There is a growing trend of pre-sale condos in 2013. The speed and volume of developments around False Creek are almost irrational! Not only are urban developments are growing in Vancouver, it is expanding into Surrey, Coquitlam, Port Moody, as well as Burnaby.
These condos are highly attractive to many young adults between mid 20’s to late 30’s as they begin to have a bit more savings as they begin to work. Many pre-sale condos emphasize that you are not only buying a home, but also a lifestyle. The selling point of the majority of the condos are the future community development, in which differentiates one location over another. For example, Station Square in Burnaby has development plans for the next 10 years that include 5 towers ranging from 35 – 57 stories (Chow, 2012). The first 2 floors will be for commercial and retails space and are predicting that there will be at least one grocery store, many restaurants, cafes and shops along McKay and Silver Avenue. Public transportation is also very accessible, and the entire area will be very lively thanks to the popular Metropolis at Metrotown. If a potential buyer values this kind of community environment, they would much more likely prefer this than to a condo in the suburbs.
I think using community lifestyle to market these condos is very successful in that it not only offers lifestyle convenience, but also the sense of belonging to a growing and connected community.
Interested consumers would sign up for their mailing list, attend the pre-sale showrooms and speak with sales agent and all would enhance their decision purchasing now or in the future. Sales agents would suggest the consumer to speak with their designated financial representatives to view the options of mortgage rates and financing. The consumers who actually take the time to go through these actions are more likely to be committed to the purchase.
When I visited the showroom for the second time, the sales agent told me the first phase of Station Square sold out in a couple of days. The scarcity of these condo units and the perception that condo prices might rise, makes me feel ever more eager to know about the launch of the second phase! Sadly, I am financially incapable of even putting down a small portion of the down payment.
Reference
Chow, Wanda. (2012, October 18) Burnaby’s Station Square begins major transformation. Burnaby Newsleader. Retreived from http://www.burnabynewsleader.com/news/175297501.html