Master-planned communities

Most of us would agree that in an ideal world, we’d love live in style, be a friend to the environment, and live as close to as many conveniences as possible. Well, it may not be the perfect ideal world for everyone, but the master-planned communities popping up all over Greater Vancouver come pretty close. For the residents who live there, it creates the healthy social and active lifestyle of a small town, with easy and quick transit access to all the economic opportunity and culture the “big city” has to offer.

These innovative and ambitious new developments are primarily located at transit hubs and have been praised for being emblematic of forward-thinking urban design.

A recent Seattle Times headline asked readers, “Is this the future of Seattle transit? A look at Vancouver, B.C. — a city that figured it out years ago.” What is being referred to is our region’s Transit-Oriented Development Plan, which has spurred unprecedented development along existing and future transit lines, bolstered by novel public/private investment in creating new public amenities and spaces, as well as new transit stations.

“Having one developer with an overarching vision for the master-planned community allows for cohesive design and a strong sense of place-making,” says Dan Wilson EVP, Development, Shape Living. “Both the Amazing Brentwood and the City of Lougheed utilized the planning and design expertise of world-renowned James KM Cheng Architects to help develop a vision that would evolve and thrive for many decades to come.”

Since these large and multi-phase projects are years in the making, if you decide this modern lifestyle is for you, you may wonder when to buy in and what you should be aware of when the community doesn’t even exist yet.

Taking that “leap of faith” into a developer’s vision that hasn’t broken ground yet can be daunting, but it can also reap some great rewards in terms of appreciation, says realtor and condo expert Steve Saretsky. But as with everything in real estate, timing is important.

“I think master-planned communities offer a good opportunity to first movers, although sometimes at the [upward] end of the [real estate] cycle, the market can overprice these developing areas, which when buying pre-sales, brings on added exposure when prices correct.”

With two immense master-planned communities being currently built in Brentwood and Lougheed Town Centres, Wilson says, “The greatest benefit of getting in right at the beginning of a master plan is that it presents the greatest opportunity for long-term appreciation. Shape is including many flagship features in the early phases of our master-planned projects to create value from the beginning.”

Another benefit is choice. River District by Wesgroup is a large master-planned community on the Fraser River in South Vancouver and has many different home options, from midrise to townhome. Says Wesgroup’s Brad Jones: “At the beginning, more options are available in terms of home choice. This would be the greatest opportunity to choose where you would like to be situated in which building, whether that looks like waterfront views or a street entry. Getting in at the beginning of the development gives you and your family a chance to grow with the community.”

The second phase offers different opportunities and considerations, says Wilson. “The benefit of waiting for a master-planned community’s later phases, is the ability to take advantage of the project’s amenities and features immediately. However, there is a major premium for buying when everyone can openly see the value of the project. For our residential projects to date, our early adopters were the greatest benefactors of home appreciation.

“Spending a little extra time understanding the future vision of a master-planned community before it is built and committing to a pre-sale purchase could mean the difference between being able to afford a home before it’s built and being priced out of the opportunity after it’s built.”

Jones agrees. “At River District, people are buying into the value of community living. With parks and recreation just steps away, along with a growing set of retailers such as Save-On-Foods, Starbucks and eateries like Romers Burgers and Sushi Mura, the area will provide residents with amenities that contribute to the vibrant and social community Wesgroup is passionate about creating.”

Saretsky sums it up with some good advice for any real estate transaction. “Buyers should do thorough due diligence.”

Other master-planned communities in the region include the redevelopment of Oakridge Mall by Westbank; the Seylynn Village community by Denna Homes in North Vancouver; Concord Pacific’s Brentwood; UniverCity and Fremont by Mosaic; Tsawwassen Shores by Aquilini Development.

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