Saskatoon’s River Landing Village now for sale, construction to begin soon
I received this email today stating that the title issues we previously heard about that were holding Lake Placid back on the River Landing Village project have been resolved and that construction will begin “as soon as changes are complete.”
Dear Norm,
“The legislation needed to move forward with two of the biggest private developments in the province, both slated for downtown Saskatoon, was passed this week.”
We have very exciting news! We are now offering the Residences at River Landing Village for sale! For those of you that have reserved a unit, this is your opportunity to make that unit yours with a 10% deposit. If you have not reserved a unit we encourage you to visit our sales centre, as we have many great suites still available. Please call Richard or Gail at (306) 683-4350 to make an appointment.
As you may know, we have experienced delays due to the current land titles act. As you can see in the quote above from the Star Phoenix, we have overcome these issues. In simple terms, the Government is going to allow multiple strata’s (owners and users) on a single title (parcel of land). We are very excited about this progress, and we will begin construction as soon as these changes are complete.
We hope to hear from you soon and encourage you to visit us, as suites are selling quickly!
Sincerely.
Lake Placid River Landing
The River Landing Village website is here.
I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.
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Norm Fisher
Royal LePage Saskatoon Real Estate
11 comments so far. We'd love to hear your thoughts.
May 6th, 2009 at 8:57 AM
I heard the suite in Residences of River Landing is sold out last fall when they hit the real estate market. Is it true? Why does they have more suite to sell right now:
May 6th, 2009 at 10:08 AM
Hi Jason,
My recollection is that they opened a “sales centre” and took thousand dollar refundable deposits on units. At the time, I think they had someone step forward and “hold” all of the units on the river side.
Looks like they are now asking these people to cough up 10% to firm up their deals.
May 6th, 2009 at 10:15 AM
I believe that was only the first phase that they made available (I couldn’t say how many phases there are). It sounds like you still have the option to reserve a unit (as opposed to placing a 10% deposit on one).
May 6th, 2009 at 10:25 AM
From my understanding they had a huge response in Oct and now able to close the reserved suites. I remember seeing the lineup just to get into the show suite in Oct.
I talked to a sales person and he said they have held back some suites for another sales event at the end of June. They still had some really nice suites available that he showed me that have come available with people moving to higher floors. The touch screens they have that show your river views are incredible. I can wait to see this project go up.
May 6th, 2009 at 11:35 AM
I have always felt that if this is built, things here will be ok. Across Canada, there are quite a few condo developments postponed or cancelled. But here in Saskatoon, these developers are going ahead. And I am sure, (I hope) they have looked at all the possibilities of our economic future here and are betting on a good future. Cause this is no Mickey Mouse development. And I think all would be upset to see a half built concrete tower in which the developer went bankrupt or lost financing like in over 1000 developments across North America.
There are many pro’s to this development. Many jobs will be created during construction and after. More condo units which will lead to lower condo prices throughout the city which improves affordability for buyers. And finally we have something for the south downtown after 25 years.
May 6th, 2009 at 12:21 PM
George, I think it depends entirely on how many people are still actively speculating on these type of projects, don’t you? I would assume development will not be complete this year, so anyone who buys a unit with a non-refundable deposit has to depend on both the price remaining constant (or higher) and their pre-approved financing remaining in-place (and at the same interest rate). And yes, it would be great to see it go ahead. Still, I can’t help but think that we’ve already reached the saturation level for condominiums in Saskatoon.
May 6th, 2009 at 1:07 PM
Tim,
They did have a huge response but a $1000 refundable deposit isn’t much of a commitment. That said, I think this project has great potential and the river setting will give it a huge advantage.
The “views” are also available on their website. Click residential to see the option.
May 6th, 2009 at 1:17 PM
Jason,
There will be speculation here no doubt but less compared to if this was ready for sale 07 or 08.
I am with you on the condo market saturation. But I really believe many of the conversions will find their way back into the rental market. This has happened pretty much all over NA, and it is not different here. Many will be unwanted landlords. That will clear much of the inventory. River Landing is pretty much a one of a kind place in Saskatoon and will sell out, maybe in a month, or maybe it will take a year with a few price drops. I would be betting closer on the latter.
May 6th, 2009 at 4:16 PM
George, true. I agree with your assessment that many of these “conversions” will find their way back to the rental market. This will, in-turn, bring rents and the prices of condominiums down; all good in the long run. I agree the River Landing is a unique project. That being said, whether they secure financing and complete it before the housing market corrects further and interest rates increase remains to be seen.
May 6th, 2009 at 5:02 PM
Jason,
There was something in the news weeks ago saying that financing had been finalized and that the only remaining hook was being able to strata title a single parcel. If I recall correctly their agreement with the city says they have to start construction in June sometime (they’ll have to make payment for the land before that) so I guess we’ll know soon enough.
May 6th, 2009 at 5:10 PM
Jason
If you have read in the paper last week the ceo of Lake Placid said he has secured financing on this 200m project which is unreal in this economy.
River Landing will bring the prices of condominiums up as people are paying top dollar. I own a condo downtown and this is great news for me what they are getting. I only assume they will continue to appreciate in value as Albertians are flooding into Saskatoon.