Tuesday, January 23, 2007

Homebuyers line up in Pitt Meadows

An article in the local press about a Real Estate development in Pitt Meadows.

By Monisha Martins
Maple Ridge News, Staff Reporter
Jan 20 2007

Steve Devantier pokes his head out of a tent pitched on a sidewalk beside a mud-stained snow bank. Equipped with a chess board and a slew of board games like Taboo and Dirty Minds, he's prepared for the three day wait. On Wednesday, Devantier staked his spot, third in line, for a row home in the new Pitt Meadows development, Osprey. Just 17 of the red-brick colonial-style houses are being released for sale at noon today by Mosaic Homes. "I can sit out in the rain and snow if it means a mortgage that's $20,000 less," Devantier said. He arrived early because he heard people were lining up. "I don't want to be the fifth person in line, I might not get the place I want," he said. Ahead of him, first in line was Pat Lord, braving the cold and rain for her daughter Stephanie who has her eye on a two-bedroom unit. "She has done a lot of looking and this was affordable, a good location and close to shop," Lord said.

The 87 row homes in Coho Chapter II are set in the "village of Osprey", a new development near the Fraser River between Harris and Bonson Road. Up to 450 homes are planned in the community. It's the first time people lined up three days in advance, said Mosaic Homes sales and marketing manager Andrea Camp. "One of the main draws, apart from the location which is a beautiful setting, is I think people recognize the rarity of these homes," Camp added. "This old world, tumbled red brick facade is seen as beautiful and rare." With a starting price of $289,000, the homes are hard to resist for first-time buyers. "That's a very desirable starting rice," Camp said. "But there are not too many homes at that price."

Mosaic expects the homes to be built by September. The subdivision will eventually include a commercial village with small shops, a chapel as well as a pier. Camp said the commercial space will be built by next Christmas. Mosaic Homes bought the property from International Forest Products which ran a sawmill on the site until 1996. A small part of the site, in the south-east corner, required soil remediation because it was used as a location for applying wood preservative.
http://www.mosaichomes.com/osprey/cohotwo/home.html

Here is another example of a reclaimed mill site along the Fraser River, similar to the Bedford Landing development in Langley, being used for residential development. Apparently we don't have those lumber industry jobs anymore so we just build houses on our industrial land. Where do all of these people work? Where are the jobs? Schools? Roads? Is the land safe from flooding, contamination, and erosion?

17 comments:

Uncertain Buyer said...

They are sure nice looking. Too bad after 5 years they will start showing wear and tear.

I bought in a new neighbourhood about 8 years ago and it is not the same as it used to be.

My next house will be an older home on a nice lot. The lot and location will be first priority then the home will be the second.

The house always depreciates while the land is what does all the appreciating.

Uncertain Buyer said...

I would like to add a prediction as well.

US Housing Market made a turn in the Summer of 2005, Ours Summer of 2006.

US Market stumbled along in 2006 with a lot of mixed signals. Our Market will probably do this in 2007.

US Market is starting to show serious signs of decline in 2007. LINK We will probably see the same in 2008.

I have a strong hunch that we are about a year behind the US.

rentah said...

I have a strong hunch that we are about a year behind the US.

I agree, at present, but there may be a 'catch up' effect as psychology changes: once we see stagnation here and we know where it headed stateside, prices may fall earlier than expected by the 'one-year-lag model'.

mohican said...

"They are sure nice looking. Too bad after 5 years they will start showing wear and tear."

I am always amazed at how easily people are wooed by the marketing hype and external appearances for most products - form before function. Your comment rings true - what about when that lustre is worn and all you have to remember the former beauty of your home is your mortgage payment, property taxes, and utility bills. Oh the splendor!

When I upgrade I am looking to build my own home on a larger vacant lot or buy an older home on a large lot and renovate. I am leery of buying anything built during a boom time like the past 3-4 years for quality reasons.

ADWeaver said...

I am leery of buying anything built during a boom time like the past 3-4 years for quality reasons.

I've been saying that for a while myself. The high demand for tradespeople will likely result in a lot of people doing tasks that they're unqualified to do. Not to mention the weather we've received this year; how much concrete do you think was poured or allowed to set at temperatures outside of the range for this type of work?

Boombust said...

I disageee about the timing. I believe we track California VERY closely.

Tulip Mania said...

"Where do all of these people work? Where are the jobs? Schools? Roads? Is the land safe from flooding, contamination, and erosion?"

Puzzling isn't it.

But, I do believe the people who line up are paid quite well to do so.

bakakuse said...

You took the words right out of my mouth, tulip mania.

Line up my foot.

mohican said...

"I believe we track California VERY closely."

All of the west coast seems to move at the same time. Their corrections were in '81, '89, & '95 just like ours. The geography and economics are very similar, ours is just on a 1/10th scale to California!

Boombust said...

Yes, Mohican, this is what I have come to realize after studying a variety of graphs/charts over the years.

I actually used to think that we were ALONE.

Not a chance. The peaks aand troughs of previous cycles here in Vancouver/B.C. are reamarkably similar to California.

It would be interesting to know the reason why...

Tulip Mania said...

Hey Boom:
d'accord

Boombust said...

Salut, Tulip,

Ca va?

realtor88888888 said...

Canadians would never do this



“A wave of mortgage fraud in the Valley has prompted state legislation that would define it as a crime punishable by up to 10 years in prison. A day after The Arizona Republic’s special investigation into cash-back mortgage deals, Sen. Jay Tibshraeny of Chandler introduced a bill that would make mortgage fraud a felony.”

Tulip Mania said...

Boom, not bad, just trying NOT to be mischievous.
Thanks.

rentah said...

All of the west coast seems to move at the same time. Their corrections were in '81, '89, & '95 just like ours. The geography and economics are very similar, ours is just on a 1/10th scale to California!

Perhaps, but we haven't begun to see the current California-style price haircuts in Vancouver yet.

Alpha_Bear said...

Here are a few websites which detail the extent of the beginnings of the Californian real estate crash.

Sacramento Flippers in Trouble

Foreclosures.com

I was able to use the Foreclosures website yesterday without logging in, but it looks like we'll have to sign up now to see the extent of the carnage. I was shocked to see how many homes are being foreclosed at the moment. I chose to look at Orange county, since that's where my brother-in-law and his wife live. They sold their condo there last year, and are now happily renting as the real estate world collapses around them.

Alpha_Bear said...

California foreclosure sales up 600% from a year ago.

"Trustees deeds, or actual foreclosure sales, recorded on homes totaled 6,078 during the fourth quarter, up 76.9 percent from 3,435 for the previous quarter, and up 595.4 percent from 874 for last year's fourth quarter. Foreclosure sales peaked at 15,418 in third-quarter 1996, and hit a low of 637 in the second quarter of 2005."