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My review of this new construction complex in South Surrey | Douglas Green Living

My review of this new construction complex in South Surrey | Douglas Green Living

Hey, everybody. So I wanted to try something new with a new post and the reason I want to do this is because we primarily serve the people of the Surrey area. And I myself live in the South Surrey/White Rock neighborhood. So I wanted to start doing a little more post kind of focused on the South Surrey and White Rock neighborhood. And also getting specifically into some of the new developments that are in the area, so today's first post is all about Douglas Green Living.

This is a combination of condominiums and Townhomes coming to the Pacific Douglas area. Which, if you're unfamiliar with that, is somewhat near the truck border, kind of. Near the Summerfield area is what we call it's a nice new community. People really love this community, and there's various reasons that they really love it.

And a few of those reasons are just really the feel of the community being a newer community. A lot of the homes are newer in it as well. So you get that very kind of common, similar look of all the homes in the neighborhood, which just kind of. Makes the neighborhood feel nice, makes it look nice.

It's a lot of younger families in this neighborhood as well. And one of the reasons for that is, of course, the school, the new elementary school that just opened back in 2021. This was a big project for the city of Surrey. In fact, it was a $26 million school at the time called Douglas elementary, which is a 25 classroom school. So it can obviously hold a lot of students. And they needed to be able to hold a lot of students because of how big this summerfield community has grown to.

And for any of the people that are reading rather that might have kids in the high school age. Earl Marriott is still going to be your secondary school. So that's a little bit further up. The road on 16th, you're probably going to need well, you're definitely going to need a car to. Get the kids to school on time, likely.

But yeah, you've got a brand new elementary school just down the street, just in fact, a few blocks away. And you can actually see that on my map right here. This is Douglas elementary and it's a good looking school. If you haven't driven by it, I would definitely recommend taking a peek. And of course, this is kind of where the development is going to be. You, of course, can also find further Information on Douglas elementary on their website, school if you got kids that are kind of a school age.

But let's get into the complex now.

Let's talk a little bit about the Developer and exactly what they're offering. So they are a company named Panorama West Homes, and it looks like they've been around for a little while now. There's not a lot of information necessarily on their website about their history, who's part of the company and all that sort of stuff, or at least I couldn't really find it. But I was able to find some past developments that they have done in.

The past and in fact ones that are now kind of on the resale market where we've certainly taken our buyer clients through and had them explore and see if they kind of liked what was being offered at the time. They've also done a few past projects as well that you might yourself be familiar with. And this includes places like Fleetwood Living or Panorama West Coast Living which are both near my location in Surrey.

So I guess it looks like they've been around for a little while anyways. And of course, when you buy new construction, you'd always get more information on both the developer and the owners of the company and whatnot in the disclosure statement, which is a document that you’re mandated to get as a buyer of new construction in British Columbia. So we can get into that later, but for now, let's get back to the complex itself.

So Douglas Green Living is a new community and it is going to consist of not only townhomes, but it's also going to have commercial and condos. So kind of commercial on the bottom level, as you can see in the photos, and you're going to have the condos up above. More specifically, there's going to be 64 condominiums and 28 townhomes that are available. Now it does look like the majority of the condominiums are actually sold out. They were selling these back months ago, kind of back when the market was a little more booming.

But it certainly does look like there are still townhomes available that are for sale directly from the developer. They also feature some really great things that they're offering when you can buy in here. Of course, you can see the color schemes and whatnot all on the developer’s website, but they promise things like a modern, really attractive open layout. There's going to be contemporary finishings, there’s going to be a double garage attached to the units that you're going to be interested in. You're going to have a fully fenced yard. It's going to be nice inside, there's no doubt about that. 

It does look like there's going to be AC available for hookup anyways with all the units. And that may be an upgrade that the developer certainly offers to each unit, maybe for an additional price or whatnot. But as our summers continue to get hotter, I'm sure you'll agree that AC is a pretty good option. And in fact, we actually recommend a lot of our buyers do invest in getting AC for their places, only because there's a lot of people looking for that. And with a lot of the older resale type townhomes, you can't even add it, it's not even really doable. So definitely a good feature and a good option if you're considering buying here.

It also got some amenities that they're offering if you become a member of this community. So they'll have things like a yoga studio. They've of course got a bike room, to store your bikes in. And that's probably more specific to the people that buy in the condos would have access to the bike room.

There's also going to be a party room, more so of a meeting room and a gymnasium. So whether it's kind of a real gym or just a room with a few pieces of equipment in it, like a treadmill, maybe a bike, I mean, the future will yet to be seen now, but hey, either way you've got access to a recreation facility where you can get some exercise free of charge. So kind of cool.

So if you're reading this post, you might be wondering, well, what's going on with prices, where the prices start? And in searching the internet, it looks like originally the prices of course were higher, probably back from when the prices were higher in the spring of 2022. But prices from the developer now seem to be just over the $1 million mark. So you'll have to check with either the developer directly or your real estate professional of your choice to see kind of what's being offered there at the time.

At the time of this post, it does look like the entry level units are probably in and aware about a million dollars or so, or just above, above maybe not about $1,030,000, give or take. So the question becomes, well, how does that compare? Is that really a good price?

And, well, I can't really tell you for you because people will tend to pay more for new construction because, hey, Nobody’s ever lived there. There is a few things that you. Want to consider if you are investing in new construction.

So one of them, of course, is GST. To give you an idea of how much GST would be on new construction, it would be roughly $50,000 on a $1 million purchase. So that is part of the total purchase price that you would have to be prepared for and of course, in British Columbia we also have something called the property transfer tax. Property transfer tax on a million dollars is $18,000. So the taxes are going to get you no matter what. But of course, that brings your ultimate purchase price up to if it was around $1,050,000 to get in. You're actually up and around a $1,070,000 when all the dust settles.

Now, of course, GST is not payable on resale properties, but property transfer taxes. So the entry level sized units for Douglas Green and they've got all their floor plans on their website, you can just go to the tab there and click onto it and kind of see everything they've got. They've also got the condominiums featured in here as well but it seems like their entry level Floor plan for Douglas Green tends to be in and around 1500 sqft, give or take. So here's the 1500 square foot unit.

Now where does this compare in comparison to other units that might be available on the market for resale? Well, fortunately, there's lots of townhome developments in the Summerfield area and they're all reasonably new. So to get into a resale unit, which of course has been lived in, It's going to have its wear and tear in it. You can get into one slightly smaller than what's being offered here, maybe around 1450 to 1470 sqft. But those asking prices right now in today's market are currently in and around the $900,000 mark.

So if you did want to go towards something that wasn't brand new and get the luxury of having brand new. And being the first owner, there's certainly resale choices out there that are a really good value for you as well. So you could think to check those out too. If you are looking to buy a home in this area, one thing of. Course, whenever you're buying new construction is you also want to understand some of the details that might end up on the contract for this new construction.

One thing specifically that I wanted to bring to your attention, of course, is assignment fees. Now, if you're just the regular buyer who's looking to live in the property. You probably don't need to worry so much about that. But for those of you that are maybe investors and looking to try and turn a profit on selling one of these, maybe buying it and selling it later on down the road, which probably isn't really realistic for this complex, but you may have an assignment fee to show you how much it's going to cost.

As assignment is when you sell your rights of the contract that you may have with the Developer to a second party. And typically the developer will charge a fee for that so they did have a promotion on by the looks of their website, where. They were offering 0% assignment fees on the first ten sales and that's likely gone and expired. So you definitely want to check that assignment fee. We've seen them as high as 3%, which is getting really, really high. I'm not saying that the developer for Douglas Green is doing that, but 3% assignment fees? It was developers in the lower mainland getting a little greedy with the buyers out there if they chose to assign their property because maybe they're doing it for profit, but maybe some need to as well. So anyways, you definitely want to get that information among many of the other. Great things that are in that disclosure statement.

Lastly, you may be asking about what promotions might exist when people are buying new construction these days and certainly there are promotions out there and many times developers don't really publicize them. They don't want the person that bought yesterday to know about what kind of deal the person today is getting because they want to kind of keep it, I don't want to say under the table necessarily, but they don't want to create waves amongst the people that have bought in their community.

So it's always good to check directly with the developer whether it's your Realtor doing it or if you're buying without a Realtor, which you shouldn't do. But if you're buying without a Realtor, you could certainly reach out to the developer directly and say what sort of incentives they might be offering. Maybe you'll get upgrades within the home. Maybe you'll get that AC unit for free. Maybe you'll get a decorating allowance to give you cash back to go buy furniture. So there's all sorts of things happening.

Out there right now. I've seen decorating allowances lately of up to $50,000. So the sticker tag or the sticker price that says it's sold up at a million bucks as an example maybe isn't really reality because the buyer is only going to pay $950,000 after all the dust settles. Not including their taxes, of course. And taxes is another one, as I mentioned, you don't want to go into new construction without being prepared to pay those taxes. So have a little bit of a think about that too.

The moral of the story really is don't be afraid to ask because you never know what you're going to get. So look, everybody, that is the Douglas Green living complex in Surrey. I hope you learned a little bit about it today. I hope I save you from scouring the internet. And of course, I will link the developer's website down below so you can check out the floor plans and what they've got kind of offering out to anybody that's interested in buying. And of course, if you are somebody interested in buying a home, if you were kind of considering the South Surrey neighborhood, whether it's new construction or resale construction, we'd be more than happy to have a conversation with you.

There is a link below in our Calendar where you can speak directly with me and we'll fill you on all the things you need to know to be protected when you're buying a home in South Surrey or anywhere in the surrounding areas.

We've also got a link to a really fun quiz down there in the description below as well. If you are a home buyer, we’ll see how much you know about buying a home and most people, if they're new, they don't know that much. But anyways, have some fun with it. 

Look, I want to thank you for reading again. My name is Darin Germyn from the Germyn group. You've only got one chance to buy or sell your next home, so let us help you get it right. Thanks for reading and all the best in your real estate purchase. Take care.

 
Douglas Green Living website:
https://douglasgreenliving.com/

Panorama West Homes website:
https://panoramawesthomes.com/

Watch the full video here: https://youtu.be/-uLhAZO_cAc

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Darin Germyn PREC* & Adam Howsam
Macdonald Realty LTD
homes@germyn.ca | 604-542-2444 | germyn.ca

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