Deana Lancaster

News Reporter deana@nenews.com

IT will probably be the biggest purchase most consumers will ever make.

And vez, in inereasing num- bers in’ Greater Vancouver, home buyers are forking, out their cash without actually sec- ing what they are buying.

ir’s called “pre-selling.”

And although it has many advantages, buyers should pro- ceed with caution when buving their dream unseen.

“The most critical thing a buyer should do is look into the builder,” said WestFeal’s Lisa Thon.

She and her brother David Thon are marketing Two-One - Two, an alniost-compieced building in the heart of Lower Lonsdale. About one third of the 30 units were pre-sold, and they did it, said Thon, based on the reputation of che builder, Brody Development Corporation.

She added many buyers are “wowed into purchasing” by a beautiful show suite.

But although it might look nice in the display centre, often a show suite is missing a wall or nwo, or has less farnitere chan most people use, in order to make ttlook larger.

“Tsaw one show home in Vancouver that had glass walls to give it the illusion of space,” Thon said.

The market is prive-sensitive, so the trend in condominiums these days is to build small, and miany people buying a home before it’s actually built don’t realize just what that means.

“The most common complainr or disappointment that Pve heard of about pre-selling is that people bouglit based on price. They got, for example, a one-bedroom for $139,900) which was under 600 square feet and didn’t realize how small that is,” she said.

Bur pre-selling docs have advan- tages and works weil for lors of buyers.

“Irs fine for a sophisticated buyer who is capable of doing the research and snapping out the square footage,” Thon: said.

And ouying carly often means pric ity suite selection, the ability to cus- tomize the floor plan, and being able to pick a cclor scheme, It may also work financially for buyers — allowing them to save into their deposit during the early months of the construction. And ii a rising market, buying eariv can mean a significant cost savings.

The Thons did their cariv pre-sell- ing at tie site — in the old Koyal Bank building at the corer of 2nd and

Lonsdale.

There was no show suite.

“We taped out one ef our one-bed- rooms on the floor to show the square footage and then masked off a typical competing product.”

One-bedrooms at Two-One-Two average 726 square feet, one-bed- 7oom ‘dens are around 800 sqaare fvai while qvo- bedrooms plus 3 den are 1,009 square feer. It works out roabout 10% more space than the aver- age condon nium for sale,

“ft makes a big difference,” said Thon.

The sales centre also featured color

AT A GLANCE ...

ADDRESS: 1315 Ottaburn Road

LOT SIZE: 93 FT. x 130 FT.

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INTERIOR SIZE: 3,875 SQ. FT.

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NUMBER OF BEDROOMS: 5

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NUMBER OF FLOORS: 2 p'us basement

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ASKING PRICE: $628,000

OPEN HOUSE: Sunday, May 24, 2- 4pm

LISTING AGENT: Beb Craig, 986-9321/826-2130

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SPECIAL FEATURES: The home ts perfectly

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Friday. May 22, 1998 ~ North Shere News ~ 54

NEWS photo Mike Wakefield

IN the early days of its construction, above, the marketing team of Lower Lonsdale’s Two-One-Two pre-sold its residential units based on the reputation of the builder and the size of the planned apartments rather

than with a show suite.

boards, photos of the area and intor- mation about the huture of Lower Lonsdale, including the view corridors, obtained from the Lower Lonsdale planning committee. Most iniporgantiy, said Thon, they had a cut-away section of wall, floor and ceiling to show the quality of the “party wall” to be used in the coustrucnion, because although manv builders use a similar design, not all walls are crested equal.

The important thing to remember about buving carly, especially if all the information is not provided tor you, said Thon, is “to dig, dig Lard aad dig deeper.” .

Market costs tops in Canada

Beana Lancaster

News Reparter deana@nsnews.com

THEY say you get what you pay for.

So it’s 4a) good thing Greater Vancouver is blessed with mild cemperarures, beau- ful greenspace. and lots of outdoar recreation, because we are certainly paving for it.

Coldwell Banker Real Estate Corporation releated the results of its 1998 Howe Price Comparison Index (HPC]) study at the end of April.

The index provides a quick approximation of how much similar homes might cost in any one of nearly 300 markets across the United States, Canada and Puerto Bicc.

According to the HPCE, the most expensive market in Canada is Vancouver, where its subject hose — a single

ty dwelling, approximate- ly 2.000 square feet in size with four bedreoms, two and one-half baths, a family roam and a two-car garage —— sells for $485,500 ia Canadian tunds.

In Calgary, the same home sells for $149,638; in Orrawa $276,256: and in St. John’s, Newfoundland, the same home sells for $141,400,

The index is available in a brochure formar and features an iudex rumber for cach market and a formula that helps consurners calculate the cast to replace their home in another location. 488-MOVE or stop by a branch of Caldwell Banker vo get a free copy of the brochure. Or check one the company’s Website at hip: //eww.coldwellbanker.c

Feature Listing 1315 Ottaburn Road

Palatial Poskitt Tudor

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Facts and Features:

¢ This beautifully maintained home offers 5

and dining off the imprezsive entry.

bedrooms ail on the same tevel. * Traditional cross hail tiving

¢ Cheery family room and den

on the main floor, * Full basement with

and lots of starege.

both schools and the Hollyburn club.

sited cn a bright sunny jot on the upper side

of the cul-de-sac.

gamesroom and rec room,

° Short cul-de-sac is close to

Bob Craig, Sutton Group-West Coast Reaalty