Morgan Crossing value pledge signals both buyer caution and developer certainty, exec writes
Jim Nesbitt
Sun
Mayor Dianne Watts of Surrey and Larco executive Mansoor Laiji view a model of Morgan Crossing, what fellow executive Jim Nesbitt calls a ‘different kind of community.’ The Morgan Crossing sales centre is open from noon to 5 p,m, every day but Friday. The telephone number is 604-582-1336, the internet address morgancrossing.ca.
There is no denying that homebuyers in the Lower Mainland have recently become more cautious. The current market condition is proving that, in times of uncertainty, it takes more than top-of-the line fixtures and a decent location to inspire the purchase of a home.
Today, developers need to think beyond traditional single-purpose condo developments. Homebuyers are looking for more than just a place to live. They are looking for a community. They want to live with everything at their doorstep.
Take, for example, Morgan Crossing, a new lifestyle centre that is being developed in south Surrey. As the developer of this project, Larco Investments had a vision to create a neighbourhood from the ground up. The concept is a walkable community, where people can live and enjoy entertainment, leisure, recreation, shopping, and dining amenities, all within a few steps from their front doors.
We know that at Morgan Crossing we are creating more than a collection of high-quality condos. We are creating a vibrant, dynamic community. That is a compelling argument, but how do we assure homebuyers who might be hesitant about where the market is headed?
It’s simple. We are so confident in what we are creating at Morgan Crossing, that we are guaranteeing the value of our condominiums through our “Guarantee My Property Value” program. It is an unusual and bold step and is not something that has been done before in the Lower Mainland. And we can only do it because we are certain of the high quality of the homes we are building and the community we are creating.
What we are offering is straightforward. Before Morgan Crossing buyers complete the purchase of their homes, an accredited real estate appraiser will assess their value. Should the value have decreased upon completion, we will deduct the decreased amount from the purchase price by up to 10 per cent.
In addition to the value guarantee offer that we are making, we have introduced two other incentive programs for potential homebuyers, who will be able to choose one of the three incentive programs being offered.
The “Mortgage Payment Assistance” program subsidizes mortgages at Morgan Crossing, allowing buyers to save almost 50 per cent of their mortgage payments for the first 24 months. Subsidized monthly mortgage payments start as low as $647 for a one-bedroom suite, $830 for two bedrooms and $962 for a three-bedroom suite.
Alternatively, buyers can choose the “Extra Parking Space” program. This program entitles the buyer to a second parking space, which adds an additional $15,000 to the value of the home.
Once completed, there will be approximately 60 shops and services on site, including restaurants, cafes, brand name fashion boutiques, Thrifty Foods, London Drugs, Best Buy and the Steve Nash Sports Club.
In addition to the retail experience, Morgan Crossing offers numerous community gathering spaces and nearby walking trails and green spaces.
It’s true that as a developer we have become creative with the kinds of incentive programs we are offering to potential homebuyers at Morgan Crossing. But, in fact, these incentives are just icing on the cake. We are creating a different kind of community at Morgan Crossing, and that is the greatest incentive of all.
Jim Nesbitt is vice-president of Larco Investments Ltd.
© The Vancouver Sun 2008
