Solo sells out first 200 condos in two days

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The first 200 condo units in Appia Developments' Solo District sold out in two days despite media reports of a cooling real estate market.

When completed in early 2015, the first residential tower, the 45-storey Stratus, will include almost 400 homes at the corner of Lougheed and Rosser Avenue. Additional units will be released for sale in the fall, with the date and numbers still to be determined.

Before sales opened on July 21, previews of the sales centre attracted thousands of people who waited up to two hours to see the show suites.

"We quickly realized that community demand was there and that people wanted to start buying," says Jim Bosa, president of Appia Developments, in a press release. "We decided to release a few homes as an introductory release and we've had an excellent response. We've sold out our first release and we're also oversubscribed for the next round."

Prices started at $229,900 for a junior one-bedroom, $289,900 for a one-bedroom,  $389,900 for a two-bedroom and $679,000 for a three-bedroom.

"Our first Solo District buyer on Saturday morning was a first-time homebuyer in her late 20s who had grown up in the area," Bosa said. "Like many other buyers she knew the area well, saw the potential in the community and wanted to be a part of it."

The overall Solo project will comprise four towers ranging from 38 to 55 storeys, and totalling about 1,400 homes at the southwest corner of Lougheed Highway and Willingdon Avenue. It will also be home to more than 100,000 square feet of retail space, including Burnaby's first Whole Foods store, and 40,000 square feet of office space. It's located kitty-corner from Brentwood Town Centre and Brentwood SkyTrain station.

wchow@burnabynewsleader.com

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