Sun
The developer of the residential tower of the year in the annual Georgies competition, the Grace in Vancouver‘s Yaletown neighbour-hood, is holding an open house on Sunday. James Schouw has one Grace apartment left to sell, a residence of 1,850 square feet with an asking price of $1.849 million.
If you want to see what a $1,000/square-foot listing looks like, the open-house hours are 12 p.m. to 4:30 p.m. The Grace address is 1280 Richards. Look for a greeter and harpist in the lobby.
Schouw wants to make it real easy for prospects: he is promising a ‘price fluctuation guarantee’ for the apartment.
If housing prices drop in the next year, he would refund back to the purchaser the difference in the drop.
Schouw plans to place 13 per cent of the purchase price in trust to ensure it would be available to cover the downside.
‘We feel this is a very innovative way to market and provides assurance to prospective purchasers who would like to take advantage of the new build and buy today without worries of the market softening further,’ a news release says.
Another developer to take a similar approach is Larco Investments with its Morgan Crossing project in South Surrey, where condos start at $249,900.
Last summer, the company guaranteed the value of homes at the development by up to 10 per cent.
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