Cancelled Presales Vancouver Condos - Cancellations of Elyse, Sophia, Riverbend and Montgomery Estates... Homer & Helmcken and Richmond Garden City
What's Happened to the Elyse Condos, Presales Sophia Condominiums, Montgomery Estates Townhomes in Oakridge and Coquitlam's Riverbend Projects? Should Homebuyers Be Worried?
With so much focus these days on ‘fast cash’ and ‘easy profits’ in real estate investments, the presales condo market in Vancouver has hit some road bumps. Starting with last year, when the Coquitlam Riverbend project was cancelled by the developer who couldn’t see a profit return to The Eden Group of Companies who decided to yank the Elyse Condos in Vancouver pre-construction market. The Vancouver Elyse condominium presales were suppose to be completed with a couple years within the first home buyer’s purchases, but by last fall, the Eden Group of Companies real estate development firm had announced the bad news that the pre-construction condo building was not going to go through. Although the initial home buyers get their initial deposits back, think of what the money could have been used for during the two or more years it was held in trust for the development of their new home in Vancouver? Possibly, a downpayment towards another residence apartment, or RSPs, a car or other expenses. Maybe.
Neither the Montgomery Estates townhomes nor the Elyse Condos in Vancouver were started in terms of construction when the Eden Group of Companies cancelled these property projects. However, most of the units at both Vancouver’s Elyse Condominiums and the presales Montgomery Estates were already sold by pre-construction homebuyers, most of whom were buying as a primary residence. Last in line of the cancelled pre-sales Vancouver condos comes another Eden Group of Companies real estate developer cancellation.
This time it is the Sophia Condos which have been sold out in pre-sales very early on, and have already been in construction for over a year. The Vancouver Sophia townhomes and condo project is on hold now, even with eight five per cent of the building structure already completed. Right now, the presales Sophia Vancouver condos and townhomes by the Eden Group of Companies is in a holding pattern at 11th Ave and Mount Pleasant, as it is in the hands of the Bowra Group acting as the receiver for this project.
Sophia Condos – Bottom of the Barrel Prices… Buy Now!
Located at 298 East 11th Street, the East Vancouver Sophia condos in receivership are going through their final release of condominiums sales. This is the time to buy. A peace of mind to buy and a peace of mind to move with the added incentives for any presale condo purchaser at the East Vancouver Sophia apartments. Priced from just $337,000, here are some of the added specials: FREE strata fees for 1 year (up to $2000 as a credit), FREE property transfer tax (up to $5000 as a credit) and FREE decorating allowance (of $7700 as a Credit). In addition, the home buyers at the pre-sale Sophia East Vancouver condos will get FREE moving costs (up to $1000 as a credit) and FREE legal fees (up to $1000 as a credit). The Sophia Condo presentation centre is open Saturday and Sunday from one to four, so contact Marjan at 604.617.7870 or Douglas at 604.816.1820 of the Coldwell Banker City Centre Realty. These receivership condo sales at the East Vancouver Sophia condos are being handled by The Bowra Group.
The Eden Group of Companies ... in hot water
The Eden Group cites that they have lost an average of $300,000 per month during construction of the Sophia Condos in Vancouver because of the Vancouver strike, increase in tradespeople costs/labour, material costs etc. In any case, the whole pre-sales Vancouver condo real estate market is in much of a lull these days because of these stories with Coquitlam’s Riverbend homes, and Vancouver Eden Group’s Elyse, Montgomery Estates and now Sophia. There is now 21 days for Bowra to submit their recommendations and a plan to either finish the Sophia Condos (not by the Eden Group of Companies) or the cancel it outright and how to pay back the deposits of the original presales homebuyers. As many have indicated, purchasing Vancouver presales condos (sometimes known as purchasing pre-construction condominiums) is now a risky business. With a real estate bubble expected to happen between now and the 2010 Olympic Games, Vancouverites are well aware of these problems with presales such as the Montgomery Estate townhomes, Sophia and Elyse condos by the Eden Group of Companies. In addition, many pre-construction condos are now way overpriced as developers seek to get a financial edge on would-be flippers. The Eden Group of Companies has a dark cloud over it with all these recent condo cancellations, and the next time a real estate investor or homebuyer sees the name, it will say back, “Buyer Beware.”
Sophia Condos Receivership Sale
Coming Soon to South Main real estate in Vancouver are the condominium homes at Sophia that have gone through receivership and will be back on the market very soon. The Agency Real Estate Marketing and The Bowra Group have relaunched the advertising for this condo residence. With October occupancy coming, the receivership sales at the Vancouver Sophia condo residences will provide the 2/5/10 National Home Warrany in addition to concrete homes in the affluent south main district of Vancouver. In addition, the pre-construction Sophia condo receivership sales will provide offerings that have nine foot ceilings, stainless steel appliances with gas ranges, outstanding value, court order receivership condo sales and panoramic views. For more information, please priority register for this receivership launch for Sophia Condos in Vancouver today at sophialiving.com or call 604.453.6600.
Chandler Development Group Had Problems Too with H+H Homer and Helmcken Condos and the Richmond Garden City Condominium Townhomes
The Province newspaper actually also recently mentioned that two real estate presales and pre-construction developments by the Chandler Group were also placed under receivership last year. This included the much advertised H+H condo building, a boutique low-rise building in Homer and Helmcken in Yaletown downtown Vancouver in addition to the recently started Garden City residences in Richmond by Cook and Katsura Homes Inc. According to the Bowra Group, most of the condominium units at both H+H and Garden City were presold during the pre-construction phase. After receivership, the majority of home buyers did not have to pay extra and did not lose any money from their presales purchase at H+H cancellation and the cancelled Garden City Richmond project. However, according to the Bowra Group, that cannot be said for the 20 or so units sold through 'inside' buyers such as the developer's friends and family, who may have lost out during this cancellation. The Riverbend Coquitlam project started it all, followed by the 3 Eden presales condos which have all been shelved.
What’s quite interesting is that all the cancelled Elyse Condos problem project, Sophia pre-sales cancellation and Montgomery Estate townhome cancellation have their sales and marketing web sites still online. If you would like to learn more about the Elyse Eden Group cancelled condos, which are a collection of 119 exquisitely designed concrete residences that you will never move into, you can visit www.elyseliving.com. On another hand, if you are looking for a bargain presales with sophisticated uptown living, the cancelled Sophia condominium project by Eden Group is located here www.sophialiving.com. Lastly, the Montgomery Oakridge Estates air and dirt is no longer online.
Riverbend Affordable Coquitlam Homes in Receivership
Please note that the Riverbend Coquitlam project is now in the hands of receivership as the builders have gone bankrupt. From their original marketing. But now for the best selection and customize your new home! Affordable homes for today’s active Coquitlam family are being offered from $299,900 including net GST at the Riverbend Coquitlam housing project. There are four plans to choose from ranging in size from 2026 to 2291 square feet in size for single family Riverbend homes in Coquitlam real estate market. The warranty is provided by Willis Canada’s 2/10/10 year protection. Phase 2 is now selling fast in this master planned Coquitlam Riverbend community of one hundred and twenty eight single family homes set along the picturesque Coquitlam River. Show suite is open daily 12 to 5 except for Fridays or you can read more about the new Riverbend Coquitlam housing project online at www.marionlochhead.com.
Good News for Canadian Investors: Vantage Phoenix Pre-Construction Condominiums
Now selling, Vantage condo homes in Phoenix is a resort-style condominium community in the Ahwatukee Foothills of Phoenix. With only 13 units per acre, features include rustic wine nooks with stone detail, solid maple cabinetry, elegant fireplaces, and oversized master suites with walk-in closets, double sink vanity, sunken bathtubs, and marble shower surround. The pre-sales Phoenix Vantage condos and homes feature 127 two and three bedroom residences ranging from 1,170 to 2,198 square feet and are preconstruction Phoenix condo prices at Vantage from the high $200,000s only! For more details about the Phoenix presales at Vantage condos, visit www.weststonegroup.com. Others include the Phoenix W Hotel condo residences, some of which are still available for sale.
More Bad News Surrounding Presales Condo Homebuyers - by Peter Kinch
NEWS1130 Business Report Sunday March 2 - GREATER VANCOUVER PRE-SALE CONDOS
If you've purchased a pre-sale condo during the past few years with the intention of flipping it before moving in, you may be in for a surprise. One issue surrounding pre-sale condos that we've seen with increasing frequency lately involves real estate speculators. Over the past 5 years the opportunity to buy a pre-sale condo with the intention of flipping the unit before actually taking ownership has been virtually a 'sure thing' - in almost every instance there have been willing buyers and almost always at a higher price.
The problem we're seeing today is that a large number of purchases were made within the past 2 years by speculators who had no intention of closing on the property. What happens, when the prices plateau and the demand drops a bit, like we've seen in some markets lately - is that these 'investors' have trouble flipping the paper. As such, they have to actually close on the property and in some cases - they can't qualify for the mortgage. To add to the problem, you may have bought in a building where 40-50% of the other purchasers are in the same boat. When this happens the market gets flooded with a lot of rentals - oversupply means lower rents, which makes it even harder to make the mortgage payment.
My advice to would-be real estate presales investors - Don't assume that what worked 2 years ago will work for you today. Tune into News1130 this Sunday, every 4 hours starting at 5:26am for the Sunday Business Report with Russell Byth and Peter Kinch, for the latest Mortgage News.
Peter Kinch is the author of "The Mortgage Minute™", heard daily on NEWS 1130 at 5:36pm on the drive and is a regular featured guest on the Friday Morning Business Report with Russell Byth, and on City-TV's Realty Television. Visit Peter and his TEAM at www.peterkinch.com
PETERKINCH | CANADIAN MORTGAGE TEAM
204-2502 ST JOHNS STREET, PORT MOODY, BC V3H 2B4
P: 604-939-8326 | F: 604-939-8306 | TF: 1-866-988-8326
Vancouver Condos Receivership Sales at Yaletown Homer + Helmcken
Homer and Helmcken Condominium receivership sales have begun! For Sale Now! Homer & Helmcken Yaletown new condo suites are available by appointment only, so please call 604.408.0008 or visit 638 Nicola Street, Vancouver Sales Centre for more details about how you can own a receivership best valued pre-sales condo at Homer & Helmcken in the luxurious Yaletown district. One bedroom suites start from $387,900, two bedrooms from $513,900 and townhomes from $772,000. All prices quoted here for the Yaletown Homer & Helmcken condo presales do not include GST. There have been 3 one bedroom sold since April 21, one penthouse since April 22 and others too. Homer + Helmcken is back and you can get a great receivership condo Vancouver deal now in Yaletown! H&H Vancouver Receivership condos in downtown are now back and available for purchase at affordable prices, so why not snatch up your second chance to own a new condominium residence in teh heart of the city? The Homer & Helmcken receivership sales begin now and you can own a Yaletown residence for a decent price in this awesome opportunity.
Vancouver Receivership Liquidation Condo Sale at Homer & Helmcken
Right now, you can purchase a new downtown Vancouver condo at liquidation condo auction pricing through the receivership condominium sales at Homer & Helmcken real estate development at Yaletown. Saturday and Sunday, February 7 and 8th from 1 to 5pm is when the liquidation Vancouver condo auction event for H&H will be happening. The Homer and Helmcken Yaletown condos are price to sell with one bedroom suites from $295,500 and two bedroom units from $374,000. The pre-sale receivership Vancouver Homer and Helmcken condo auction also includes three bedroom suites from $445,000. All prices for the Homer & Helmcken receivership condo sales include GST and mortgage broker will be on site. Up to 40% off original pre-construction Yaletown condo pricing! View January 24, 25 and 31 as well as February 1st from 1 to 5pm. The auction liquidation Homer and Helmcken Yaletown receivership sales event will be held on site at 1133 Homer Street, Vancouver, BC For more information about this Vancouver receivership condo sales event, please visit www.bowragroup.com/hhyaletown.
Receivership Sale at Richmond Garden City Residences on the Park are for sale nowCall 604.279.9881 or call for an appointment. The receivership condos at Garden City Richmond condominium suites are set for completion this September/October 2008. The one bedrooms at Garden City Richmond receivership condo sales start from just $299,900 and 2 bedrooms from $349,900 (with den start from $379,900). The luxurious townhomes at the Richmond Garden City receivership real estate development will start from $539,900 with the Garden City Richmond penthouse condos starting from just $549,900. All prices are exclusive of GST of course as it is a presales receivership Richmond real estate opportunity. The fire sale includes: property tax credit, net GST credit, starta fee credit and legal fee credit. If you would like more information, please visit www.gardencityliving.com or www.concretecondos.com. The receivership condo sales in Richmond’s Garden City residences on the park are managed by the Bowra Group. The grand opening is Saturday, May 10th at 12 noon at 9188 Cook Road, in Richmond BC. Richmond condo receivership availabilities will depend on how quickly you visit the Garden City on the Park condominium presentation centre. These are one of very few Richmond receivership condo purchase opportunities and they will not last long!
Update on Richmond Garden City Townhouse Receivership Sales
Right now you can get basement bargain prices on pre-sales Richmond townhouses at Garden City town homes with over 50 receivership units sold already! The sales centre is open Saturday, Sunday and holidays from 1pm to 4pm at the corner of Cook Road and Katsura Street. The final release of Richmond receivership towhomes for sale at Garden City townhouses is going on now so call 604.816.1820 as completion for these presales residences are for August to November 2008 depending on the tower unit. For a limited time only, fire sale prices for these receivership Garden City Richmond townhomes will include the property tax credit, net GST credit, strata fee credit and legal fee credit. By the Bowra Group, the Richmond Garden City townhomes for receivership sale include Towhouses 1 an 5 at $509,000, Townhome 7 at $499,000, pre-sale Richmond Town Homes 8 , 9 and 10 at $479,000 and Townhouse pre-construction pricing 12 at $509,000. Also, the condo residences at the receivership Richmond Garden City condominiums include 1606 Tower A at $417,900, 1706 Tower A at $422,900, 301 Tower B at $449,000 and finally 1706 Tower B at $419,900. The Richmond condo receivership sale at the Garden City tower residences are not going to last long, so visit the presentation centre to purchase your basement bargain presale homes here.