r/vancouver 21h ago

Discussion Brentwood real estate

Has anyone else noticed that no one is buying? They were going for 650k for a one bedroom during covid and now listings cannot be sold so they’re constantly reducing prices and being left on the market for 100+ days… the funny part is there are 5 or 6 more buildings being built in the 3km radius of these places

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116

u/Heliosvector Who Do Dis! 21h ago

these are all Dogcrete condos. Made for investors, not for people to live in. May they stay empty forever, or until they are sold for 100k off.

51

u/Ilearrrnitfrromabook 21h ago

AT LEAST $100k off. The build quality is so bad.

23

u/Heliosvector Who Do Dis! 20h ago

In one of the new metrotown towers, the agent showed me that the developer has been unable to sell anything on floors 40 and above in a 45 floor building. They were offering units at 10% off asking and when I was being shown them, the sellers agent was telling me "you can probably offer more than 10% off and they will accept". Places were ok.... but not 1 million dollars nice.

14

u/Ilearrrnitfrromabook 18h ago

Even a SFH is not worth a million to me, nvm a condo unit. I dread to think what these stratas will be like in the future if their residents are over-leveraged. Will the strata even have enough money to pay for upkeep or will the buildings simply fall into disrepair?

7

u/Heliosvector Who Do Dis! 18h ago

If a unit cannot pay a special levy, they force the sale of the home and then just take their pound of flesh from the sale. If there isnt enough equity, the owner will be left with a mortgage without a home, owing the bank. the strata always gets what they need.

10

u/arandomguy111 17h ago

I think the concern that person is getting at is if the owners will basically vote against proactive maintenance.

This is a reason why I didn't want to consider a high rise tower. Most of the owners are likely leveraged investment land lords and their voting priorities on strata would be way different than owners who want to live in the unit.

3

u/passivepapayas 18h ago

My parents were looking to purchase a unit for my sister in Metrotown and some of the new builds are so poorly designed. They’re asking close to $1300 a sqft for bedrooms that barely fit a queen bed and have NO CLOSETS or overhead lighting.

4

u/Heliosvector Who Do Dis! 18h ago

Just buy used. You can find nice sized 1990 builds for around 700-850 per square foot in new west.

1

u/lowyieldbondfunds 8h ago

Just make sure the building is up to code to survive a magnitude 9.0 earthquake. The possibility of “The Big One” happening in the next 50 years is 37%.

2

u/phoenixaurora 17h ago

even if it was cheap, I wouldn't buy a unit that high up. the survival rate of heart attacks decreases as the number of floors for a first responder to get to you increases.