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Old 10-18-2010, 01:34 AM   #1
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Quintet and Ora in Richmond

I've recently been looking at two new developments around Richmond recently and just was wondering about others opinions on them. Quintet which is being developed by Phileo, a sub-group from the Sunrise company and Ora being developed by Onni. The purchase is most likely going to be used as a residence rather than as an investment if that makes a difference. I'm not too familiar with Sunrise but my sister is currently living at Flo in Richmond (an Onni developed building) and I found the fit and finish to be a bit rough around the edges. Any info is appreciated.
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Old 10-18-2010, 09:27 AM   #2
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Just be aware that if u live in a new development as a first occupier, there is a warranty on the finish...which i beleive extends to a month from the original walk through. From the walk through, you should be able to inspect any 'rough around the edges' situations from the top to bottom of the unit so they can touch it up, repair, etc. before moving into the unit.

In my opinion....the concern of the quality of the builder's quality is secondary, and here is why:
Firstly, you know whats being built....if its a wood frame, concreteframe, shared hot water, etc. So therefore, if one is a concrete building and one is a woodframe...the two buildings are 'somewhat apples and oranges' even if it was built by the same developer.
From there, you'll know what to expect....when to replace to roof, when to replace the pipes, etc.

Thirdly, all these buildings is going to have the same minimal warranty.....which (unless some rare occasion) will ALWAYS be the minimal 2-5-10 warranty.

I've been working in the Flo building all this year,and its a good building....however there are a lot of buildings that have been built in Richmond the same year as Flo and they are not as in good shape condition......but in ALL cases it is NOT the developers fault.

Its the individual owners.

Anyways...if you should have a concern, this has been a concern in the last few years during such a fluctuation economic state; the Financial reputation of each builder. In short (because i have to head to the office) the last thing you need to do is put down a downpayment and the developer is asking for more money so they can complete the development. However developers nowadays have in contract saying that these scenarios will not be onus to the purchasers if the situation arises.

Hope this helps.
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Old 10-21-2010, 11:43 PM   #3
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I'm going to be brutally honest but I will have to say in the the last decade of owning and sitting on the strata council of condos, the ones in Richmond have given me the most headaches. Most of the newer condos (built around 2005+) are filled with remote investors and many of them first time owners at the same time. So these new buildings are full of renters. That unfortunately, statistically speaking, means that the building will have more problems (eg. Illegal move-ins, brothels, people trying to sub-let, and generally tenants don't care as much because they don't own the property). That last point has alot to to with the landlords, who don't usually live around here (usually in mainland China) and don't pass on minutes to tenants and watch over their units. The AGMs are generally pretty empty because most don't care and just want to collect their rent money. That's not to say that there are not any caring owners or landlords at these condos, but they are the minority unfortunately.

I know the people that sit on the councils at Flo, Lotus, Ocean's Park and Versante in Richmond and we all share the same headaches that I listed above. Actually, the owners at Versante have a class-action lawsuit against the property management that was hired by the developers, due to poor leadership and very little results.

In terms of developers, the first 3 years, you will be chasing the majority of them with deficiencies (which you have up to 6 months from when you take possesion) and they will drag their heels between you and the contractors, and not just on in-suite issues, but also common area problems. This is a big issue because many of them just want to dump properties and in this slow market, they want their money and will want to wash their hands of the problems. I've dealt with Concord, Onni, BOSA and Cressey in the past 10 years and none of them are perfect to begin with but with the housing market cooling, many of them are proving extremely difficult to deal with.

I would never buy a pre-built condo again and strongly advise you to do the same, especially in this market. You can PM if you want to know the insides of Richmond condos, because I have tons of dirt and experience.
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Old 10-22-2010, 12:06 AM   #4
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^^

Considering mostly everything you are saying is true (im not gonna agree with brothels...sorry!)

Of course, im not gonna necessarily say something like this because it doesn't answer your direct question...but i guess i can add in a realtor's perspective.

In short, when you buy a pre-developed project...what you're doing is you're agreeing to buy something based on a given image by the developer. Yet everything else that comes in the package....such as an outline of the owners responsiblity is implied and never in the sales pitch.
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Old 10-22-2010, 10:17 PM   #5
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Quote:
Originally Posted by RayBot View Post
^^

Considering mostly everything you are saying is true (im not gonna agree with brothels...sorry!)

Of course, im not gonna necessarily say something like this because it doesn't answer your direct question...but i guess i can add in a realtor's perspective.

In short, when you buy a pre-developed project...what you're doing is you're agreeing to buy something based on a given image by the developer. Yet everything else that comes in the package....such as an outline of the owners responsiblity is implied and never in the sales pitch.
Ray, I'm not saying that there are 10 brothels operating at any given time, but there are generally one or two at these buildings. It's extremely hard to shut them down as it takes a lot of co-operation between councils and our liasons with the RCMP...evidence is hard to come by. There was a large crackdown about 2 months ago where about 4-5 of them were shut down, but sooner or later, someone will try to open up another one.

You won't notice unless your watch the cameras and look at the frequency of visitors via the buzz-codes. Usually you will see when the "workers" leave the office in the early hours (3-4AM).
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