[Surrey] Georgetown | 6, 15, 30, 31, 32, 39, 41, 45 fl | U/C & Proposed - Page 7

Blease · #**121** Posted **Apr 30, 2019, 2:23 AM**

Quote:

Originally Posted by e-clam9

That is the normal speed.....

I am sure I won't see the final finish of the new Surrey downtown in my life time...

Cities never arrive to a final finish. Rome is 2800 years old and is still evolving.

Owlfriend · #**122** Posted **May 8, 2019, 4:09 AM**

Hey everyone!

We went to check out the showroom the other day and were offering $15,000 off 2 bedroom units and (1) parking stall $25,000 value for studio units. We purchased one on the 23rd floor for investment. They said they were planning to start digging in December of this year. It is about a 7 min walk to the skytrain but hopefully in 2022-2023 it’ll be worth selling.

retro_orange · #**123** Posted **May 8, 2019, 4:16 AM**

matrix_dot_ca · #**124** Posted **May 8, 2019, 6:01 PM**

Quote:

Originally Posted by Owlfriend

Hey everyone!

We went to check out the showroom the other day and were offering $15,000 off 2 bedroom units and (1) parking stall $25,000 value for studio units. We purchased one on the 23rd floor for investment. They said they were planning to start digging in December of this year. It is about a 7 min walk to the skytrain but hopefully in 2022-2023 it’ll be worth selling.

Did you get the studio? I wonder how much would be the Total contract price for a studio unit.

Vin · #**125** Posted **May 8, 2019, 8:42 PM**

Quote:

Originally Posted by fredinno

Because the way the property tax system works, developers will always build up to the highest density, and Surrey is still a suburban town centre as is for now. It's also enormous in SA, so mandating +8 FSR at this stage probably is probably too drastic of a financial risk for developers and would result in slower overall development.

Surrey's town Centre can always sprawl out towards Guildford, and infill/ redevelopment into medium density or empty space within future developments can build higher towers if needed.

Surrey also has a massive amount of room and will to go medium density in its suburbs unimpeded. This isn't Vancouver, where NIMBYs limit the amount of area and height you can build to, so every FSR counts to keep things somewhat affordable.

What matters more in Surrey is amenities and building permit times (Which are also bad In Surrey)

I thought all mayors are now clamouring for green initiatives and trying to discourage urban sprawl? Whatever happened to them? Sprawl should be a dirty word.

e-clam9 · #**126** Posted **May 8, 2019, 10:06 PM**

This is a small presentation (like the Maywood at Burnaby). They will destroy this presentation center later to build tower 1. I wonder why they don't build the presentation center at the tower 6 or 7 site so that it can stay there for years.

The unit size is also shrunken. Even the 2br 2ba unit only has 24" appliance package. Miniature is the trend these days. The price per sq. ft. is normal for this area.

When I revisit OneCentral presentation center (only few minutes away by walking), its presentation center is so much nicer and spacious. For 1br, there are 15 left. Actually I like their bathroom and kitchen more. They have the Full Size feel.

King George Hub pre-sale is coming soon. I think this one is worth waiting for.

Couple years ago, people could hardly purchase one pre-sale contract even after a long wait in the line over a cold winter night. Today, we can visit a few presentations in few weeks (or months) and choose from many choices in our leisure time.

Lexus · #**127** Posted **May 8, 2019, 11:32 PM**

Quote:

Originally Posted by e-clam9

This is such a small presentation (like the Maywood at Burnaby). They will destroy this presentation center later to build tower 1. I wonder why they don't build the presentation center at the tower 6 or 7 site so that it can stay there for years.

Tower 6 and 7 is where Canada Tire is

e-clam9 · #**128** Posted **May 9, 2019, 12:07 AM**

Quote:

Originally Posted by Lexus

Tower 6 and 7 is where Canada Tire is

Oh

Anyway, you know what I meant

osirisboy · #**129** Posted **May 9, 2019, 1:13 AM**

Quote:

Originally Posted by Vin

I thought all mayors are now clamouring for green initiatives and trying to discourage urban sprawl? Whatever happened to them? Sprawl should be a dirty word.

Everything is or was sprawl at some point

Owlfriend · #**130** Posted **May 9, 2019, 2:02 AM**

Quote:

Originally Posted by matrix_dot_ca

Did you get the studio? I wonder how much would be the Total contract price for a studio unit.

We paid $331,900 for a west facing studio. (366) sq ft interior. + (110) sq ft patio.

Owlfriend · #**131** Posted **May 9, 2019, 2:16 AM**

Heres a few photos of the studio showroom. Enjoy!

https://m.imgur.com/a/6ucMtIa

CoryHolmes · #**132** Posted **May 9, 2019, 2:31 AM**

Quote:

Originally Posted by Owlfriend

Heres a few photos of the studio showroom. Enjoy!

https://m.imgur.com/a/6ucMtIa

It looks not bad... until I got to the Murphy bed folding into the living room wall.

That shit pisses me off to no end! Yes, we get that you're hosing us on the square footage, at no point is this going to hide that fact!

Owlfriend · #**133** Posted **May 9, 2019, 2:53 AM**

Quote:

Originally Posted by CoryHolmes

It looks not bad... until I got to the Murphy bed folding into the living room wall.

That shit pisses me off to no end! Yes, we get that you're hosing us on the square footage, at no point is this going to hide that fact!

Yes I know what you mean. I personally wouldnt want a bed in my living room but its appealing to someone looking to enter the market for a new condo.
I saw a similar studio online at Avani centre, its on the 21st floor basically the same footage listing for $ 348,900 with storage but a parking spot would set you back another $ 35,000.. Both projects are 30 storeys and have the same approximate completion date. But for similar products with one costing $52,000 more, it could make a huge difference for a young couple getting approved for a mortgage in 2022-2023. Who knows

retro_orange · #**134** Posted **May 9, 2019, 3:14 AM**

What evidence is there that these micro suites will go up in value with market economics changing lately? There's really a very tiny market for one of these suites, myself not included. 100% honesty, I would hate myself for choosing to spend this much to have so little to show for it. Microsuites are a new fad driven by unsustainable market inflation, there's no precedent to show a hotel suite sized unit in Surrey will go up in value as none were built before this most recent insane housing boom or that things would ever return to constant price gains, especially by 2023.

Owlfriend · #**135** Posted **May 9, 2019, 3:26 AM**

Quote:

Originally Posted by retro_orange

What evidence is there that these micro suites will go up in value with market economics changing lately? There's really a very tiny market for one of these suites, myself not included. 100% honesty, I would hate myself for choosing to spend this much to have so little to show for it. Microsuites are a new fad driven by unsustainable market inflation, there's no precedent to show a hotel suite sized unit in Surrey will go up in value as none were built before this most recent insane housing boom or that things would ever return to constant price gains, especially by 2023.

Very true. But for a $330k studio that could rent around $1000-$1300 that would basically take care of the mortgage after paying the 20% deposit by time the building is standing.

Arcologist · #**136** Posted **May 9, 2019, 1:53 PM**

This is an absolutely massive development! Look forward to seeing how it impacts the Surrey skyline

Shift · #**137** Posted **May 9, 2019, 7:14 PM**

Quote:

Originally Posted by Flynn86

May 5 is when the sale centre opens. That's crazy did that take a year to build? It's the sales centre takes this long to build how long is it going to take to build a tower.

Sales Centre opening May 25 now.

New rendering below (I assume all towers except for Tower 1 are placeholders - subject to future DP applications / design).

e-clam9 · #**138** Posted **May 10, 2019, 1:41 AM**

Quote:

Originally Posted by Owlfriend

Very true. But for a $330k studio that could rent around $1000-$1300 that would basically take care of the mortgage after paying the 20% deposit by time the building is standing.

You are assuming that the buyer/investor qualifies for the stressed mortgage application

After removing management fee, interest, strata fee and property tax from the rental income, there is not much left to pay for the principle. If the value of the condo does not go up a few % each year, then it is not a good investment comparing to bonds. In today's realty market, it is lucky that condo price only has a small drop. Many people said detached home is a good bargain now after a huge drop last 2 years, I really hope so. The April data shows that it is stabilizing. We'll see.

retro_orange · #**139** Posted **May 10, 2019, 2:27 AM**

Quote:

Originally Posted by e-clam9

You are assuming that the buyer/investor qualifies for the stressed mortgage application

After removing management fee, interest, strata fee and property tax from the rental income, there is not much left to pay for the principle. If the value of the condo does not go up a few % each year, then it is not a good investment comparing to bonds. In today's realty market, it is lucky that condo price only has a small drop. Many people said detached home is a good bargain now after a huge drop last 2 years, I really hope so. The April data shows that it is stabilizing. We'll see.

SFH is still in freefall mode, hasn't shown any signs of leveling off and condos have only started to drop. We won't see the entire fallout of that until all the product that's already been pre sold and currently being constructed in metro Van starts getting flipped as they near completion.

Might as well save your money for now as that could take another 5+ years. For some depth in SFH sales: https://twitter.com/VanREflipflops

Owlfriend · #**140** Posted **May 10, 2019, 3:18 AM**

Quote:

Originally Posted by e-clam9

You are assuming that the buyer/investor qualifies for the stressed mortgage application

After removing management fee, interest, strata fee and property tax from the rental income, there is not much left to pay for the principle. If the value of the condo does not go up a few % each year, then it is not a good investment comparing to bonds. In today's realty market, it is lucky that condo price only has a small drop. Many people said detached home is a good bargain now after a huge drop last 2 years, I really hope so. The April data shows that it is stabilizing. We'll see.

Yes I totally get it. If i had the money I personally would have loved to invest in gilmore place phase 2. Its a 64 level tower that will be the biggest residential tower in bc. The starting price is $500k presale. Completion 2025.. like how would any normal working person or couple be able to afford something like that? Atleast for anyone looking to buy a condo close to the exisiting skytrain system surreys most likely the most affordable