Condo project on track

Staff ~ The Amherst Daily News
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AMHERST - The developers of the Town of Amherst's first condominium project made the right choice when they decided to hold off on promoting the project during the winter months.
Les Carrie, of Excel Real Estate Inc., said the decision was made when the economy started on a downward slide.
"We had the great big financial fluff and there were a lot of people concerned about getting their homes sold. We held a few focus groups over the winter with those people already registered for the project and battled some weather issues, so those made us think it wasn't a good idea to push the project in the winter months," he said during the final day of the 20th annual Home, Lifestyle and Leisure Show hosted by the Amherst Y's Men and Y's Menettes.
"Then the real estate market rebounded quite strongly from a low across Canada, although it wasn't too bad in this area.
"We're fortunate to say we haven't lost a single person because of that and they're still as excited about the project as they were."
The Terrace, to be located at 155 East Victoria St., was launched last fall when the town approved the project despite many residents in the community voicing their opposition.
"We had some good numbers in the fall of people registered and with deposits made," Carrie said, adding the project sits at 45 per cent of units reserved.
When 75 per cent of the units are reserved, Carrie says that's when ground will be broken.
"We're hoping to be able to do a spring delivery, with a fall start," he said.
With the many visitors to the show expressing an interest to the project, the developers will hold a number of focus groups with the hopes of getting nearer that 75 per cent needed before construction can start.
"We were a little concerned about what the turnout might be at the show, but we've been quite pleasantly surprised. A lot of residents had been watching over the months to see what was going to happen, so they came out to see us here."
With space rented in downtown Amherst for the Terrace's showroom, Carrie says they're still trying to assess whether they should open throughout the summer or wait until September, when those that go away for the summer are back.
For more information about the Terrace, visit www.theterrace-amherst.ca, or call 1-877-443-2242.

rtetanish@amherstdaily.com

Organizations: Excel Real Estate

Geographic location: AMHERST, Canada

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Recent comments

  • Bob
    January 18, 2010 - 11:09

    hmmm the promoters make it sound so rosy!! 45%!! only a couple more years and you'll get that dream apartment!

  • nofreebee
    January 18, 2010 - 11:06

    Great idea would not mind moving into Amherst BUT if the place is run no better than their web site (old news is not good news) let's do an update guys. Also I would have to agree with Bob and the Guy from Amherst does smell a bit like the Steve Miller bands song Take The Money and Run.

  • guy
    January 18, 2010 - 10:48

    I am doubting the project will ever actually happen, and... maybe the contractors know this. There is probably some contractual obligation the 45% have as a non refundable deposit. I expect the numbers to get around 60% and then the plug will be pulled. Also will tell you the profit margin on the project if you know the projected cost. They arn't going to start until they are sure of a certain profit. And if and when they are done, the company will be gone like a f*rt in the wind with the townspeoples money. Its my understanding that this is not an amherst company. I beleive semi large projects like this should be given preference to local companies. Keep Amherst money in Amherst, not halifax or moncton. Helps sustainable growth.