The Beasley is slashing prices at 399 Smithe Vancouver BC
It's all over the news the latest presale condo developement in Yaletown "The Beasley" http://www.thebeasley.com/ located at 399 Smithe Vancouver is slashing prices from $100,000 to $250,000. They are offering the same deal, to existing purchaser, who contracted to buy at much higher prices,two years ago.
Some clause in the contract give the developer the right to reduce prices and still keeps the purchaser bound to the existing contract. So there is no way out, for you as the existing purchaser. http://www.cbc.ca/canada/british-columbia/story/2009/03/17/bc-condo-amacon.html
Watching the news broadcast about the sale last night had purchasers saying they feel like they won the lottery, because the price they have to pay for their condo has gone down by $100,000 to $250,000, to what is today market value..But what will market value be in 2 years when the building is finished. That is the question, and my crystal ball is a little hazy right now..
From the outside looking in, it does seem enticing doesn't it!!! I have a client interested in having a look, so I will go down to the sales centre and see what they have to offer. But I will be encouraging my buyer to buy already built product. There is no GST to pay I feel I can find her a better condo in the downtown Vancouver core. The Beasley has been on sale for over two years. The best suites have been cherry picked already. I know most of the one bedrooms are sold, but they had trouble moving the two bedrooms. At one point they were offer a huge bonus to realtors to move some of the two bedrooms.
Just my opinion. If you have an opinion about this or a question please email me at kathystilwell@telus.net
have a great day.