Question: Patrice, how does a developer decide on what common areas to have in his project?
It goes unsaid that if you ask a buyer, do you want this, do you want that, do you want a pool, you want a gym? Everyone will say yes to everything. The question to ask is: “What common areas are you willing to pay for and maintain?” Because if we add 8 swimming pools, 3 gyms, etc., it will increase the purchase price of the condo, increase the cost of maintenance, as well as the monthly condo fees. We ask around and pass surveys to our various markets, to various buyers that are interested in our projects and we come up with a product, an offer that meets exactly what the majority requests, and what the majority is willing to pay for.
Just a tip from Pat!
Patrice Groleau , owner & certified real estate broker
Patrice Groleau was born and raised in Quebec. He completed a Bachelor’s degree in human resources at the Université du Québec à Montréal, as well as a graduate degree in Entrepreneurship at the Université de Sherbrooke and in Advanced Project Management from McGill University in Montreal. Patrice Groleau obtained licenses in Risk Management from the Université du Québec à Montréal and Canadian Securities from the Canadian Securities Institute, as well as a Real Estate Agent degree and a Chartered Real Estate Broker’s & Agency Excecutive Officer (AEO) degree from the Collège de l’immobilier du Québec.
Member of the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) and of the Greater Montreal Real Estate Board, Mr. Groleau also has a solid background in finance, having worked for several major financial institutions.