Buying A Presale Condo That Doesn't Get Completed - What Happens Next? | Vancouver Real Estate

Описание: 📲 Book a free call with me here if you'd like me to help you navigate the presale buying process, or anything real estate related: https://calendly.com/hasanjuma/30min

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Watch this video first, and don't forget to come back to this one where we will talk about how to protect yourself and your presale purchase:

   • Vancouver Real Estate Developer Files For ...  

In this video, you will earn about what happens to your deposit if a project doesn't finish construction, and how can you protect yourself from a presale project that doesn't end up completing.

In case you missed it, a Vancouver real estate developer, Coromandel Properties, has filed for insolvency in the Supreme Court of BC. The developer cites long delays with the approval process at the City Of Vancouver, coupled with the increased interest rates and debt servicing costs, as the reasons behind the filing.

Coromandel Properties began acquiring properties in the Vancouver area in 2013, focusing on the Cambie Corridor which was one of the hottest real estate markets for developers in the city at the time. The developer has 16 active projects and approximately $700,000,000 in debt spanned across these projects.

I received a lot of questions on how this recent development will affect the Vancouver real estate and housing market, and also what presale condo buyers can do to protect themselves from these situations occurring to them.

If you enjoy this video, subscribe to this channel so you don't miss any future videos!

Also, don't forget to hit the "Like" button if you learned something from the video as well.

Here are the timestamps for this video:

00:00 - Introduction
01:04 - What Happens With a Deposit in a Failed Project?
03:53 - The Deposit Section of the Disclosure Statement
05:10 - Having "Outs" in a Presale Condo Purchase
06:15 - The Importance of the Outside Date of the Project
07:40 - Choosing A Developer With Completed Projects
08:29 - The Importance of Working With a Buyer's Agent in Presale
09:41 - Work With Me to Navigate Presales


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ABOUT ME:

I am a real estate agent in Vancouver BC, licensed with Oakwyn Realty Ltd., and am currently working with new clients in Vancouver, Burnaby, New Westminster, Surrey, and other areas of the Lower Mainland of BC. Send me a message if you are looking to move to the area, I've lived in the Vancouver area for over 35 years and know all the ins and outs of the local market!

Please Note: The views and thoughts expressed in this video are my own thoughts & opinions, and this video is designed to be educational and insightful in nature. As every person's real estate journey is different, I recommend you connect with your real estate agent and/or mortgage broker of choice to get more specific real estate advice based on your personal situation and goals.