I just stopped by the presentation center to see if I could find out any more info about the 20% cash back offer. It is for Parade 1 and only available on March 28th according to the sales agent. The units that will be part of this offer are apparently undetermined and they will be decided upon at a closer date. I asked if he could show me floor plans and a price list for the condo. He said that they won't give out price lists. I then asked if I could have a list of floor plans. He told me I would be overwhelmed and confused if I saw it... At this point I wasn't too pleased with how I was being treated. He then tried to assure me that they are doing fine with sales and that "over 8000 units have been sold". I told him that the majority of those sales were during better times, wished him Good Luck, and headed on my way home.
Overall, a bad experience... But the ladies at the front desk were cute!
Unfortunately, that's how they do business at Concord. Good thing you were able to extract from them that they are selling Parade I. It's likely that the 20% off applies only to the overpriced Grand Parade I. I've seen the insane pricing of Grand Parade I and it started 450K of 1B+D and 600-700k for SE and SW corner units. I doubt a lot of those got sold back then.
Here's a typical Concord protocol (based on 2007 and 2008 VIP events)
- Realtors attend bullpen meeting a few weeks before VIP
- Realtors are briefed about VIP and given reservation forms and limited copies of floor plans
- Estimated pricing is also provided but it's a ballpark figure
- Realtors submit reservation forms (pick 3) a few days before VIP date
- On VIP day, buyers arrive with realtors. No realtor, no sale.
- Concord HQ in Vancouver sends final pricing on day itself, per Concord employee (I doubt it though)
- Big time realtors get first dibs. Their clients top picks gets reserved.
- Concord folks call on other realtors and present them the unit assigned to their buyer (based on pick-3, usually the 3rd least desired unit on the reservation form)
- Realtor to "convince" buyer to sign the agreement, just so the buyer has a unit permanently reserved
- Unsold units go into a "basket". A controller keeps tab of the basket. Unsold units from past VIPs also added but pricing adjusted.
- Realtors inquire on what's left in the basket and inform their buyer
- Some buyers want another unit either as a 2nd purchase or to replace the first unit bought earlier
- Process repeated for 3-4 rounds
Personally, I find the practice a bit manipulative, but just like car dealers, they exist to make money.
