Introducing Komo - Your Gateway to Opportunity
West Coquitlam, a vibrant neighbourhood in British Columbia, is quickly emerging as one of the most active pre-sale markets in the Greater Vancouver area. With an array of exciting projects in the pipeline, one development that stands out is Komo by Strand, located in the heart of West Coquitlam.
Strand, a reputable developer known for its thoughtful master vision, has already achieved great success with its previous projects in West Coquitlam. The Oaks, consisting of three phases, and Alina, which achieved over 95% sold in less than 1 year from launch, are testaments to the allure and potential that this area offers. Building on this success, Strand is now introducing Komo, the eagerly anticipated second tower adjacent to sister tower, Alina on Tyndall Street.
Komo is set to be a striking 29-story tower offering 250 beautifully designed homes. These homes include one, two, and three-bedroom options, all boasting the same calibre of finishing quality and efficient floor plans that have become synonymous with Strand's developments. One of the standout features of Komo is the signature rooftop Sky Spa amenity, which has garnered significant popularity among buyers.
The timing of Komo's release is impeccable, considering the current market conditions in West Coquitlam as the inventory levels are relatively low, making it an opportune moment to introduce a new development. The spring season has brought strong market conditions, creating a favourable environment for Komo's launch.
Initially planned as a limited release with early purchase opportunities offered to past purchasers and realtor partners who supported Strand's previous West Coquitlam communities, Komo has garnered considerable interest from the broader market. The initial release of homes sold out quickly, generating incredible demand. As a result, Strand has decided to release additional homes, with a public unveiling of this next phase scheduled on June 24th from 12 pm – 3 pm at the Strand Presentation Centre located at 657 Clarke Rd, Coquitlam. Event attendees will have access to exclusive limited-time incentives. Additionally, Strand is offering a limited-time purchasers' incentive of up to $15,000, with homes starting at $549,900. RSVP is required to reserve a spot. Refreshments will be provided with door prizes for the first 50 guests.
West Coquitlam’s Active Pre-Sale Market
The market has experienced a notable resurgence, driven by positive developments in the inflation and rate environment. This newfound stability has instilled confidence in buyers and has resulted in a shift toward a seller's market.
The recent stability in West Coquitlam's market has led to price appreciation, with the benchmark price of pre-sale condominiums in the area rising by 3.7% over the last quarter. Although interest rates remain elevated compared to previous years, they have stabilized, attracting buyers who are enticed by perceived bottom prices and predictable financing costs. As a result, the market has seen a significant increase in buyer interest, leading to a sales-to-listings ratio of 53%, indicating a seller's market.
One of the factors contributing to the heightened demand is the limited supply of available units. Currently, West Coquitlam offers seven concrete and seven wood frame actively selling presale condominium developments, providing a total of over 480 units. The relative lack of recent launches combined with increased buyer interest has resulted in higher absorptions for existing programs. Sales centers have reported 70-90% increases in foot traffic, reflecting the growing demand in the area.
Developers in West Coquitlam have gained confidence from the positive performance of existing programs, leading to an upcoming surge in supply.
According to the internal MLA Advisory team, they forecast 2,741 units to be available on the market over the next 6-12 months, with a total of 10,095 units expected over the next 3-4 years. This influx of supply indicates a promising future for the pre-sale market in West Coquitlam, making it an attractive opportunity for real estate agents and investors.
Ultimately, Komo by Strand is an exciting addition to the West Coquitlam pre-sale market. With its prime location, impeccable design, and the success of previous projects by Strand, Komo is poised to be a sought-after development. As the West Coquitlam market gains momentum and offers a variety of options for buyers, it solidifies its position as a promising destination for those seeking a vibrant and thriving community to call home.
For those interested in exploring Komo further, the project website ownkomo.com provides detailed information about the development and access to information for a glimpse of what Komo has to offer.
Strand, the developer behind Komo, has a strong track record in delivering exceptional communities. More information about the developer and their other projects can be found on their website.
