Update: As of January 16th, I’ve just received floor plans and pricing for the freehold townhome units now available for sale. Contact me for full details.
Having launched sales in November 2016, Indigo Estates by Eden Oak is Collingwood’s latest new home subdivision. The project is currently in a pre-construction phase with first occupancies expected in June to September 2018. With clients interested in this project, I’ve had a good chance to fully explore the pros and cons but more on that in a moment.
The site is located in the south end of Collingwood near the corner of Hurontario St (County Road 124) and Poplar Sideroad. It’s well located close to schools, parks and is about a 10 minute walk to the downtown core. Upon completion, the site is approved for about 378 units including a mix of single family and town homes. The first phase of 100 single family homes is now in the sales phase and at the time of writing, is already close to 70% presold.
The current phase includes bungalow and two storey, single family homes on a choice of 36’, 46’ or 56’ serviced lots with base house prices ranging from $400,900 to $664,900 and with sizes ranging from 1435 sq ft to 3192 sq ft. All of the homes in this phase include full, unfinished basements and double car attached garages. Walk-out basements are available on a limited number of lots for an additional cost and, lots backing onto parkland or the Hamilton Drain trail attract a premium charge.
The plan includes 120 townhomes expected to be released for sale soon. As Collingwood has a very limited number of freehold townhomes and, as affordability is a key features for home buyers, I would expect these to be very popular if the price points are appropriate to the product.
- I think this is a well located project and the developer, Eden Oak, has a successful track record in our area. Based on sales to date, the project is being well received by the public as close to 70% of homes are already presold.
- I find it interesting that the best lots, which attract a premium charge, are not sold whereas the lowest priced homes on the smallest lots are the first ones sold out. This suggests to me that either buyers are being very price conscious or, a large percentage of the buyers are investors planning to either rent out homes or flip them before or after possession. As with most new home subdivisions, there is generally high resale activity in the first few years following completion for this reason.
- The choice of locations is important in this development due to the location of the school and main roads. If buyers are sensitive to traffic, there are locations I would consider to be better than others.
- There are some details in the agreement of purchase and sale that buyers should take specific note of as they can affect the bottom line of dollars they’ll spend on closing. There are always added and sometimes unexpected additional costs that buyers are responsible for. In some cases, the builder may be willing to negotiate caps on some of those costs if the buyer knows to ask.
- Since the projected closings are still 18 months out, the builder has not determined all of the construction details and this is perhaps the most challenging aspect of buying in the development at this stage. Some basic questions such as basement height, size of basement windows, type of hardwood (solid vs engineered), cost of upgrades and specifics on fixtures and finishing couldn’t be answered at this stage. In other new home developments in the area, these questions can be answered since they are already into the construction stage.
Contact me if you would like to be represented in exploring this development and require more details on options, packages and deposit structure.