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episode # 22

Soleil in White Rock by RDG Management with Craig Anderson

Soleil in White Rock is all about location – amazing water views in an amenity rich building in the heart of downtown, just steps from all the shops and services you will ever need. This 26-floor, concrete, air-conditioned building has been designed with the established White Rock resident in mind. People looking to downsize their single-family home will find what they are looking for with a number of different suite options (1 bed, 1 bed + den, 2 bed, 2 bed + den), exciting new retail space at ground level, guest suites available for visitors, and a full floor of amenities for owners, adult age guests and grandchildren. Did we mention the incentive? 8% interest on your downpayment until building completion – scheduled for mid 2022. Let the developer invest in you!

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Episode Summary


 

Tell us a little about the project

White Rock first and foremost is one of the purest real estate markets in the greater Vancouver area. There are not a lot of investors and there is no mass transit system to access it. The project is in White Rock proper at the corner of 16th and 152nd. The project is 26 stories in a concrete, air-conditioned building, with 25,000 sq ft of new street level retail and 3,000 sq ft of plaza commercial space, including a new RBC branch. The commercial is expected to include a bakery, deli, coffee shop and wine distributor. It will also include some medical services at office level.

Can you talk a little bit about the area and why you are excited about it? 

We have a very distinct buyer group. They are generally aged 54-67 that have previously owned a home in White Rock and may have transitioned to a townhome in the last 5-8 years. They are now interested in a smaller space with everything you need in a 1 block radius, including hospital services. We have downsizers purchasing for themselves and we also have downsizers purchasing for their adult age children in their 20’s.

On the size of units and pricing?

The smallest units are 639 sq ft 1 bedroom + den designed for the buyer that may spend part of their time here and part of their time in the USA. We also have 2-bedroom offerings in the 800-900 sq ft range and 2-bedroom and den offerings that are a bit larger. The flagship offering starts on the 13th floor and higher and it is 1,427 sq ft, which is aimed at the downsizer.

On the developer:

The building is being built by a very well established developer – RDG Management Ltd from New Westminster. John Rempel has been developing with his father Henry Rempel for a long time, going back to the 1960’s and has a great reputation.

On the incentive for buyers:

We are offering 8% interest on your downpayment if you purchase at Soleil for the 3-year term until completion. The developer will invest in the owners and the owners will invest in the developer. This idea had been born out of the needs of the buyers, who may be equity rich and would appreciate the extra bump that 8% will add on their deposit. The interest is offered on the initial deposit (10%) and then on the 2nd (5%) and 3rd (5%) deposits as the project progresses. Interest will be offered on all tiers of the deposit.

On the strata fees and amenities in the complex:

Strata fees will run approximately $0.38 sq ft. This is standard for a building of this size. For amenities, on the 2nd floor we have 2 guest suites, an indoor gym and an outdoor gym, steam, sauna, hot tub and a 1,500 sq ft dining room with an outdoor area that is child friendly.

Our buyers will have adult age children and grandkids that will enjoy this space. If owners are entertaining family and other visitors, the availability of guest suites will allow them to purchase a smaller space for themselves without having to worry about where guests will sleep.

All amenities will be on the 2nd floor that will provide for a greater community in the building and add to the living experience.

On if investors are interested or primarily end users:

The buyer in central Surrey is a bit far for traditional investors. We find that the investors look slightly different. For example, you might have the 54-year-old couple who buys a unit for the future, but doesn’t plan into moving in for a couple of years and decide to rent it during that time.

On prices:

Smaller units in the $600,000s, the average in the building is in the $800,000s and the higher floor units will be just over $1,000,000. This is for a concrete product with air conditioning and great views. This is good value for this market. You also get the incentive for purchasing with adds value.

At this point, just a bit more than half of the building is available for sale with units of all types still available (view units, value units and some stuff in the middle).

On why someone should buy at Soleil:

Someone should buy for convenience – a lifestyle where everything is at your doorstep. White Rock gets 21% more sunshine (approx.) than Vancouver. Finally, the prices are great value for ocean view developments in the lower mainland. The product offers all of these things from an established and well-respected developer.

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