Zero-down or interest on deposit, Westbay Quay condo dev launches sales with market-leading incentives
MIKE KOZAKOWSKI, CITIFIED.CA
Published November 6, 2017
Tenfold Projects’ market-leading pre-sale condominium purchase incentives have returned to Victoria in celebration of the company’s latest project unveiling.
A concept first introduced during last fall’s launch of Tenfold’s The Wade
condominium (now under construction in downtown Victoria), the Build Your Deposit While We Build Your Home
offer available to first-time buyers and the Build Your Bank Account While We Build Your Home
high-interest savings plan on pre-sale deposits lead to an immediate uptake of the project’s 102 suites.
Both opportunities are once again being offered to purchasers as part of the sales launch for Westbay Quay
, an 85-unit all-concrete waterfront development along the shores of the Inner Harbour.
Speaking to Victoria’s pre-sale industry practices, developer Max Tomaszewski says one of the most equitable ways of welcoming potential buyers to a sales centre is to be flexible as a developer and open to a wider breadth of purchase scenarios.
“The rigidity of the pre-sales purchasing process in Victoria has always struck me as antiquated,” Tomaszewski says. “We’re cognizant of the fact that as a first-time buyer it can be tough to amass the necessary down payment to purchase a home, so we pull away that obstacle and make the process simpler. And if you’re ready to buy with a down payment, why shouldn’t you be earning interest on your deposit? It’s your money.”
And Tomaszewski won’t be stopping at monthly deposits or interest payments, either. Together with partner David Price, the duo have introduced a third pre-sale incentive at Westbay Quay that rewards purchasers seeking to combine two side-by-side units into a single home.
“Since opening our sales centre we are being asked about the possibility for larger suites. Considering the lack of opportunities in that regard in this market, we’re introducing a 10 per cent discount on the purchase price of two combined units, a savings that could yield tens of thousands of dollars for purchasers in search of a larger waterfront residence. We believe this program, like our other offers, is also a first in Victoria.”
Westbay Quay's three pre-sale offers are described like so:
Build Your Deposit While We Build Your Home: first-time buyers, who may be professionals, small business owners, or simply purchasers who recognize the benefits of a live-work designation, will be able to secure one of Westbay Quay’s 17 live-work residences or any available one and two-bedroom units with no money down. Instead of a deposit, buyers will make interest-free monthly payments that will eventually total 5% of the value of their selected unit. The payment period will occur right through construction and up to the occupancy period.
Build Your Bank Account While We Build Your Home: buyers opting for the traditional 15% deposit route will present 10% down at signing, with the final 5% when construction begins. The total deposited sum will accrue a one-time 10% interest payable upon occupancy.
Combo Unit Incentive: buyers wishing to combine any two side-by-side suites at Westbay Quay’s Sapphire, Lapis and Topaz buildings will receive a 10% discount on the purchase price of their (combined) home. The services of Anne Greenhough, interior designer at Tenfold, are included to facilitate the combination of suites. This offer is not available with the first-time buyer deposit or the 10% deposit interest programs described above.
Westbay Quay will be situated at the nexus of Head, Lyall and Gore streets in the heart of Esquimalt’s oceanfront West Bay neighbourhood. The project consists of three buildings that will rise to six, five and two-storeys with a ground floor commercial component. Pricing starts in the mid-$400,000’s with 85 homes available in one and two-bedroom configurations sized between 575 and 1,111 square feet.
To learn more about Westbay Quay and to connect with the project’s sales team, call 250-384-2771. The Westbay Quay sales centre at 453 Head Street is open daily from noon-to-5PM, except Fridays. To view Westbay Quay’s official website, click here
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