SOLO District Sales Prove Real Estate Still Hot Despite Beliefs

BURNABY, BRITISH COLUMBIA--(Marketwire - July 24, 2012) - After three weeks of select previews that garnered a lot of attention for North Burnaby's newest master-planned community, buyers lined up two hours before Appia Developments opened the doors for the first release of sales of the highly-anticipated SOLO District.

"We quickly realized that community demand was there and that people wanted to start buying," says Jim Bosa, president of Appia Developments, the developer behind the new community on the southwest corner of Lougheed Highway and Willingdon. "We decided to release a few homes as an introductory release and we've had an excellent response. We've sold out our first release and we're also oversubscribed for the next round."

Despite critics who claim a "cooling" real estate market in the Lower Mainland, more than 2000 people visited the sales centre during the opening weekend, but it's not all about the numbers. Buyer demographics show that SOLO District has something for everyone, from first-timers to young professionals, families and empty nesters from every corner of the Lower Mainland.

"SOLO District proves that market strength exists for a strong community concept, which is exactly what Appia Developments has created here at Brentwood," says George Wong of Magnum Projects. "The best developments will counter any negative real estate market trends."

The site will eventually be home to four residential towers, more than 100,000 square feet of retail space, including a Whole Foods and 40,000 square feet of office space. The first tower to be built, named Stratus, will have nearly 400 homes over 45 storeys. However, it's SOLO District's location that is getting people excited about the future of Brentwood.

Says Bosa, "Our first SOLO District buyer on Saturday morning was a first-time homebuyer in her late 20s who had grown up in the area. Like many other buyers she knew the area well, saw the potential in the community and wanted to be a part of it."

SOLO District's proximity to public transit (SkyTrain) and the short, 20-minute commute to downtown Vancouver has also been very appealing to investors.

The next release is scheduled for sometime in the fall.