Cory Raven | 604-220-9399

 

Developer Takes Unprecedented Step to Pass On Significant Construction Cost Savings to Pre-Sale Buyers in Yaletown


 
 

2009-03-18 00:04:45 -

Vancouver, B.C. - (March 17, 2009) - Prominent Vancouver-based developer Amacon has teamed up with MAC Marketing Solutions (MAC) to develop a unique, honest and first-of-its-kind construction cost savings initiative for The Beasley, a new Yaletown high-rise development. Amacon is taking unprecedented action by passing along construction cost savings to buyers, reducing the initial purchase price by a minimum of

22 per cent. The initiative will be called the 'pass it on' campaign.

The 'pass it on' campaign was made possible after Amacon spent months negotiating with their contractors, suppliers and trades. When Amacon reviewed the construction costs they could save, they decided to pass on the savings to the pre-sale buyers of The Beasley. The significant savings will also be offered to new purchasers. The brand new Yaletown condos start at $219,900 CAD ($170,200 USD). For many original home buyers, this refinancing option will deduct on average $100,000 - $250,000 from their initial purchase price.

'We are in a very different market than a year ago; when we negotiated our construction costs and realized the savings we made, we were happy to pass on that savings to our purchasers. We're putting everything out into the open as we see it's a win-win-win situation,' says Cameron McNeill, president of MAC. 'This sale will provide an unprecedented real estate opportunity for those who are interested in getting into Downtown Vancouver's real estate market at affordable prices.'

The Beasley real estate sale begins on Saturday, April 4, 2009. The sale will feature a collection of signature residences including bachelor, one-, two- and two-bedroom plus den suites ranging in size from 436 to 1,334 square feet. Soaring 33 storeys high, the sustainable condominium will introduce more than 200 homes to Yaletown and will be ready for occupancy July 2012.

'The Beasley is one of the only rare opportunities to buy a brand new home in Yaletown because there is very limited land available for high-rise development,' says Nic Jensen, manager of sales and marketing of Amacon. 'The decision to share our construction cost savings will create an exceptional buying opportunity for people who thought they could never afford to own real estate in a thriving downtown community such as Yaletown.'

The Beasley's Yaletown location is its best amenity. The condominium will be situated within minutes of the seawall, Robson Square, Vancouver Art Gallery, Orpheum, Queen Elizabeth Theatre, Library Square, GM Place and BC Place, as well as world-class dining and a variety of international retailers.

A tribute to urban excellence and vision, The Beasley is named after legendary Vancouver city co-director of planning, Larry Beasley. Tasteful interiors and finishings found in each home will include floor-to-ceiling windows, rich plank hardwood floors and gourmet kitchens with top-of-the-line KitchenAid Architect II Series stainless-steel appliances.

Amacon is one of Canada's premier new home builders with a reputation of building quality homes. With four decades of development and construction expertise, Amacon is recognized as one of Canada's most influential real estate development and construction firms. Laying the foundation with excellence, Amacon controls all aspects of the development process including, site acquisition, project design, development, construction, marketing and sales.

MAC Marketing Solutions Inc. is a marketing and sales organization specializing in both residential and resort real estate developments in Metro Vancouver, Interior B.C. and Calgary. Founded in 2001 by Cameron McNeill, MAC continues to be a proven leader in sales with respect to volume and dollar value. Over the past five years, the company has sold more than $4-billion worth of real estate.
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I guess there is no shortage of people looking for information on the Vancouver Real Estate market.  Although twitter has been around for some time, I only this past week.  In the past 5 days, over 300 fellow twitter'ers have signed up to follow my "tweets"
 
I think a big part of that is the buzz around my new listingstoemail.com service, but it is still an astonishing number.  I hope to send out enough quality "tweets" that more and more people join.  I have set a goal of having 500 twitter'ers following my posts by the end of April and it looks as though that is doable.
 
Have a great weekend.  Feel free to email me at cory@coryraven.com if you have any questions.
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First-timers drive a rebounding market

'Vancouver detached house prices are the lowest they have been in two or three years,' say one couple convinced that the time is ripe to purchase

Globe and Mail Update
 

Judging from the many shoes littering the front porches at open houses in recent weekends, it's clear that people are back buying houses.

Without a doubt, the market has picked up, and we're barely into March. It's a far cry from the abysmal real estate market of last fall and January this year.

According to the Real Estate Board of Greater Vancouver, residential housing sales were up 94 per cent last month compared with January. That translates into 1,480 sales for the month of February alone. January, on the other hand, was a record-setting sluggish month - the slowest for housing sales in 25 years.

The growth defies the sky-is-falling pronouncements that have made headlines since September last year. But there is a growing perception that it's a buyer's market. A recent RBC/Ipsos Reid poll revealed that 26 per cent of B.C. residents surveyed believed they would purchase a home in the next two years, despite the view that house prices will continue to fall over 2009.

The condo market is also feeling a surge of life, real estate marketer Bob Rennie says.

"Sales are up," he says. "We have sold 19 [units] at One Madison Avenue in Burnaby in the past six weeks, and another nine at L'Hermitage at Robson and Richards in the past 10 days.

"I do think that the market is seeing a little bit of confidence, combined with some great opportunities with great interest rates."

Armed with low interest rates and realizing a good deal when they see one, brave contrarians are defying fears.

"People can see the value - and the value is phenomenal," real estate agent Lorne Goldman says.

Mr. Goldman says he had a house for sale last year on the city's pricey west side with an asking price of $2.4-million. The sellers were offered $2.3-million, but the buyer failed to complete. The same house is now on the market for $1.85-million.

"It's also very basic Real Estate 101," he adds. "There are people who are getting married, there are people who are married having more children, people being transferred into Vancouver from other cities. There are people who have inherited money who want a bigger house.

"The market continues, despite what is out there in the general economy. The fundamentals are there. People still need to buy groceries, and they still need shelter."

Karin and Sean Whale are unfazed about talk that house prices may fall further or that it's not a good time to sell a home. They recently had a baby and are motivated by their changing lifestyle.

The couple owns a three-storey townhouse on the east side of the city near trendy Commercial Drive, and with the latest addition, they've outgrown it and are looking to trade up to a detached house. They don't worry about selling and buying into the same market.

"Buying low and selling low is not a scary proposition to us," Ms. Whale says. "We need more space at this time in our lives ...Vancouver detached house prices are the lowest they have been in two or three years."

Long-time Vancouver real estate agent David Campbell says that, unlike a year ago, it isn't the fixer-uppers and in-between houses selling. Demand is high for nice ones that don't require a lot of work, and there aren't a lot of them on the market. And the people buying, he says, are either first-time buyers or homeowners such as the Whale family who are trading up.

"We have many buyers, but we have seen the return of first-time buyers," Mr. Campbell says. "For a good part of, let's say, the last nine months, first-time buyers have been staying out of the market. They were a little scared as to what was happening last fall. But interest rates are at record lows, and prices have adjusted downward, and there are lots of first-time buyers coming back.

"We're getting a lot of move-up buyers as well taking advantage of the low interest rates who say, 'Now I can afford that spread up to the next one.' "

And unlike last fall, when the bottom fell out of the market, they aren't making low-ball offers - the prices have firmed up, he says.

"Last Sunday I had the busiest open house since April," Mr. Campbell says. "I had three offers on a house in 24 hours and it sold over asking."

But not just any house is selling, he adds. Buyers are being selective in this uncertain market.

"They want a good home, so they are picking the better ones," Mr. Campbell says. "That's where we get multiple offers."

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I have now joined twitter. 
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We won't know for sure if this was the best time to buy real estate (if we are at the low if this current price dip), but one thing is for sure.  We currently are able to get ALL TIME RECORD low interest rates.  I have seen 5 year locked in rates at under 4% and variable rates at just over 2%.  When you add the fact that prices are down and that the rates are low, you can buy a home for hundreds of dollars less every month than you would have spent a year ago on the same property.
 
If you have any questions about the market, feel free to call me at 604.220.9399 or email cory@coryraven.com
 
Cory Raven's Metro Vancouver Real Estate Blog
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Don't believe all that you read

Burnaby Now

Published: Saturday, March 07, 2009

 

Dear Editor:

Re: Market not ready for optimism, On the Market column, Burnaby NOW, Feb. 25. Mr. McCarthy slags Bob Rennie for making market prognostications at the same time he holds himself out to be the only person capable of dispensing "truth" about the real estate market.
 

Yet Mr. McCarthy makes statements such as, "The average or median housing cost for all products are so excessive compared to similar units in Canada and North America ..." When has a home in Vancouver not been "excessive" in terms of price when compared to Winnipeg, Thunder Bay, Saskatoon, Quebec City, Halifax or Plum Coulee? Perhaps Mr. McCarthy would like to do an analysis comparing home prices in Vancouver with London, Paris, Tokyo, San Francisco and New York - some of the other most desirable places to live in world.

 
His reference to "tens of thousands of units bought entirely on speculation" implies that this is the condition here in the Lower Mainland. Perhaps he could explain why, as of Feb. 27, there are just over 100 units being offered on MLS and other sites such AssignmentsCanada.ca and craigslist etc., for sale as "assignments" or buyers selling contracts before they have to complete and take possession of the property. If there are "tens of thousands" of units sitting empty, why is the vacancy rate low, rents so high?
 
In many cases, it now costs less to buy a home in the Lower Mainland than it costs to rent the same home. When I refer to homes, I include condos, as they are the home of choice for more than 70 per cent of all buyers, including first-timers and downsizers.
 
History does seem to repeat itself, yet Mr. McCarthy did not refer to the last really big slowdown in the Lower Mainland real estate market in late 1980 on through the early '80s, nor did he mention that prices did not fall back to pre-1980 levels. Or that interest rates were 19 per cent or more. Nor did he mention that the astute buyers that bought in 1981/82 made returns of 1,500 to 2,500 per cent and more over the following 25 years.
 
For real estate investment experts, some self-proclaimed, such as Mr. McCarthy, always stand to gain more by buying at the lowest possible price. Anything that an investor can do to lower the price of the commodity he is about to buy works to the investor's advantage. Press releases without hard evidence and bafflegab are just some of the many ways this can be done.
 
My advice to any investor is to do your own due diligence. Believe nothing of what you hear and only half of what you read. Any experienced Realtor can supply you with the current market information you need - call a few and compare the info. Check out a few of the properties that are for sale, for rent. It's your money: Invest it wisely knowing that the best investment you can have in the Lower Mainland is a paid for home or a rental property that produces positive cash flow.
 
Mr. McCarthy quotes from the Realtor Code of Ethics, "Under all is land." It's unfortunate he did not read on: Article 1: A Realtor shall be informed regarding the essential facts which affect current market conditions. Article 19: the Realtor shall never publicly discredit any other registrant, if the Realtor's opinion is sought, it should be rendered with strict professional integrity and courtesy.
 

Donald G. MacKay, managing broker,

Amex Broadway West Realty

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Please excuse the mess while I upgrade my website.  In the meantime, you may access all my blog posts by clicking here.
Please excuse the mess while I upgrade my website to provide you with even more timely and topical information on our market and the process of buying and selling.  In the meantime, you can access my blog by clicking here
Cory Raven
Telephone:604-220-9399
Cory Raven - Managing Broker
RE/MAX Select Realty
4806 Main Street
Vancouver, BC
V5V 3R8