Despite a struggling economy and Vancouver's real estate market dipping into what insiders call a buyer’s market, condominium towers continue to sell out.
The first of three buildings in Mosaic’s latest development, the Foster in Coquitlam, sold out within an hour at a packed October 27 realtor event, according to TheKey.com president and marketer Cam Good.
He said the development’s proximity to the planned Evergreen Line drove sales.
“We had over 300 people and there was only 55 units in the first building that went on sale,” Good told Business in Vancouver. “We’re going to be rushing the release of the second building so it can go on sale, probably later this week.
“Realtors know that, with the Evergreen Line, the prices are going to appreciate fast and property values will go up before the building is even completed.”
Meanwhile, on Vancouver’s Cambie Street, city planners are cautioning developers and investors not to get carried away.
Realtor Sydney Deng was behind sales for 10 homes in a row in the 5100 block of Cambie Street near West 34th Avenue. Each of those homes sold for more than $3 million, or more than three times their assessed value.
“Cambie is a great street, but as you can see, there are other more economical opportunities for home owners to buy – such as along the Evergreen Line,” Good said.
Glen Korstrom
@GlenKorstrom