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Quattro, a six-phase development on four hectares at 108th Avenue and East Whalley Ring Road in North Whalley, sold 90% of the units in Quattro3 in less than 4 hours. A total of 109 units were sold on the weekend, for a total of 23 million dollars.
Quattro’s developer is a Realtor trying his hand at developing. He is not a big company like a Bosa, Polygon or an ONNI, etc. My main concern would be what if he has cost over-runs? Does he have the money to finish it or does he walk away, leaving presale buyers out of luck?
There was so much frenzy around this pre-sale, someone was flipping their “appointment” for a cool $2000 on craigslist. Now why would someone be flipping their “appointment” for such a sought after property? Perhaps he or she doesn’t really think it is as hot? Maybe it is simply someone wanting to cash in on the craze? Who knows, but one thing is certain: There are buyers out there that are still bullish on this real estate market.
You don’t have to be sophisticated to buy real estate, especially if it is to live in and you can comfortably handle the mortgage. You should be a little sophisticated if real estate is an investment and you plan on realizing some profits one day.
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