Abbotsford development sells out first phase

The $250-million mixed-use development in the downtown core sold out initial phase in less than a day.

The first phase of a $250-million mixed-use development in Abbotsford sold out in two-and-a-half hours.

The first phase, named Hudson’s Loft, consists of a six-storey building of 67 homes with a combined value of $18 million. The project is designed to augment the downtown core in Abbotsford with upscale shops, fresh-food markets and restaurants.

Hudson’s Loft has relied on an aggressive financial incentive to drive sales. The payment strategy opens up the real estate market to buyers who haven’t started saving for a down payment.

Under the program, Hudson’s Loft buyers build up their down payment while the developers build the project. Buyers can purchase at Hudson’s Loft with as little as five per cent down and can pay that five per cent in monthly installments over the next 24 months starting at $200 per month.

At the end of the two years, buyers will have a five per cent down payment saved up and the developers, Diverse Properties and the Wiebe Group, will match this five per cent down payment, giving buyers a total of 10 per cent down when they move in.

The payment strategy works for parents helping their kids buy their first home, as well as down sizers, renters wanting home ownership, and investors looking to buy multiple units.

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