left under $500K but unknown number of home left over $500K.

By my experience, never trust marketing people

[Gummozebra]

I'd be surprised if this building finishes by 2025 at this pace

[Gummozebra]

This is not including townhomes right

Originally Posted by Shift

181 units total
74 priced above 500k.
107 priced below 500k

14 Studio
93 one-bedroom
51 two-bedroom
23 three-bedroom

https://www.surrey.ca/bylawsandcouncillibrary/PLR_7916-0183-00.pdf

So of the 107 units 'under 500k' they've sold just over half (assuming no 1 bedrooms are above 500k).

[Flynn86]

I could see the same thing happening to this project as Wind.

[GMasterAres]

Yah I still think the pricing is high given the specific location. Don't get me wrong, it isn't a terrible location, but they're asking Surrey Central mall pricing.

I think once Hub is complete and the retail all fleshed out around King George, and we have more definitive answer on SkyTrain down Fraser Highway and what that will look like, then the prices they are looking for may make more sense.

Just my thoughts. That's why I am not terribly surprised that this is pre-selling relatively slow in the grand scheme of things.

[Flynn86]

Has anyone heard any updates on sales?

[Flynn86]

With the market slowing down now who thinks this project will get put on hold? I'm guessing they'll pull it off the market for a year and then come back on the market with lower prices.

[Westbased]

New offer from Avani is one year free of mortgage payments. They're trying like heck to get the remaining units sold.

[e-clam9]

Originally Posted by Westbased

New offer from Avani is one year free of mortgage payments. They're trying like heck to get the remaining units sold.

Do they pay 1 year of mortgage for new owner ? Or do they just push the whole mortgage 1 year out ?

[Cypherus]

Got this email about Avani which indicates they will close the presentation centre early summer to commence construction. Hopefully it isn't some advertising mumbo jumbo.

[Shift]

Originally Posted by Cypherus

Got this email about Avani which indicates they will close the presentation centre early summer to commence construction. Hopefully it isn't some advertising mumbo jumbo.

According to this article - developers must meet their pre-sale targets within 9 months of hitting the market to secure financing.

I'm guessing Avani's time has run up for sales. If it says they are starting construction this summer, I guess they may have met their pre-sale target, but still trying to sell some remaining units while the sales centre is still up.

https://vancouversun.com/business/real-e...-highrise-condo-projects-urban-analytics

[e-clam9]

We are not in early summer yet ? Their marketing team should change this to mid summer.

[Shift]

Originally Posted by e-clam9

We are not in early summer yet ? Their marketing team should change this to mid summer.

First day of summer is June 21

June 21 - July 21 is technically early summer