Over the weekend we posted about Nexus Condos taking registrations starting on Saturday. We’ve learned that the project took reservations for 244 of the 374 units – totaling 65% of their entire inventory.
We predicted half of the building would be reserved in the opening weekend – to our surprise that number was nearly two-thirds of the entire project. According to a press release by Burrard Group, the Developer, there were over 500 visitors on Saturday and Sunday.
“Our opening weekend results suggest a growing preference for condominium ownership after an unprecedented apartment cycle that added nearly 10,000 new rental units to our skyline,” says Dean Jones, President and CEO of RSIR, the firm representing NEXUS. “Those apartment towers have been incubating future homebuyers who are increasingly recognizing the investment potential and benefits offered by homeownership. NEXUS provides an opportunity to own a slice of this fast-growing metropolis.”
“NEXUS is turning heads and changing mindsets at the same time,” says Michael Cannon, Community Sales Director for NEXUS and a broker with RSIR. “Our reservation holders are current renters, move up buyers from other condominiums, as well as downsizing empty nesters and families setting up a second home, student housing, investments and retirement plans. It’s a diverse mix.”
According to Cannon, the 244 unit reservations included all 60 units that did not include parking stalls as well as 32 units that will share unassigned “Flex Parking“ (shared parking coordinated by a custom app). Every other home reservation included at least one parking stall with a second stall available for larger homes. Reserved homes were distributed across product type, from efficiently planned studios and open one bedrooms priced from the low $300,000s, up to expansive two-story Skylofts and penthouse unit combinations valued at more than $3 million.