A Gastown condominium project is creating a buzz for its novel marketing ploy of urging buyers to pay for at least part of their down payment by trading in their car.
Real estate marketer Cam Good told Business in Vancouver that trading in cars to come up with a down payment is a "tried and true" practice, unlike accepting bitcoins.
Abbotsford-based Quantum Properties become the first B.C. real estate developer to accept bitcoin for deposits on homes on January 15. More established developers have yet to hop on board that train.
"People have sold cars to come up with down payments for many years but, as far as we know, this is the first time you can do it all in less than an hour on site," said Good, who is a principal at The Key
InGastown is a nine-storey, 61-home, project on Cordova Street near Main Street. About half of the units are now sold at prices that start around $269,000 and range upwards of $500,000, Good said.
InGastown will not have any resident parking spaces. Buyers get a free membership with the car-share company Modo, which will base two vehicles site.
