One Cole is one of the biggest successes in June’s numbers as developer promotes a build first, sell later strategy
(Source: Globe and Mail)
In an astonishing turnaround, new condo sales soared in June. RealNet Canada Inc. reports 1,706 sales for the month, off just 9 per cent from the same period last year and more than double the sales reported in May.
It may be premature to say the new condo housing slump is over, says RealNet president George Carras, but sales are a strong indicator that buyer confidence is beginning to return and that builders have re-tooled their offerings to better meet market demand.
In fact, one veteran developer – The Daniels Corporation – has made an extraordinarily bold move. For the past four years in its low-rise homes it has done a 180-degree turn from the usual process of selling then starting construction when 70 per cent to 80 per cent of the units are sold.
Daniels has built first and then gone to market when the homes were just 30 days away from completion. Now, for the first time, it has tried the same technique with high-rise condos to great success.
Read Terrance Belford’s full article “Daniels finds a winning formula” in the Globe and Mail (July 31, 2009).