What's on your list for a great neighbourhood? How
about plenty of walkways, useful community services and a healthy mix of
homes and businesses. We like the sound of that too! Through Verdant's
innovative pricing approach we are providing family size units at singles
UniverCity's four cornerstones of sustainability are: equity, environment,
education and economy. It is recognized that a wide range of housing types
are integral to establishing a diverse, equitable and lively community.
Verdant is designed to make this beautiful mountain top community affordable.
Vancity Enterprises Ltd. (VCE), with considerable experience in providing
innovative housing, has partnered with SFU Community Trust on this challenging
project to provide high-quality, energy-efficient market housing at below
market prices. Verdant has been designed with materials, construction and
finishes of equal quality to similar wood-frame developments at UniverCity.
The initial fair market value of each of the suites at Verdant has been
individually assessed by a registered appraisal company. This value minus
20 percent gives you the below-market sales price of each suite.
To maintain housing affordability for SFU's faculty and staff, Verdant
will come with an innovative pricing program which will allow owners to
purchase their residence at 20 percent below fair market prices, with three
key conditions: The first is that they will be living in the residence,
not purchasing to rent out; the second is that on re-sale, the residence
must be sold at the same percentage discount below then-current market
prices. Yes, purchasers will still be able to benefit from any price appreciation
- it just means that they will start at a price below market and then,
if they sold, resell at a price that is also below market. The third is
that the residence will first be offered to SFU faculty and staff with
children before being offered to the general market.
In the future, and for the term of the 99-year ground lease, when purchasers
decide to sell their suite, they will first have to have their suite re-appraised
to the then-current market conditions. The same 20 percent below-market
discount will then still apply. This allows a return on the initial investment
just like any other real estate purchase, and the re-sale control agreement
ensures that affordability relative to market is maintained for the community
and that savings will be passed on to subsequent owners.