Polygon highrise in Burnaby attracts big crowd on first day of selling
Steven Threndyle
Sun
A neighbourhood rarity priced competitively created a first-selling-day lineup outside sales centre.
Low interest rates and prices, and relative rarity in its neighbourhood meant prospects were eager to get inside the Luma sales centre on the first day of selling.
Polygon will install GE appliances, clad in stainless steel, in the Luma residences. It has specific granite for kitchen countertops and marble for vanities. The sales centre displays (below) made the most of the building’s eventual lightin-the-sky function. A vertical blue LED light strip will run the entire building, from base to penthouse.
LUMA
Project Location: Kingsway and Sperling, Burnaby
Project size: 200 apartments and townhouses, 26-storey building
Residence size: 2 bed, 2 bath, 744 sq. ft. – 935 sq. ft.; penthouses, up to 1,164 sq. ft.
Prices: $354,800 – $699,000
Developer: Polygon
Architect: Buttjes Architecture
Sales centre: 6688 Arcola, Burnaby
Hours: 12 p.m. – 6 p.m., Sat – Thurs
Telephone: 604-871-9056
E-mail: [email protected]
Web: polyhomes.com
Occupancy: July 2011
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There is a giant hole in the ground at the corner of Kingsway and Arcola, right in the heart of Burnaby.
And in the wee hours of Saturday, Oct. 3, prospective purchasers of the homes that will rise from that hole in the ground started lining up around the block to put down a deposit on a condo in Luma, Polygon’s newest highrise project. It looked like 2007 all over again, as deposits were taken on over 100 units, which are scheduled for occupancy beginning in July 2011.
The target market is comprised of first-home buyers tempted by low interest rates, and purchasers are coming from Burnaby, Vancouver and Richmond, says Ralph Archibald, Polygon’s senior vice-president for sales and marketing.
“Luma will be the only new highrise in the area in the foreseeable future,” he says.
It is part of a neighbourhood that’s emerging between Metrotown and the updated Highgate Mall, along the SkyTrain route connecting Surrey, New Westminster and Burnaby with downtown Vancouver.
Polygon’s advance marketing and advertising promoted a number of suites for as low as $888 per month; definitely an attention-getter. Those 774-square-foot units were gobbled up quickly, but so, too, were the majority of two-bedroom/two-bath units ranging in size from 817 to 935 square feet, with 1,100-square-foot units on the penthouse floor.
Once completed, this 26-storey concrete highrise between Metrotown and Highgate Mall, to the east, will truly stand out — especially at night. The building’s signature feature will be a vertical blue LED light strip that will run the entire length of the building from the penthouses to the lobby.
One of the people in line was Dennis Eng, a sales manager for Telus Mobility. Eng had done his homework, looked at other properties in the area beforehand and wasn’t surprised that so many people were lining up to buy into Luma.
Eng has purchased condos for investment purposes before but this was his first-ever purchase for personal use. He was knocked out by the value that Luma offered compared to other listings in the area, which is beginning to emerge as an attractive suburban neighbourhood. “A few of the blocks to the east aren’t the greatest, but Luma’s location and price certainly looked like a great deal to me,” said Eng.
He found that comparably featured resales less than five years old were generally $40,000 more than the price points offered at Luma.
Indeed, “you have to go back about 20 or 30 years to find a resale for the same price as Luma. The older units are bigger, but they don’t have that nice open floor plan that newer buildings have.”
The presentation centre was buzzing with buying activity, so Eng put down a deposit on an 815-square-foot unit. “I didn’t even look at the display suite, but I was impressed by the open floor plan and general design of the unit.”
Designed by renowned highrise specialists Buttjes Architecture and sleekly modern and high-tech in every way, Luma is an example of Polygon’s commitment to excellence in home-building.
The use of rainscreens, concrete construction, and appropriate roofing and waterproofing are incorporated to keep the elements at bay.
Polygon’s “New Generation” building practices take into account everything from the building’s green footprint to a regular maintenance program. Each home includes a comprehensive 2/5/10-year third-party warranty in compliance with the Homeowner Protection Act.
Each floor has seven units, except for the penthouse, which has been split into four separate residences.
People interested in purchasing high-rise condos often wonder: “What’s the view like?”
Luma’s display suite features a Nintendo Wii-type imaging device, which allows prospective clients to see what the view will be like from each of the 26 storeys. The good views really come into their own from the fourth storey and up. To take full advantage of the views, floor-to-ceiling windows with energy-efficient glazing open out onto spacious patios, especially on the southwest, southeast, and northwest exposures. With each floor another new view opens up, looking below to Metrotown and right into downtown Vancouver, all of the North Shore, south to the Fraser River and east to Mount Baker.
Luma will feature a 2,000-square-foot fitness studio and a lounge for group social gatherings, as well as a garden courtyard on the ground floor. Indeed, extensive landscaping will be in place to ensure privacy from the high-traffic Kingsway corridor. Luma will also have a full-time resident manager who will instantly attend to any issues that might arise.
Kitchens feature granite slab countertops and full-height ceramic tile backsplash. Flat-panel cabinets with designer selected chrome pulls provide storage for pots, pans, dishes and groceries, and the GE appliance package — 30 inch slide-in gas range, energy-efficient dishwasher, 17.9-cubic-foot Energy Star refrigerator and built-in microwave — are kitted out in stainless steel. All units come equipped with a stacking washer and dryer.
Designer bathrooms have soaker tubs, imported marble slab countertops and backsplash, polished chrome fixtures and dual-flush water closets to conserve water. Oversized vanity mirrors are elegantly lit with recessed lighting. To create more privacy, the master bedroom and second bedroom are on opposite sides of the unit.
Despite having some experience buying real estate, this was Eng’s first experience with an opening day sale. His advice: “Do your research in advance and if you see something you like, be prepared to act quickly.”
In accordance with provincial law, all depositers have a seven-day “cooling off period” in which they can get their money back if they are having second thoughts about their purchase.
Polygon’s Archibald says that some buyer interest might be coming from people wishing to avoid the proposed HST next spring. “People who buy now will not pay the new tax,” he says. “Right now, we have a very good selection of homes priced under $400,000.”
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