{"id":12788,"date":"2019-06-17T15:15:56","date_gmt":"2019-06-17T22:15:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12788"},"modified":"2019-06-16T08:49:05","modified_gmt":"2019-06-16T15:49:05","slug":"a-novel-risky-idea-is-slated-for-vancouvers-real-estate-landscape","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/a-novel-risky-idea-is-slated-for-vancouvers-real-estate-landscape\/","title":{"rendered":"A Novel &#038; Risky Idea is Slated for Vancouver&#8217;s Real Estate Landscape"},"content":{"rendered":"<p style=\"text-align: justify;\">A novel, if risky, idea is slated for Vancouver\u2019s real estate landscape.<\/p>\n<p style=\"text-align: justify;\">Aragon Properties will be building two condominiums before even opening sales\u2014a move that almost never occurs in Canada because developments must hit about 80% sales before financing can be secured.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re going to bring to market two particular products in some of the most desirable areas of Vancouver\u2019s West Side. One of the things here is the finished homes offer buyers clear advantages over buying off plans; it lets buyers see first-hand the special architectural detail included in each home,\u201d said Aragon\u2019s Vice President of Development Howard Steiss, who added that the projects are self-financed.<\/p>\n<p style=\"text-align: justify;\">\u201cTo get the kind of architectural detail we\u2019re including has to be understood and appreciated.\u201d<\/p>\n<p style=\"text-align: justify;\">One of the condos is called Amber, a 31-unit, four-storey brick, concrete and wood building, and the other is called Shift, a six-storey, 43-unit condo. Both projects have up to three bedrooms. Viewings will begin in July.<\/p>\n<p style=\"text-align: justify;\">An advantage to buying a brand new home that\u2019s already constructed is, apart from its tangibility, the move-in date is much, much sooner and not subject to the same delays preconstruction condominiums are usually burdened by.<\/p>\n<p style=\"text-align: justify;\">\u201cWe have a \u201830-90\u2019 design focus: We focus on 30% of the floorplan where you spend 90% of your life, so we have an emphasis on kitchens, bathrooms, outdoor balcony areas, outdoor decks, rooftop decks, including built-in kitchens. We also have window walls.\u201d<\/p>\n<p style=\"text-align: justify;\">The window wall in particular turns the balcony into an extension of the interior.<\/p>\n<p style=\"text-align: justify;\">Conversely, the old tried, tested and true preconstruction method shows nary a sign of waning in Vancouver, despite all indications that the market itself is. Perhaps for that reason alone\u2014to say nothing of how disquietingly expensive buying into the Vancouver market is\u2014a master-planned community with adequate rental stock is integral to Vancouver\u2019s new market realities.<\/p>\n<p style=\"text-align: justify;\">Ryan Th\u00e9, vice president of development at Wesgroup Properties, says that The Westminster in the Brewery District is capitalizing on a great need in the market.<\/p>\n<p style=\"text-align: justify;\">\u201cThe demand for rentals is so high and vacancy rates are very low, and there was a clear need in the market as well, so we decided to go rental,\u201d he said. \u201cIt was about a more diverse look and having more residential buildings and carving them up that way. Rental has lots of opportunity for developers to fit a need in the market.\u201d<\/p>\n<p style=\"text-align: justify;\">The master-planned Westminster is composed of eight buildings\u2014four of which are commercial, office, retail and health care\u2014comprising two condominiums and two rental buildings.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re currently leasing now and finished the building earlier this year,\u201d said Th\u00e9. \u201cThe interest has been good with about 23 homes as of today available out of 187. We\u2019re a fully pet-friendly building with an \u2018eight leg policy\u2019: up to two cats or dogs.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/novel-sales-pitch-hits-vancouver-258075.aspx\" target=\"_blank\" rel=\"noopener noreferrer\">Novel Sales Pitch Hits Vancouver<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A novel, if risky, idea is slated for Vancouver\u2019s real estate landscape. Aragon Properties will be building two condominiums before even opening sales\u2014a move that almost never occurs in Canada &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/a-novel-risky-idea-is-slated-for-vancouvers-real-estate-landscape\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-12788","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Novel &amp; Risky Idea is Slated for Vancouver&#039;s Real Estate Landscape &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/a-novel-risky-idea-is-slated-for-vancouvers-real-estate-landscape\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Novel &amp; Risky Idea is Slated for Vancouver&#039;s Real Estate Landscape &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A novel, if risky, idea is slated for Vancouver\u2019s real estate landscape. 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