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Beware the Risks: Navigating Presale Small Developments with Care

Buying a presale small development can be a thrilling venture, offering the promise of a brand-new home tailored to your desires. However, beneath the surface lies a potential minefield of risks, particularly when it comes to the integrity and intentions of the builder. Are you dealing with someone genuinely invested in providing quality or someone merely looking to push through to the next deal, regardless of the consequences?

The cornerstone of any presale purchase lies in the builder's integrity and commitment to quality. It's a lesson learned through experience, as highlighted in a recent encounter with a presale deal in East Vancouver. As an agent, my responsibility is to safeguard my clients' interests, which often entails scrutinizing the builder and the property for any red flags.

In this particular case, warning signs were evident from the outset. Despite noting numerous deficiencies during the initial viewing, my clients chose to proceed cautiously, mindful of the importance of a thorough inspection. The subsequent inspection revealed a staggering 60 deficiencies, along with a myriad of paint issues, further underscoring the need for diligence. 

 

Attempting to address these issues in a collaborative manner, we proposed a walkthrough with the builder and both agents. However, it quickly became apparent that the builder was not receptive to constructive dialogue, leaving us disheartened by the lack of cooperation.

Navigating the negotiation process proved equally challenging, with the builder displaying reluctance to acknowledge the extent of the deficiencies. Despite our efforts to reach a fair resolution, the builder's proposed compensation fell woefully short of the mark, highlighting a blatant disregard for accountability.

Attempting to address these issues in a collaborative manner, we proposed a walkthrough with the builder and both agents. However, it quickly became apparent that the builder was not receptive to constructive dialogue, leaving us disheartened by the lack of cooperation.

Navigating the negotiation process proved equally challenging, with the builder displaying reluctance to acknowledge the extent of the deficiencies. Despite our efforts to reach a fair resolution, the builder's proposed compensation fell woefully short of the mark, highlighting a blatant disregard for accountability.

Ultimately, my clients faced a difficult decision: proceed with the purchase, armed with the protection of a contractual agreement, or walk away from the deal altogether. After careful consideration, they opted to proceed, fully aware of the potential challenges that lay ahead.

As we neared completion and observed that some of the deficiencies had been addressed, we made another attempt to negotiate a resolution, but it appeared that finding common ground was becoming increasingly unlikely.

On the day of completion, my clients were prepared to move in as scheduled. However, the builder chose to delay signing until the very end of the day, refusing to communicate with their lawyer or realtor. This unexpected turn of events added immense stress to an already challenging day. The clients found themselves in a predicament, needing to arrange storage for their belongings and hastily secure temporary accommodation. It was a chaotic and frustrating ordeal.


This experience underscores the urgent need for industry-wide reforms aimed at ensuring transparency and accountability in presale developments. Implementing standard holdback clauses and enlisting third-party inspectors to evaluate deficiencies and determine appropriate compensation could help mitigate conflicts and promote fair dealings.

While developers and builders play a vital role in meeting the demand for housing, it's imperative that their actions align with ethical standards and a commitment to quality. Only by holding them accountable can we foster trust and integrity within the industry, ensuring that future presale ventures are characterized by transparency, fairness, and above all, the assurance of a home built to last.








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Mount pleasant is a flourishing area resting mainly on the boundary of the the Eastside of Vancouver. Generally considered to be situated between Cambie and Clark going east to West and 1st to 16th going North to South. With Main Street being the center and focal point of the area. Beautiful houses sit on either side of Main street with great places to shop and eat and great schools in the area as well. All of this creates an interesting opportunity for prospective real estate buyers or sellers in the area. Over the past decade Main Street real estate has transformed into a very desirable location to live.


Main St. has plenty of restaurants and other offerings on the main drag. Toshi Sushi, Chickpee , East is East just to name a few. Also Les Faux Bourgeois a fantastic french restaurant just east of Main St. on fraser. Whether you are looking for a 1 bedroom condo on Main street or a 3 Bedroom Home you will not be wanting for places to eat or shop in the area. Great coffee shops also populate the area 49th parallel is right at Main St. and 14th as well as mighty oak and Cafe Artigiano in the mount pleasant area.
Mount pleasant and the Main street area also host plenty of parks and schools that may be of interest to real estate buyers with kids and dogs. Mount Pleasant park is a lush park right in the heart of Mount Pleasant just west of Main st. on Ontario st. The newly redeveloped park features a central great lawn area, new playgrounds, sports court, parking lot, entry-level skate spot, a community garden, seating, universally accessible paths and picnic areas. Schools in the area for Vancouver real estate buyers with children include General Brock Elementary right on Main Street near 32nd , General Wolfe Elementary just east of Main st. on 16th ave. between Manitoba st. and Ontario St. Also St Patrick Elementary just off of Main street and 12th ave. Essentially there is plenty of options for prospective real estate buyers in the Main street / Mount Pleasant  area with children.


Although the area is mainly a detached home market there are new and intriguing options for condos and townhouses in the Main St. area. Main and Twentieth is a new condo development on , as you would expect, Main St. and 20th. Ave. Set to finish in 2019 sales for available units range in price from $799,900 to over $1,099,900. Main & Twentieth has a total of 42 units. Sizes range from 620 to 804 square feet. Amazing townhouses are available just off of Cambie St. to the west of Mount Pleasant at 2850 Yukon Street.  Campbell Residences include 2 and 3 bedroom townhouses , with an elegant style situated right on the Cambie line perfect for commuters that prefer walking , biking and public transit.


Mount Pleasant real estate is an exciting market for both buyers looking to start roots in one of the most exciting areas in Vancouver as well as sellers looking to cash in on their desireable location. Whether you are buying or selling real estate in or around the Main street  Mount pleasant area now is better than ever and the real estate agents at the Matt Henry Team will be happy to help! Give us a like on social media, subscribe to our newsletter and certainly contact us if you are in the market whether that be in the Main St. / Mt. Pleasant area or elsewhere. We will find the place that’s right for you.

-Matt Henry Team


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