383 replies to this topic

[VicHockeyFan]

Whatever you say, Sid Tafler!

You can also see the units that have no drapes. Something is up.

[shoeflack]

If all of these units are in a permanent state of renovation, does it make "reno-victing" easier? As in, because they technically don't have any livable units available, it's easier to kick people out of the building entirely?

[VicHockeyFan]

Hmmmmmm that's an interesting angle.

[VicHockeyFan]

I'm just not sure then why you'd leave any units tenanted.

[Nparker]

You can also see the units that have no drapes. Something is up.

Or in the case of the drapes, something isn't up. 

[Bingo]

If all of these units are in a permanent state of renovation, does it make "reno-victing" easier? As in, because they technically don't have any livable units available, it's easier to kick people out of the building entirely?

 

It the 45 year old+ buildings are going to be empty why not demolish them and start again?

After all we are talking about replacing the Crystal pool which is of a similar vintage.

[jonny]

Purely speculation, but if they were looking at a big "renoviction", it maybe makes sense to have fewer tenants when the renoviction notice drops.

 

It is possible to have wide buildings that look good.

 

[Mike K.]

My gut feeling is they are looking to get rid of every tenant in that building. Once that's accomplished they'll launch a full on, major remodelling of the building and will transform it into semi-luxury rentals.

[VicHockeyFan]

I guy I know that lives there says there is pretty much nobody living beloe the 9th floor, but he does not know what their strategy is.

[Nparker]

My gut feeling is they are looking to get rid of every tenant in that building. Once that's accomplished they'll launch a full on, major remodelling of the building and will transform it into semi-luxury rentals.

That's going to have to be one helluva remodel.

[jonny]

Something is up, for sure. Either they are planning on doing major work or whoever owns the place has lost their marbles. Any reasonable person would have their building rented 100% in a market with a 0.5% vacancy rate. This isn't rocket science or even hard work. Hiring a property manager takes no time at all and then you would just watch the rent roll in.

[Rob Randall]

Once that's accomplished they'll launch a full on, major remodelling of the building and will transform it into semi-luxury rentals.

 

Impossible from a marketing perspective. Unless they pull the trigger on phase II and build a new mixed use project on Fort Street. But I don't see that happening with these owners.

[VicHockeyFan]

I think these owners have simply lost their marbles.

[Mike K.]

These guys are not hurting for revenue. They know where the market is and where it's going. They have nothing but time on their hands.

 

I've seen 1960's-era office buildings restored into luxury residences in other cities. Given the right 'tune-up,' View Towers could be remodelled into something spectacular.

[VicHockeyFan]

Still seems odd to forego $80,000/mo. in rental income while you are getting your act together.

[shoeflack]

They've got a great case study in The Wade to watch if they do in fact want to convert this building to higher end living.

[VicHockeyFan]

They've got a great case study in The Wade to watch if they do in fact want to convert this building to higher end living.

 

It already has all that's needed for apartment living, I'm sure they could just go unit to unit and gut it, and replace kitchens, bathrooms etc.  The only thing they could not likely do is add in-suite laundry (easy to add dishwashers).  But they could make the laundry rooms very deluxe and secure if they wanted to.  

 

When you can do three loads at once in one machine, with a smart-card, suddenly the laundry room wait does not seem so bad.

 

 

 

[Nparker]

...The only thing they could not likely do is add in-suite laundry (easy to add dishwashers).  But they could make the laundry rooms very deluxe and secure if they wanted to. When you can do three loads at once in one machine, with a smart-card, suddenly the laundry room wait does not seem so bad.

I would never even consider buying into a building that didn't have in-suite laundry. That's a total deal-breaker for me. I might consider communal laundry in a rental situation but there had better be a laundry room closer than 18 floors below me. 

[VicHockeyFan]

I would never even consider buying into a building that didn't have in-suite laundry. That's a total deal-breaker for me. I might consider communal laundry in a rental situation but there had better be a laundry room closer than 18 floors below me. 

 

Well, VT will never be a condo.  But it can be a deluxe rental.

[Nparker]

Well, VT will never be a condo.  But it can be a deluxe rental.

Semi-deluxe without in-suite laundry.