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BC  

Cheap condos cause frenzy

Brand-new condos for less than $100,000 caused a buying frenzy in Surrey, Saturday.

The micro-suites in the 35-storey Evolve tower at 133rd Street and 103A Avenue attracted a lineup of hundreds of eager investors.

Three hundred homes worth about $70 million were sold in an hour-and-a-half-long rush that resulted in a few arguments and heated exchanges among the crowd.

“You don’t see that under $100,000 every day,” said Curtis Honey, who drove from Edmonton with his brother to pick up a 316-square-foot micro-suite.

“It is pretty small, but I think there’s ways to work around it and maximize the space," he told CTV.

Young buyers are interested in trading space for financial freedom, according to Platinum Project Marketing.

“If your payments were $600 a month with all of your maintenance and everything inside and included, then you’d be able to have more money for life,” said spokesman Bill Morrison. ”We’re finding, especially with a younger group of buyers, they don’t seem to collect as many things as older buyers do.”

Out of 406 homes, about 80 were microsuites – most were gone by the end of the day. The cheapest was listed for $93,900.

The tower is going up in Surrey’s West Village, which is expected to become a major hub for the city in coming years. More than 2,800 homes are forecast to be built there over the next seven years.



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