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[Downtown Victoria] View Towers | 19-storeys | Built in 1960's

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#321 UDeMan

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Posted 23 February 2017 - 02:18 PM

if you watch BNN, all the REITS are on the hunt for rental units.

 

It's possible that View Towers is in the process of being sold.  It would be a bonus for the REIT if the units are empty.  Many of them have business models that buy up older units, fix them up and increase rents.

 

The REIT might even prefer if the building is half empty, it allows them to renovate faster and increase rents faster.

 

Take a look at Canadian Apartment Reit.  over 30,000 units across Canada.  Always have to add new units to increase growth.


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#322 VicHockeyFan

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Posted 23 February 2017 - 02:29 PM

^ Interesting take...


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#323 Mike K.

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Posted 23 February 2017 - 03:20 PM

There are REIT's actively looking for concrete rental properties in Victoria, willing to pay top-dollar. View Towers, however, is not for sale. The owners are not known for shedding property.


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#324 VicHockeyFan

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Posted 23 February 2017 - 03:23 PM

There are REIT's actively looking for concrete rental properties in Victoria, willing to pay top-dollar. View Towers, however, is not for sale. The owners are not known for shedding property.

 

 

Everything is for sale at the right price.


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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#325 Mike K.

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Posted 23 February 2017 - 03:26 PM

Yup, who knows. They've got a prime piece of land adjacent to the building, too.


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#326 shoeflack

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Posted 23 February 2017 - 03:27 PM

Everything is for sale at the right price.

 

It's true. Baptist Housing was toting the staunch "Central Care Home is not for sale" line right up until they sold it.


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#327 VicHockeyFan

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Posted 19 April 2017 - 06:48 AM

So there has been some online chatter the last 2 days about vacancies here.  Consensus (online and from 2 friends I know that live there) says it's 1/2 or maybe more empty and even as suites are cleaned up and ready, no new intakes are happening whatsoever.  So that could be 200 empty units.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#328 Mike K.

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Posted 19 April 2017 - 06:54 AM

Right. And folks who have an arms reach relationship with the firm say that they themselves have no real clue as to what's going on.

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#329 jonny

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Posted 19 April 2017 - 07:42 AM

So, the owners are either bat **** crazy or the building is for sale.



#330 Nparker

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Posted 19 April 2017 - 07:44 AM

So, the owners are either bat **** crazy or the building is for sale.

A little from column A and a little from column B perhaps?



#331 VicHockeyFan

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Posted 19 April 2017 - 08:23 AM

I'm leaning to column A.  The woman owns thousands of units, and she personally phones into tenancy arbitration hearings.  That's just odd.  Might save her a few bucks.  Meanwhile, 100+ empty units is costing her as much as $80,000/mo. or more.  Frank Elsner never leaves that kind of money on the table each month.


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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#332 jonny

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Posted 19 April 2017 - 08:35 AM

Yeah, some people are just dumb. There is plenty of under-utilized real estate in this city alone that has been passed down to children who don't have a clue / don't care.



#333 Linear Thinker

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Posted 20 April 2017 - 06:06 PM

Maybe the owners are waiting for BC Housing to make an offer?



#334 Nparker

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Posted 20 April 2017 - 06:21 PM

BC's largest low barrier shelter.
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#335 Sparky

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Posted 20 April 2017 - 09:18 PM

Maybe the owners are waiting for BC Housing to make an offer?

Maybe they already have.


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#336 jonny

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Posted 21 April 2017 - 07:53 AM

What a terrifying thought.



#337 Nparker

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Posted 21 April 2017 - 07:54 AM

What a terrifying thought.

And entirely plausible.



#338 Mike K.

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Posted 21 April 2017 - 02:36 PM

Margaret Lucas today on CFAX confirmed that the City has asked the landlord several times to re-instate the units onto the market. Each time they were met with a no, and that the (2014?) fire was the reason.

 

For what it's worth, View Towers is also no longer renting out parking spots.


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#339 shoeflack

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Posted 21 April 2017 - 02:40 PM

Curious.

 

Time for a Citified undercover exposé? I know some of the guys at RJC did some engineering work on the building; maybe they have some insider info.


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#340 Rob Randall

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Posted 21 April 2017 - 02:50 PM

Just looking at the Fort Street side it appears at least 3/4 of the suites are empty, ie: there's nothing on the balconies and no signs of habitation inside.



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