Trade in Your “Crappy” Car for a New Condo!
By Lucas on Feb 04, 2014
Looks like Barry Lyon, veteran industry consultant, was right. We’re only in the second month of 2014 and already we’re seeing a number of big incentives being offered by builders and developers.
A number of builders and developers are offering payment plans for the first 5% that first-time buyers need, and in many cases, thousands and tens of thousands of dollars are being knocked off price tags.
Recently, TheProvince.com highlighted one of the most creative incentives we have ever seen. “With the rising popularity of car-free living, and the prevalence of car co-ops and car shares, My Gastown Developments and Key Marketing are hoping their innovative new Car for Condo program, launching this week, will help young people and young families get into the housing market,” says a press release, which is posted on InGastown.com
InGastown is a 61-unit condo in Vancouver featuring 501-square-foot condos with prices starting at $269,800, and you can own there if you have a “crappy” car to trade in. All you have to do is drive up to the InGastown presentation centre, get your car appraised, and whatever it is worth goes straight towards your downpayment! How awesome is that?
“For someone trying to get started in life and wanting to become a homeowner, taking a depreciating asset and literally turning it into an appreciating asset is a life-changing decision,” said Cam Good, president of Key Marketing.
In Vancouver, qualified buyers only require a 2% down payment, but they’re required to make monthly payments during construction until a total of 5% is paid. So, if your car is worth $5,000, you only need an extra $400 to put a 2% down payment on a $269,800 condo.
Not only is InGastown trying to get people to turn in their keys, the building won’t even have parking spots for residents! Each resident will automatically be signed up for a Modo Car co-op membership, and there will be two cars onsite.
The Car for Condo program is amazing for a few different reasons:
1) It adds density to an urban neighbourhood without creating more traffic.
2) It gets people walking and taking transit more.
3) People save money by not paying for gas, insurance, and maintenance for their cars.
4) Helps people afford the down payment.
Do you think any Toronto developers will take notice? We think it would actually be very successful here, especially with the amount of mixed-use developments underway in the downtown core.Car for Condo Kevin Newman Show January 31, 2014 from Key Marketing on Vimeo.
