Real Estate

First Brentwood Tower’s 247 units sells out in under 5 hours, buyers camp out for 3 days (PHOTOS)

By Sarah Kucharski | 9:30 am PST, Fri June 27, 2014 | Speak Up

Within hours of going on sale Saturday, June 21 the first tower at Brentwood Mall sold out all 247 of its units.

Marketed by the “condo king” Bob Rennie, so much interest had been garnered by the tower that advertisements for the sale were pulled two weeks prior to the sale date.

The demand was large enough that camping out for a spot in one of the tower suites began on Wednesday. Eventually, a large enough queue had formed to prompt doors to open an hour early at 11 a.m. on Saturday morning.

By 3:30 p.m. all suites — ranging from $299,000 to $949,000 — had been snapped up. 

The mega sell-out is encouraging for development company Shape Properties as the 53-storey tower is only the first in a line of 10 planned to be built over the next 20 years as part of the 28-acre Brentwood mall redevelopment. New retail space for the existing shopping centre will also be built down the line.

Special VIP cards were issued to those who missed out on a suite in the first tower, allowing access for first dibs on units in the proposed second tower. Currently, the second tower is undergoing Burnaby City Hall’s rezoning process and, if approved, will go on sale in the fall.

 

Featured Image: Shape Properties

Speak Up

  • gg

    the mall sucks

  • Zack Smith

    To live there or to flip?

  • Samcopy

    It should be 288 units sold and the tower has a total of 63 floors

  • jp

    I wonder how the city plans to handle the massive increase in density in that area. not much room for road expansions and pay parking will probably take over the entire area

  • ss

    I went there after work that day and there was some odd contest going on to actually purchase the units. I thought it kind of cheapened the brand a little, but hey – it’s apparently did the job. I agree with the ^ comment. Sadly, I think most of these units will be flipped or vacant.

  • Rob

    Flip may not work in this market. Flipping pre-sales was good idea 10 years ago. When things cooled in 2007/2008 the value of the finished product in some cases was lower than the buyer paid before construction. So sad :'( – This means no flip and some people could not get a mortgage on the property because they were buying it for more than the appraised value. Considering it takes 2-3-4 years to build one of these things, nobody knows what it will be worth when its done.

  • Benjamin Gauci

    Nice yard… I don’t get what the hypes about. Looks like my dogs ass.

  • Cindy

    hopefully this wonderful redevelopment will encourage the mall to expand and add more options. The mall is rather small.

  • Cindy

    who cares, its a free country. People are free to invest as they wish.

  • Cindy

    Perhaps not but the value is SURE to increase in 5-10 years time. Brentwood will be a huge community of urban living.

  • Zack Smith

    Oh I fully support people’s right to speculate in property; I am just curious to know what is motivating these buyers. Given the long lines I imagine that these units were priced below the market price, like an IPO that pops on the first day of trading. The buyers will probably try to unload them ASAP.

  • hh

    as opposed to a non-sucky mall…..which would be…..where, exactly?

  • Heisenberg

    risky gamble especially with interest rates – these people will either make a few bucks or lose big especially in the condo market and the supply and demand or condos. This is the first of ten in that area.

  • http://www.freedomthirtyfiveblog.com/ Liquid_Independence

    Looks like Vancouver’s real estate market is not correcting any time soon. Maybe local and provincial governments can talk about legislating a higher property transfer tax for when a person who already owns a Vancouver property tries to buy another one. This can limit unnecessary speculation, help fund government services, and give the residents living in the city a more equal opportunity to be a homeowner :)

  • Zack Smith

    Buying an asset class during record highs? What could possibly go wrong?

  • Adrian

    They’re pretty much depending on SkyTrain to handle the increase in density. When the Evergreen Line is finished, The Millennium Line will no longer be side-lining the Expo Line, so higher train frequencies will be possible on the Millennium Line.

  • l

    so if u have money u can camp out but if u are homeless, u cant..makes a lot of sense to me.

  • dawg

    lol everyone there Asian

  • Gene Annotation

    Zip it Zack

  • NacpanBeachBum

    Condos are build to flip like any other commodity. Those biodegradable, stapled together wood boxes only last 15 years without major upgrades. Condo high rises with these cheap glass fronts last maybe 18 years without major upgrades/repairs to the infrastructure, leaky window panes, water piping etc etc etc, not to mention future leaks and mold issues.

    Unless people pay cash upfront in a “reasonable” market and flip them, they will never pay them off if they get stuck in them, with payments, fees, taxes and assessments for “upgrades”…..try getting out or flipping them in the next real correction…no, this housing market is not any different from any other market. Reminds me of the “Tech Bubble Crash” in 2000. Everything goes back to the “mean”.

  • Anonmoose604

    Not sure if funny, or extremely sad. Goes to show that white people are now the minority.

  • Anonmoose604

    These are brand new high-rise condos in a great location. Doesn’t mean people will be lining up to buy 30 year old water-damaged low-rises, or 100 year old foundation-failing standalone homes. No one even wants to buy condos in 30 year old buildings because they drastically lack in terms of curve appeal and amenities.

  • Anonmoose604

    The difference between welcome guest and trespasser. Private property, you can do whatever you want when it’s yours.

  • Anonmoose604

    Let’s see how well they can sell the next 9 towers. By the time we get to tower 10, I think people will be kicking themselves in the face.

  • Anonmoose604

    High-rise condos are much better at retaining value than low-rise or townhomes. Water damage from burst pipes is covered by insurance. Replacing a couple windows, pipes, or cabinets is nothing, because 99.99% of the value is in the property/land. When a developer steps in and does a revamp of the entire community on this scale, around a major transit hub like the skytrain, the price of property will only keep going up — regardless of any repairs and maintenance. And Brentwood is pretty close to Vancouver, so it will always be a piece of property in a region with limited space.

  • lel

    are you a realtor

  • NacpanBeachBum

    Tell this to the people with the $65,000/unit assessment in the Wall Centre for bad windows or all the other buildings from the late 90s re LEAKING pipes, not burst. Replacements of the piping system is 3 to 4 mil A BUILDING. I rented several condos in this dead Yaletown (LOL), they all had major multi-mil repairs coming up….you must be a condo sales person LOL LOL.

    The market knows nothing yet. Ever heard of acid rain on window walls….no, I did not think so. Will make the leaky condo issue pale in comparison. Happy condo er investing.

  • Alan

    What a completely inaccurate comment. Cut out this crap.

  • Ryan McLaughlin

    I don’t think the public’s anxiety over condos is disconnected from their anxiety over foreigners. I think it is the same anxiety. This explains why people are so disproportionately vitriolic over development – it’s really a xenophobic fear about Asians or something.

  • Georgia

    Whats wrong with a white minority?

  • ron w

    I guess I am a little puzzled why anyone wants to live in a condo at Brentwood so bad that they would camp out.

  • ryan

    what a horrible place to live.

  • James Williams

    If you are Korean, how would you feel about Koreans becoming a minority in Korea?

    You wouldn’t have to worry, because Koreans are too smart to allow it. They do not allow immigrants.

  • James Williams

    Not so sure of that. See the warnings on condo developments in Toronto by civil engineering professors at UofT, who say that they might only last 20 years before they need massive structural repairs.

  • James Williams

    Nothing is certain save death and taxes.

    People in Florida thought their condos were SURE to increase. Limited land, lots of immigrants.

    Poof.

  • Brackzirra

    James Williams: How do you think the Aboriginals felt when they became the minority? At least the recent immigrants didn’t have to resort to genocide. Canada is built by immigrants. Get your head out of your ass, bigot.

  • john

    just like the olympic village. Here an article from october 2007. We all know what happen after:

    http://www.canada.com/vancouvercourier/news/story.html?id=574e3848-675a-4101-8107-11254fba2428