[Burnaby] Concord Brentwood | U/C and Proposed

[VarBreStr18]

Originally Posted by EddieVH

Crazy. I figure the price of the 3 bedroom units in their Sky Collection to start at 1.2 million. And those aren't even their penthouse suites. I'm glad I bought when I did.

I can't figure out why there are still plenty of people who are willing to pay that kind of prices!! Even the developers are baffled. Don't go into a red hot burning house, someone is going to get burnt. My take is if everybody Come to their senses and let the market slow down. Half a million for a one bedroom is too hard to swallow. It has got to be reaching the affordability limit even for condos.
Many years ago Toronto market eventually cooled because the affordability is reached, as a result new condos start to sit empty. This may not be the rights thread to express my frustration , but somehow is leading to the direction for ranting.

[trek604]

I went to the presentation center in Surrey on Sunday and submitted their form for a 2BR. What a gongshow that was. As has been said upthread, no price list just what you expect to pay...

They photocopied my BCDL and Bank Draft. Didn't take any money said we'll have to wait to hear back by the end of June.

Also, the amount of people using chinese red passports as ID was sickening in there. I thought you had to be a citizen of Canada to purchase?

[Alex Mackinnon]

Originally Posted by trek604

Also, the amount of people using chinese red passports as ID was sickening in there. I thought you had to be a citizen of Canada to purchase?

nooooooooooooooooooooope!

[cornholio]

Originally Posted by VarBreStr18

I can't figure out why there are still plenty of people who are willing to pay that kind of prices!! Even the developers are baffled. Don't go into a red hot burning house, someone is going to get burnt. My take is if everybody Come to their senses and let the market slow down. Half a million for a one bedroom is too hard to swallow. It has got to be reaching the affordability limit even for condos.
Many years ago Toronto market eventually cooled because the affordability is reached, as a result new condos start to sit empty. This may not be the rights thread to express my frustration , but somehow is leading to the direction for ranting.

Here is your answer.

Originally Posted by trek604

Also, the amount of people using chinese red passports as ID was sickening in there. I thought you had to be a citizen of Canada to purchase?

Of-course though this will end well and we will all benefit....Anyways new Chinese investors are completely separated from the local market. Given the amount of integration now going on this does not surprise me. They don't understand the local market and only superimpose their understanding of the Chinese asset bubble on to Vancouver, and then proceed to go nuts.

Back on topic though. These prices are bloody insane for Brentwood mall. You might as well live somewhere else and just fly into Vancouver for vacation at this point to visit your remaining friends/family. I hope more locals stay calm and assess the situation before sinking/borrowing half a mill on/for a 1 bedroom in say Burnaby.

[WarrenC12]

Originally Posted by cornholio

Back on topic though. These prices are bloody insane for Brentwood mall. You might as well live somewhere else and just fly into Vancouver for vacation at this point to visit your remaining friends/family. I hope more locals stay calm and assess the situation before sinking/borrowing half a mill on/for a 1 bedroom in say Burnaby.

What are the prices like? $1000/sf?!

[cornholio]

Originally Posted by WarrenC12

What are the prices like? $1000/sf?!

trek604 said the Avira unit he bailed on was arround $700 per square foot before taxes.

spiritofevil99 said the estimate price for Concord was $465 and up for a 735 square foot 2 bedroom with no parking. That's 592 per square foot in the cheapest unit (probably facing Lougheed and the Skytrain at the bottom floor) and it goes up. Before taxes and with no parking.

I keep tabs on the market (even though I am out :-() and I believe it.

The developers are absolutely raking it in right now and their profit margins must be insane.

[trek604]

Originally Posted by WarrenC12

What are the prices like? $1000/sf?!

My Escala unit was $635900 for 889 sq ft on the 33rd floor + GST, that's $750/sqft

I'm also looking in the area where I grew up in and where my parents are on the west side for a tiny closet sized unit (570 sqft) at 2 years old my offer was declined. (my offer was $980/sq ft).

I can see why locals here are getting frustrated.

[mgbcca]

Originally Posted by trek604

My Escala unit was $635900 for 889 sq ft on the 33rd floor + GST, that's $750/sqft

I'm also looking in the area where I grew up in and where my parents are on the west side for a tiny closet sized unit (570 sqft) at 2 years old my offer was declined. (my offer was $980/sq ft).

I can see why locals here are getting frustrated.

Did that include parking (Escala) ?

[trek604]

Originally Posted by mgbcca

Did that include parking (Escala) ?

Yes 1 parking and 1 locker. Also strata fees were estimated at 33c / sqft but that always can go up

[Jebby]

Originally Posted by trek604

I thought you had to be a citizen of Canada to purchase?

No, thankfully Canada doesn't limit that.

[s211]

Originally Posted by cornholio

The developers are absolutely raking it in right now and their profit margins must be insane.

if they bought their land some time ago, yes.

[Klazu]

These development companies must be publicly traded. What kind of profits have they been posting lately?

[rofina]

Originally Posted by Klazu

These development companies must be publicly traded. What kind of profits have they been posting lately?

Not Vancouver based ones. Families own them.

[s211]

Originally Posted by Klazu

These development companies must be publicly traded. What kind of profits have they been posting lately?

Almost no residential development companies of note in Canada are publicly-traded. Brookfield has a residential division but I don't recall them doing any work in the lower mainland.

[VarBreStr18]

Does Concord Brentwood has air condition ?

[Rocketeer]

Originally Posted by s211

Almost no residential development companies of note in Canada are publicly-traded. Brookfield has a residential division but I don't recall them doing any work in the lower mainland.

I thought Wall Financial was a publicly traded company on the TSE?

[vanman]

Originally Posted by Pinion

Electric charging stations should be standard for every new build of any type, SFH etc.

I fully agree. Eventually we will get there. Probably sooner rather than later.

[s211]

Originally Posted by Rocketeer

I thought Wall Financial was a publicly traded company on the TSE?

One of the very few. I don't expect you'll see project proformas being made public, though. That's highly confidential, for obvious competitive reasons.

[LeftCoaster]

Wall's also pretty tightly held from what I know.

Most RE companies in Canada are private, from the smaller condo developers right up to the big commercial behemoths. REITs like Allied or RioCan being the obvious exception.

[retro_orange]

Originally Posted by Jebby

No, thankfully Canada doesn't limit that.

...no comment. (Mexico benefits from restricted zones where foreigners cannot own outright; you must set up a trust in order to purchase)