saint-laurent Cité Midtown - 8 étages

[Rocco]

Then end is near.. when everybody and his sister wanna buy a condo.. Like when the barber talks about stocks, u know the bubble is ready to bursts. It wont be pretty. We've been there before countless times, and nah, this time it aint different.

[saren_p]

I purchased a town house in this project, crossing my fingers it turns out to be good. I researched the developer and they seem to be involved in great looking projects (across Canada, mainly Toronto). The location is what lured me in, I don't live far so I'm well aware of the area and while there's traffic the location does make it easier to hop in and out of 2 major highways. Ohh, there's also 3 metro's near by if need be. A real estate agent who doesn't have any affiliation with the project was optimistic about the project as a) he expects the developer to deliver a great project since it's their entry into Montreal and b) they still have 3 other phases to sell.

That being said.. I couldn't believe how crazy it was on last Thursday night (friends and family event), it was legit a frenzy. I had never seen anything like that before. By Sunday they had sold out all of the town houses. Initially they were planning on selling only 2 blocks of town houses (14 units in each block), by Sunday they had sold 4 blocks. Blocks 5 and 6 will be the final town house blocks and from what I hear the prices are going to be higher, as expected I guess.

There was clearly demand to buy, there were a ton of Asians. I know the statistics of foreign Asian buyers is very low in Montreal but my god 95% of the buyers on Thursday night were Asian. I'm not exaggerating. Kinda makes you wonder how the percentage of foreign Asian buyers is so low in monthly real estate reports.

On 2018-11-14 at 12:03 AM, Rocco said:

Then end is near.. when everybody and his sister wanna buy a condo.. Like when the barber talks about stocks, u know the bubble is ready to bursts. It wont be pretty. We've been there before countless times, and nah, this time it aint different.

Please explain your theory as to why the bubble is ready to burst. Are you specifically saying in Montreal or across Canada. From my understanding, and you can correct me if I'm wrong, aren't Montreal prices still relatively affordable compared to Vancouver and Toronto. We don't seem like anywhere near the craziness of those cities, there seems to be a good mix and balance between buyer and seller in Montreal, as in, the market seems to be doing its thing. 

Modifié 16 novembre 2018 par saren_p

[_mtler_]

6 minutes ago, saren_p said:

That being said.. I couldn't believe how crazy it was on last Thursday night (friends and family event), it was legit a frenzy. I had never seen anything like that before. By Sunday they had sold out all of the town houses. Initially they were planning on selling only 2 blocks of town houses (14 units in each block), by Sunday they had sold 4 blocks. Blocks 5 and 6 will be the final town house blocks and from what I hear the prices are going to be higher, as expected I guess.

Do they have 4 bedroom townhouses with backyards?

[saren_p]

7 minutes ago, _mtler_ said:

Do they have 4 bedroom townhouses with backyards?

If they did, they're all sold out.

I was focused on the 2-3 bedroom townhouses so I didn't even look at the 4 bedroom one's, sorry I'm of no help there.

The townhouses have huge 500 square feet private terraces on the 4th floor. Not sure if all of them have backyards though.

[GDS]

2 hours ago, saren_p said:

There was clearly demand to buy, there were a ton of Asians. I know the statistics of foreign Asian buyers is very low in Montreal but my god 95% of the buyers on Thursday night were Asian. I'm not exaggerating. Kinda makes you wonder how the percentage of foreign Asian buyers is so low in monthly real estate reports.

There are only a few select areas in Montreal that are attracting such foreign interest, specifically from Asian, hence the statistics. Downtown, VSL, Kirkland and Brossard mainly. There is no frenzy of Asians for projects in the east end, Vaudreuil, Boucherville, etc.

[Kilgore Trout]

VSL is 24.6% Asian according to the last census, up from 19.3% in 2006. So it makes sense there would be a lot of Asian buyers...

[acpnc]

Il y a 12 heures, Kilgore Trout a dit :

VSL is 24.6% Asian according to the last census, up from 19.3% in 2006. So it makes sense there would be a lot of Asian buyers...

Les communautés culturelles ont tendance à se regrouper dans un secteur donné, ce qui favorise leurs échanges et un resserrement des familles et amis. Un phénomène qui a grandement marqué différents quartiers ethniques de Montréal et qui se poursuit aujourd'hui dans les grands ensembles qui se développement un peu partout en ville. A ce propos VSL est certainement parmi les plus interculturels de Montréal.

[budgebandit]

On 2018-11-16 at 2:47 PM, _mtler_ said:

Do they have 4 bedroom townhouses with backyards?

No backyards, just private terraces on the roof and two balconies per unit I believe. 

[joie05]

On 2018-11-16 at 2:37 PM, saren_p said:

I purchased a town house in this project, crossing my fingers it turns out to be good. I researched the developer and they seem to be involved in great looking projects (across Canada, mainly Toronto). The location is what lured me in, I don't live far so I'm well aware of the area and while there's traffic the location does make it easier to hop in and out of 2 major highways. Ohh, there's also 3 metro's near by if need be. A real estate agent who doesn't have any affiliation with the project was optimistic about the project as a) he expects the developer to deliver a great project since it's their entry into Montreal and b) they still have 3 other phases to sell.

That being said.. I couldn't believe how crazy it was on last Thursday night (friends and family event), it was legit a frenzy. I had never seen anything like that before. By Sunday they had sold out all of the town houses. Initially they were planning on selling only 2 blocks of town houses (14 units in each block), by Sunday they had sold 4 blocks. Blocks 5 and 6 will be the final town house blocks and from what I hear the prices are going to be higher, as expected I guess.

There was clearly demand to buy, there were a ton of Asians. I know the statistics of foreign Asian buyers is very low in Montreal but my god 95% of the buyers on Thursday night were Asian. I'm not exaggerating. Kinda makes you wonder how the percentage of foreign Asian buyers is so low in monthly real estate reports.

Please explain your theory as to why the bubble is ready to burst. Are you specifically saying in Montreal or across Canada. From my understanding, and you can correct me if I'm wrong, aren't Montreal prices still relatively affordable compared to Vancouver and Toronto. We don't seem like anywhere near the craziness of those cities, there seems to be a good mix and balance between buyer and seller in Montreal, as in, the market seems to be doing its thing. 

We bought a townhouse there too on that Thursday but I don’t think that there were 95% asian. I would say perhaps 60% (yes still a lot butmuch less compared to downtown or Bois Franc projects).

Price was good and so is location. We didn’t get to ask many questions so we went back on Saturday and was told all townhouses were sold.

Didn’t know they had the fourth block on sale too...

[saren_p]

22 hours ago, joie05 said:

We bought a townhouse there too on that Thursday but I don’t think that there were 95% asian. I would say perhaps 60% (yes still a lot butmuch less compared to downtown or Bois Franc projects).

 Price was good and so is location. We didn’t get to ask many questions so we went back on Saturday and was told all townhouses were sold.

Didn’t know they had the fourth block on sale too...

Ohh nice, a neighbour  Yeah we were told that block 4 was opened up and then sold that weekend. 

We're now trying to get an idea of when the delivery will be, we're being told 2020, 2021 (the contract has a date but I don't think it's firm at all). Super early in the process to get any concrete answers, which is also crazy considering we bought something knowing maybe 50% of the answers to our questions heh.

I thought the price was OK, nothing amazing but nothing to outlandish either. The location is prime, I already live not too far so I know how good the location is. I firmly believe the new mega mall will boost the resale value comes time to sell when need be. Not to mention the price increase when all the phases are complete. Block 5 and 6 will be more expensive I'm being told.

Mind if I ask which town house you got and on what block?

Modifié 21 novembre 2018 par saren_p