North Shore PreSales // Q1 Outlook
2017 proved to be an exciting year for presales across the North Shore. Beyond experiencing a number of succesful project launches, we also received substantial insights from both the City and District of North Vancouver for the exciting futures of newly masterplanned communities.
The most active presale area of 2017 was the newly rezoned area of Moodyville, which saw Kindred Moodyville, Green on Queensbury, Evolv, Evolv 35, The Morrison, and Synergy all come to market throughout the calendar year. While some of these projects have limited inventory remaining, all were received strongly by the market. We expect presale projects in this area to continue, with a handful of townhome developments released through 2018 and 2019.
In Q1 of 2018, we're anticipating some great presale opportunities to come to market. That said, both the District of North Vancouver and City of North Vancouver have experienced delays in issuing development permits, so keep in mind these projects could be pushed into Q2.
Marine + Fell (Anthem Developments) is in its final stages of construction. Unlike many developers, Anthem typically builds out their product first and sells at completion, allowing home buyers to move into their new product right away. Located at the corner of, appropriately, Marine Drive and Fell Avenue, the 5-level (concrete commercial podium/4-level wood frame residential) construction will offer 92 residential units, a mix of 1, 2, and 3-bedroom homes. Anthem is a reputable builder, and we certainly expect the 1 and 2-bedroom homes here to sell quickly, with the larger 3-bedroom homes experiencing a slower absorption rate. Convenient access to Lower Lonsdale and Downtown as the bus stops right outside the front door, and located steps to shopping, Capilano Mall, and the Spirit Trail connecting the North Shore via walking/bike path.
Park West at Lions Gate Village (Pacific Gate Developments) has been highly anticipated but fallen victim to delays at the District of North Vancouver. The development will be the first presale to come to market in the newly masterplanned community of Lions Gate Village, which should see strong redevelopment over the coming decade including townhomes, duplexes, condo towers, and rental buildings. Park West at Lions Gate itself will be offering 258 new residences in two concrete towers (23 & 19 stories); featuring luxurious living including spa like amenities, with quick access to Park Royal Mall, hiking trails, and access to downtown Vancouver via Lions Gate Bridge Higher levels will also feature exceptional panoramic views including ocean, mountains, and downtown Vancouver.
The Trails on Lower Lonsdale (Wall Financial Corporation) represents the largest transition of the recently masterplanned Moodyville neighbourhood, with 8.5 acres being redeveloped into townhome, rowhomes, and half-duplexes; a total of more than 300 homes! Bordering North Vancouver's Spirit Trail with walking/biking access to Lower Lonsdale, the neighbourhood promises to offer great options for young and old families alike, with "living greenways", play-friendly streets, and green spaces for community use. We're hoping and excited to see the first release of homes by March!
Seymour Village Phase 3 - Release 2 (Takaya Developments & Aquilini Group) quickly moved its initial release of 27 homes at Seymour Village Phase 3 late in 2017, with prices ranging from $999,900-$1,299,900 (approx. $600/sqft average). The next release will be offering 18 homes, and we expect prices to be slightly higher as often the first release represents the best value. These townhomes represent the best value in North Vancouver (albeit on 99-year prepaid leasehold land), featuring 3/4-bedroom plans, double garages with oversized driveways, and large private backyards with a 200-600sqft green spaces.
Jumar Squamish (Wave Developments) is an exciting new development in downtown Squamish, with sales anticipated for March 2017. This mixed use development will act as a gateway to downtown Squamish, offering 104 one, two, and three bedroom condos including a selection of townhomes, 18,000 sqft of commercial/retail space, and entrance to the Squamish Elementary School. Squamish continues to be a hotbed for investment and end-use, as first time homebuyers seek out better value and the drive from Squamish is more attractive than Maple Ridge, Port Moody, Surrey, and the like. We've gotten our hands on some early architectural drawings for this project and it looks exciting - reach out if interested!
Presales don't look to slow down in Q2, as we anticipate Cedar Reach at Maplewood, Belleville Estates, Seylynn Village - Apex, and Eight on Third to come to market, presenting more exciting opportunities to get into the North Vancouver market.
If you're serious about purchasing in one of these new developments, please let us know now so we can keep you up-to-date and secure front of the line access. The value inventory will be quick to go! Contact Matt, or the team via the form below.
Matt Council
Pre-Sales Specialist
matt@rossettiteam.com
604.317.4464
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