The Sovereign by Chard Development is probably my favorite building under construction in Victoria, BC! Has some very cool features such as a car elevator down to the parkade and a spectacular rooftop common area! If you have more questions about this building feel free to give me a call.
Pre-sale developments in Victoria, BC…how come price sheets are not posted on their websites and why are so few units, if any, listed on MLS®?
Most developers don’t like the pre-sale price history to be public knowledge whether prices are going up or down. If prices are going up then buyers will feel like they should have bought two months ago when prices were lower. If prices are going down then buyers might not have enough confidence to buy into the development.
Bayview Promontory – 65 Saghalie
The834 – 834 Johnson Street
Mondrian – 1090 Jonhson Street
Era Condos on Yates
Jukebox Condos on View
Is the amount the buyer’s REALTOR® is offered (aka cooperating brokerage commission) – is it important?
My belief is that it is important. The offered cooperating brokerage commission is the incentive for all REALTORS® to bring their buyers to your home. You will note in Part I, that about 37% of buyers are introduced to a property via their REALTOR®.
Right now there is also a large push for REALTORS® representing buyers to obtain “Buyers Agency Agreements,” which specify compensation (for example, 3.0%100k + 1.5%balance). If the cooperating brokerage commission being offered is less than what the REALTOR® and the buyer have agreed upon it is up to the buyer to make up the difference.
The buyer is looking at two $600,000 homes: In the first scenario the buyer does not have to pay their REALTOR® (high cooperating brokerage commission offered by seller) and in the second scenario they need to pay their REALTOR® $7,500 (cooperating brokerage commission does not meet amount set out in “Buyers Agency Agreement”) – the second scenario may be less desirable to the buyer especially if they have limited funds available for a down payment.
A low cooperating brokerage commission can at times have unintended consequences.
“…REALTOR®’s automated listing search service.” This is a system through which the buyer receives automated emails from his or hers buyer’s REALTOR® when a listing matches his or her criteria. The buyer can see additional information not available on REALTOR.ca such as room measurements, assessment, etc; however, the buyer cannot see the name of the listing REALTOR® or the offered cooperating brokerage commission.
“A REALTOR® (you or another) located the property and informed the buyer.” In the system REALTORS® use they can see both the listing REALTOR®/Brokerage and the offered cooperating brokerage commission. (i.e. 3.0%100k + 1.5% balance or $10,000, etc.).
If you would like more information on the Mondrian or other pre-sale condos in Victoria please feel free to contact me! Prices at the Mondrian start at $169,900 with units ranging in size from 401 sq.ft. to approximately 800 sq.ft. Great location whether you plan on living in your unit or renting it out.
It was a slow year…what more can I say?
2007 = 8,931 unit sales: 12.23%
2008 = 6,519 unit sales: (27.01%)
2009 = 8,096 unit sales: 24.19%
2010 = 6,546 unit sales: (19.15%)
2011 = 6,040 unit sales: (7.73%)
Total Volume $
2007 – $4,146,651,569
2008 – $3,111,882,746
2009 – $3,775,730,705
2010 – $3,239,493,835
2011 – $2,981,977,290