1396 100th AVE., UNIT 3511, SURREY, B.C.
SELLING PRICE $219,800
MAINTENANCE FEE $160
SIZE OF UNIT 446 square feet
LISTING AGENT Ian Watt, Sutton Group West Coast
The Action: The developer was offering to pay two years rent or 2 per cent of the purchase price over two years as part of the deal, says listing agent Ian Watt. Instead, he negotiated a slightly lower purchase price for his client. They looked at several units in suburban areas before settling on the Surrey tower, which he considered the best deal. His buyer paid 5 per cent GST on top of the price because it's a new building. "What can you get for $230,000?" he says. "In Burnaby, you can't get a place for that, not even an old one."
What They Got: The buyer purchased one of the smallest one-bedroom suites in the new Surrey development called Park Avenue West, set to complete in 2016. It's in Surrey City Centre, close to Simon Fraser University, Central City Mall, a library and SkyTrain. Presales for the two-tower, 46-storey project are almost sold out. More than half the units are priced under $250,000, so developer Concord Pacific is marketing to buyers looking for something affordable. The building includes a fitness centre, pool, rooftop terrace, putting green, tennis court, yoga studio and concierge.
The Agent's Take: Small, affordable units are hot commodities in today's near-zero vacancy rate rental market, says Mr. Watt. Many buyers are purchasing the units with the intention to rent them out. Although a lot of young renters are paying a premium to live downtown, he says "Surrey will be one of the biggest markets in Canada one day."