[Burnaby] Concord Brentwood | U/C and Proposed

[BobLoblawsLawBlog]

How many people could live in all these towers?

[giallo]

My frustration is just that I have no idea what the answer is to all of this. I don't think cutting off foreign money is the answer. I don't think over-building for the sake of over-building is the answer. I'm clueless as to how Metro Vancouver is going to make the region stable affordability-wise. Without a large and robust economy to support these insane home/condo prices, how is Vancouver supposed to remain attractive to the average young professional? How many more years can Vancouver support these continual rising prices before people really do start leaving in droves?

I planned on coming back a couple of years ago, but there's no way I will at this moment. Shanghai, despite its poor air quality and lack of nature, just craps all over Vancouver from a job and affordability perspective. It's not even comparable. What's the dangling carrot that Metro Vancouver has to offer? I don't see it anymore.

[Anorak]

Originally Posted by giallo

My frustration is just that I have no idea what the answer is to all of this. I don't think cutting off foreign money is the answer. I don't think over-building for the sake of over-building is the answer. I'm clueless as to how Metro Vancouver is going to make the region stable affordability-wise. Without a large and robust economy to support these insane home/condo prices, how is Vancouver supposed to remain attractive to the average young professional? How many more years can Vancouver support these continual rising prices before people really do start leaving in droves?

I planned on coming back a couple of years ago, but there's no way I will at this moment. Shanghai, despite its poor air quality and lack of nature, just craps all over Vancouver from a job and affordability perspective. It's not even comparable. What's the dangling carrot that Metro Vancouver has to offer? I don't see it anymore.

The solution is to address the two issues: insane demand, and lacklustre supply. The solution to foreign demand would be to impose speculation and vacancy taxes. The solution to the limited supply is rezoning single family home areas of Vancouver, increasing height limits, more rentals and affordable housing. The solutions are there; it's just that nobody wants to implement them.

[s211]

Originally Posted by s211

One of the very few. I don't expect you'll see project proformas being made public, though. That's highly confidential, for obvious competitive reasons.

Although I should add that the developers of Trump disclosed a high-level proforma in their investment prospectus, which was available on the interweb at one point.

[Jebby]

Originally Posted by retro_orange

...no comment. (Mexico benefits from restricted zones where foreigners cannot own outright; you must set up a trust in order to purchase)

That prohibition will likely be repealed soon. It was always an idiotic and immoral restriction.

Then again, no one really owns their property in Mexico. The Mexican Constitution does not guarantee a right to private property, in fact, it says that all property is owned by the state and that the state allows citizens to use that property.

This is one of the reasons Mexico is a shithole compared to the rest of North America. The current constitution is one of the most socialist constitutions (yes, I know it's been reformed many times to make it less socialist) and has never guaranteed individual rights, especially property rights, to the extent that the US Constitution or legal precedent has in Canada and other western states.

[Spr0ckets]

Originally Posted by Jebby

That prohibition will likely be repealed soon. It was always an idiotic and immoral restriction.

Then again, no one really owns their property in Mexico. The Mexican Constitution does not guarantee a right to private property, in fact, it says that all property is owned by the state and that the state allows citizens to use that property.

This is one of the reasons Mexico is a shithole compared to the rest of North America. The current constitution is one of the most socialist constitutions (yes, I know it's been reformed many times to make it less socialist) and has never guaranteed individual rights, especially property rights, to the extent that the US Constitution or legal precedent has in Canada and other western states.

I am curious.
What do you have against some (limited) form of restrictions on foreign ownership or landlord absenteeism on local real estate and property - especially by people who don't even live in the city and essentially just use the real estate market here as some form of piggy bank to stash their money?

I realize this is not the most pleasant or easiest topic of discussion, given the cultural implications - but its one that sooner or later must be had on some level when you consider what's happening to real estate and the housing market here.

Whether or not morality has anything to do with it ( I don't believe it does), as a matter of practicality when you have a situation where local people - born and raised -here are being forced to move out or relocate to more affordable cities, and who talk of how it's impossible to raise a family here much less own a home, while on the other side of the coin you have housing prices being driven up to unrealistic (and unsustainable) levels by people who largely don't even live in the properties they buy, you'll eventually end up with a rather unpleasant outcome.

I don't know what the solution is, but the most likely one that may happen in the end ( a housing market crash) is one that no one wants but one which the locals living here (or who are left living here) are going to have to deal with while a lot of these absentee landlords don't have to bear the heaviest brunt having made their "winnings" and moved on.

I'm not saying that that sort of restriction on foreign ownership or even a tax on absenteeism is the solution, but I just wonder whether the luxury to rule out any possible solutions at all even exists.

[Klazu]

I am confused. This massive project was only recently introduced and now they are already almost ready to start selling? What are they selling? Which tower or towers? Things are happening too fast.

[BobLoblawsLawBlog]

Pretty sure they are starting with the smaller ones on the SW part. Usually developers start off with the "easier" to build phases first.

[mgbcca]

Phase 1A is hillside west and 1B is hillside east.

[cornholio]

Originally Posted by Jebby

That prohibition will likely be repealed soon. It was always an idiotic and immoral restriction.

Then again, no one really owns their property in Mexico. The Mexican Constitution does not guarantee a right to private property, in fact, it says that all property is owned by the state and that the state allows citizens to use that property.

This is one of the reasons Mexico is a shithole compared to the rest of North America. The current constitution is one of the most socialist constitutions (yes, I know it's been reformed many times to make it less socialist) and has never guaranteed individual rights, especially property rights, to the extent that the US Constitution or legal precedent has in Canada and other western states.

I have friends in Mexico and traveled all through out (Vajarta, Guadalajara, Morelia, Mexico City, Puebla, Oaxaca, Puerto Escondido, Orizaba, Merida, Cancun, Palenque, etc.) mostly half a decade were the big travels. Spent enough time there. The reason Mexico has problems (and it is growing) is very simple. a) inequality b) culture of corruption and disorganization. b is partially because of a, lots of people don't really care because they don't think the system is fair and their right in Mexicos case.

Originally Posted by BobLoblawsLawBlog

Pretty sure they are starting with the smaller ones on the SW part. Usually developers start off with the "easier" to build phases first.

Their going with the biggest towers on I assume the easiest land to develop. On Lougheed highway. The southern towers should be last and they will be built on a silty flood plane. That area every once in a while floods. In any case their website has the phasing and by the sound of others it is confirmed that the first phase is the north western corner on Lougheed.

[urbancanadian]

Originally Posted by Klazu

I am confused. This massive project was only recently introduced and now they are already almost ready to start selling? What are they selling? Which tower or towers? Things are happening too fast.

It's been in planning for a couple years. That being said, since releasing the info for the first phase things have been moving fast. I think they've only had the "preview" for the first phase (or just the first tower?) so far and that was very successful.

They filed their rezoning application for Phase 1b just this week. No info on the number of floors/units/etc. so I didn't bother posting it.

[WarrenC12]

Originally Posted by cornholio

I have friends in Mexico and traveled all through out (Vajarta, Guadalajara, Morelia, Mexico City, Puebla, Oaxaca, Puerto Escondido, Orizaba, Merida, Cancun, Palenque, etc.) mostly half a decade were the big travels. Spent enough time there. The reason Mexico has problems (and it is growing) is very simple. a) inequality b) culture of corruption and disorganization. b is partially because of a, lots of people don't really care because they don't think the system is fair and their right in Mexicos case.

I reviewed some interesting stats on the link between violence/crime & wealth inequality. The study was trying to answer some questions on gun control. There seemed to be a very strong correlation between societal inequality and gun crime. Which makes sense when you look at places like Brazil, which has low gun ownership.

The US of course doesn't want to admit it has a problem with either guns or inequality. This study seemed to suggest that helping inequality would help with gun violence, but most Americans either don't think inequality is a problem, or worse, don't think Americans has any inequality problems.

....back on topic. Big rushed condo complexes like this usually end up being the poster child for the RE bubble popping. See: Miami every decade or so.

[trek604]

Originally Posted by urbancanadian

They filed their rezoning application for Phase 1b just this week. No info on the number of floors/units/etc. so I didn't bother posting it.

Work filed for a development permit in Burnaby in April. City said the backlog is about 1 year...

I wonder if residential developments are the same.

[GilmoreStation]

Found this posted by some realtor link

DON'T MISS OUT ON THIS VERY FIRST PHASE


Hi

Feel free to forward this email to any friends or family who can benefit from this offer.

We have been waiting for this project since starting of this year. This is the very first phase of the 10 towers Concord Pacific is putting up. Due to the high demand, I am certain this will sell out by end of next week. Every tower there after sells for at least $30 per sqft more.

If you have money sitting in GIC's or savings, this is the time to take this money out and invest into this project. With Downtown Vancouver selling at $1400 per sqft, this is going to be a great investment, specially because its the very first phase. Price in Brentwood will reach $1200 in couple of years, this is the time to invest here.

Situated on a 26 acres site with 13 acres designated as a district park, Concord Brentwood will become Burnaby's largest park side master-planned community conveniently located at the revitalized Brentwood Town Center neighborhood.

Live, work, study, shop and play in this stunning pedestrian-orientated and transit focused community are the themes of this distinct neighborhood.

We have some Exciting News to announce!

As our VIP registrant, we want to make sure you are among the first to preview The Concord Brentwood Community and the First Tower - Hillside West prior to the grand opening.

We have set up a sneak preview on May 31st at 5:00pm & June 1st at 4:30 pm by appointment only at Concord Pacific's Surrey Presentation Center located at #108 9908 King George Blvd, Surrey, BC

At the meeting, you will have an exclusive opportunity to preview the floor plans and complete the SUITE REQUEST FORM.

Please prepare
- Valid Photo ID (driver licence / passport) for the purchaser(s) and / or family member if they will be written in the contract
- Bank Draft of $5,000 payable to "McCarthy Tetrault LLP In Trust"
Only suite request form with bank draft will be handled in proper sequence.
Please note that each suite request form will be eligible to purchase one unit only.
Customers who intend to purchase multiply units are required to provide separate bank drafts.

Deposit structure as follows:
10% upon acceptance of purchase and sales agreement
5% on or before May 5, 2017
5% on or before September 5, 2017
5% on or before May 5, 2018


Click Below to preview
Floor Plans
Info Package

Register Now
Who do you know who can benefit from this offer. Please feel free to forward this email to them.

Sincerely,
Ravi Bhindi
Sutton West Coast Realty

***Not intended to solicit any buyers already in a contract with any brokerage.

[Klazu]

That guy sounds like a snake oil salesman, which they these days pretty much are.

[GilmoreStation]

He's talking as if it's a sure bet

Just watch when interest rates and Canadian dollar start creeping back up

[Pinion]

Originally Posted by GilmoreStation

He's talking as if it's a sure bet

Just watch when interest rates and Canadian dollar start creeping back up

This has no effect on North Burnaby.

[Sheba]

The sales center at Sears Metrotown should be open soon. I happened to be walking by when one of the workmen walked out, so I asked him and he figured in about two weeks. That sounds reasonable as the exterior is done and most of the interiors look to be done too - it's mostly about finishing details now.

[VarBreStr18]

Appeal to greed and fear at the same time always works

[Caliplanner1]

Originally Posted by Jebby

That prohibition will likely be repealed soon. It was always an idiotic and immoral restriction.

Then again, no one really owns their property in Mexico. The Mexican Constitution does not guarantee a right to private property, in fact, it says that all property is owned by the state and that the state allows citizens to use that property.

This is one of the reasons Mexico is a shithole compared to the rest of North America. The current constitution is one of the most socialist constitutions (yes, I know it's been reformed many times to make it less socialist) and has never guaranteed individual rights, especially property rights, to the extent that the US Constitution or legal precedent has in Canada and other western states.

Jebby stop talking socialism here for pete's sake....because you are either too young and/or ignorant of the deeper/interconnected historical issues around capitalism and socialism! Just stick to physical urban development topics (like infills) please!