Telus Garden | 135m, 88m | 46fl res, 22fl office | 928,000sqft | Completed - Page 37

s211 · #**721** Posted **Apr 1, 2012, 6:25 PM**

Quote:

Originally Posted by Yume-sama

It's interesting pre-sales are selling so fast when the existing market just... isn't moving at all.

Very good observation. Sales of existing units are way off, but there's still enough to keep prices propped up.

Yume-sama · #**722** Posted **Apr 1, 2012, 6:52 PM**

Quote:

Originally Posted by s211

Very good observation. Sales of existing units are way off, but there's still enough to keep prices propped up.

Indeed, trying to sell a condo for over $1 million in Vancouver right now is damn near impossible.

But, everyone is lining up to pay what looks to be an inflated price by current market conditions for pre-sales. I'm slightly puzzled!

In reality the current market price is near or below $1000 a square foot now for the higher end.

SFUVancouver · #**723** Posted **Apr 2, 2012, 1:52 AM**

Quote:

Telus has sold out the first condo development it has ever built, before a planned formal launch in mid-April, making it the second large Vancouver project to sell out almost instantly in the past month.

[snip]

Telus has also been successful in nailing down a first tenant for the office component of the Telus Gardens project. The law firm of Bull, Housser and Tupper has committed as a tenant. That means 70 per cent of the office space, which will include Telus’s head office, is now leased.

Ms. Goertz said the company is negotiating with several other interested tenants and will be releasing details about those leases shortly.

http://www.theglobeandmail.com/news/...rticle2388764/

twoNeurons · #**724** Posted **Apr 2, 2012, 4:55 AM**

Quote:

Originally Posted by Yume-sama

Indeed, trying to sell a condo for over $1 million in Vancouver right now is damn near impossible.

But, everyone is lining up to pay what looks to be an inflated price by current market conditions for pre-sales. I'm slightly puzzled!

In reality the current market price is near or below $1000 a square foot now for the higher end.

Deferred risk? I guess if people think we're near a peak, they think buying into a condo that will complete 3 years from now is less risk. After all, it's easier to walk away from a $20,000 deposit than to lose a greater sum ($50,000?) if they're forced to sell. I don't know the legal ramifications of walking away though.

That's totally just conjecture, but it's one possibility.

Alternatively, if it's mostly investors/flippers, people don't want to buy something that they can't sell right now, but they feel that the market will keep going up and up... so want a piece of something that may be worth more down the road.

Then there are people who buy into marketing and hype and will buy because they perceive the area/building will be desirable and out of their league if they wait.

Just my $0.02

Hed Kandi · #**725** Posted **Apr 2, 2012, 1:40 PM**

..

WarrenC12 · #**726** Posted **Apr 2, 2012, 2:27 PM**

Quote:

Originally Posted by twoNeurons

Deferred risk? I guess if people think we're near a peak, they think buying into a condo that will complete 3 years from now is less risk. After all, it's easier to walk away from a $20,000 deposit than to lose a greater sum ($50,000?) if they're forced to sell. I don't know the legal ramifications of walking away though.

That's totally just conjecture, but it's one possibility.

Deposits are 25% over the next 18 months for Telus. Ya in 3 years prices could be lower/flat, or interest rates higher, meaning you actually couldn't qualify for a loan that a bank would give you today. To me there were too many negative risk factors, so I didn't bite for the opposite reasons.

Vs. the risk of buying from somebody reselling when they are complete. There's a risk the price is higher (would be at then-current market level), but that's it.

red-paladin · #**727** Posted **Apr 2, 2012, 2:36 PM**

Does anyone know what the plans will be for 'the boot' after they move the HQ to Telus Garden?

phesto · #**728** Posted **Apr 2, 2012, 3:09 PM**

Quote:

Originally Posted by Hed Kandi

If this turns out to be a highly profitable investment for Telus, I'm guessing that this won't be the last we see of the company's venture into residential property development.

Telus is a partner on this project, but Westbank is the developer.

s211 · #**729** Posted **Apr 2, 2012, 4:10 PM**

Quote:

Originally Posted by red-paladin

Does anyone know what the plans will be for 'the boot' after they move the HQ to Telus Garden?

Telus has already moved lots of bodies out, apparently. A bunch of their space is on the sublease market.

As an aside, Telus doesn't own the boot, but you probably already know that.

Hed Kandi · #**730** Posted **Apr 2, 2012, 5:56 PM**

..

Nites · #**731** Posted **Apr 13, 2012, 2:09 AM**

flight_from_kamakura · #**732** Posted **Apr 13, 2012, 4:37 PM**

ugly and absurd as anything can be.

dreambrother808 · #**733** Posted **Apr 13, 2012, 5:53 PM**

I have a lot of faith that the finished product will actually be quite nice. Yes, the design looks rather busy on the small scale of pictures and models but once life-sized it will seem less so. I quite like the renders on the on-site hoarding.

itinerant · #**734** Posted **Apr 13, 2012, 6:01 PM**

The more I see of it, the worse it looks. This rendering in particular. I would have liked it better if the designers had stuck with one idea and expressed it with more consistency throughout. But as time goes by, the skyboxes, rooftop fins, undulating canopy, all seem to be morphing into some big, mundane tradeshow booth in Telus' corporate colours.

Hed Kandi · #**735** Posted **Apr 13, 2012, 6:16 PM**

..

trofirhen · #**736** Posted **Apr 13, 2012, 6:38 PM**

Quote:

Originally Posted by flight_from_kamakura

ugly and absurd as anything can be.

Yeah, above all that irregular, boxy, condo tower (two sides of it anyway) plus all the "special FX" on Georgia St.

Quote:

Originally Posted by itinerant

The more I see of it, the worse it looks. This rendering in particular. I would have liked it better if the designers had stuck with one idea and expressed it with more consistency throughout. But as time goes by, the skyboxes, rooftop fins, undulating canopy, all seem to be morphing into some big, mundane tradeshow booth in Telus' corporate colours.

haha .... how unfortunately true ....

Prometheus · #**737** Posted **Apr 13, 2012, 8:18 PM**

If the giant LED projection screen is not going to wrap around and fill the entire skybox (as it should), then they should at least centre the screen perfectly between the southern border and northwest corner of the box.

officedweller · #**738** Posted **Apr 13, 2012, 8:21 PM**

Quote:

Originally Posted by itinerant

The more I see of it, the worse it looks. This rendering in particular. I would have liked it better if the designers had stuck with one idea and expressed it with more consistency throughout. But as time goes by, the skyboxes, rooftop fins, undulating canopy, all seem to be morphing into some big, mundane tradeshow booth in Telus' corporate colours.

True (as I sit here in TD Tower - the polar opposite - which over the years has itself been morphed away from clean design).

WRT colours - hoping for Telus colours - rather than gray, gray, gray like Shaw Tower.

twoNeurons · #**739** Posted **Apr 13, 2012, 8:23 PM**

Quote:

Originally Posted by flight_from_kamakura

ugly and absurd as anything can be.

New and unique architecture is rarely liked, especially universally.

Jimbo604 · #**740** Posted **Apr 13, 2012, 10:23 PM**

Will all this development in this block spur something to happen across the street (SE corner of Richards and Georgia)? A prime location, however, it is currently currently occupied by a low-density car rental office and its associated surface parking lot? Hopefully.

Google Street View of site