2679 replies to this topic

[Janion Fan]

Anybody noticed the $1300/sq ft listing (unit M12a)? 308 for $399,000. 15sq ft of that is balcony. Must be the reason for the $300sq ft premium 😊.....who's getting silly/greedy, owners or realtors? i.e. are these asking prices being suggested by the pros or tested by the owners? No harm in trying I guess but, seriously, $1300/sq ft?!

[jonny]

Does the average buyer even look at $/sqft? I know we didn't. We looked at what we could afford with the features we wanted. I know now that we paid $472, but didn't consider that into our purchase decision.

[VicHockeyFan]

Does the average buyer even look at $/sqft? 

 

No.

 

And the Janion might be a special case.  If things go well for this unit, a rich person buys it for the odd weekend retreat.

[Nparker]

...And the Janion might be a special case.  If things go well for this unit, a rich person buys it for the odd weekend retreat.

The price/square foot is pretty irrelevant here; just up the nightly rate on AirBnB and all is fine. The percentage of owners for whom the Janion is their primary residence is pretty small.

[Szeven]

From the people I've talked to the average monthly revenue after fees going with an Airbnb rental manager is 1900/month. On 300k if you factor in taxes etc I think they are pulling in around 1500/mo, or 6%. If they really do change the short term rental rules those people will who bought recently will be sitting on huge mark to market losses, but I'm not sure that has any real chance of passing.

[Nparker]

... If they really do change the short term rental rules those people will who bought recently will be sitting on huge mark to market losses...

More stringent STR regulations are unlikely to affect the Janion even if the CoV implements them, since this property is already zoned for transient usage. The biggest change the private hotel operators here will likely have to contend with are remitting hotel tax and declaring their income to the CRA. I am sure these costs will be recouped by increased AirBnB rates.

[VicHockeyFan]

^ The City is talking about a sweeping downzoning though. Which I also think won't pass.

[thundergun]

Any updates on the plaza or commercial tenants? This building really should be fully complete (not necessarily tenanted) by now, right?

[thundergun]

Went by here the other day and the plaza appears to be complete, although lots of fencing up around the bridge construction area.

One commercial space, closest to the bridge, appears to be leased. The remaining spots are all still available for lease.

[Gary H]

Another space fronting Store St. is also leased.

 

Edited by Gary H, 27 July 2017 - 12:40 PM.

[Nparker]

...the plaza appears to be complete...One commercial space, closest to the bridge, appears to be leased. The remaining spots are all still available for lease.

 

Another space fronting Store St. is also leased.

We need some of Gary's amazing telephoto shots of the completed plaza.

[Mike K.]

Interesting. Any hint as to who it might be?

[JanionGuy]

A couple of photos of the new plaza from 2 weeks ago.  The plywood on the ground is covering the holes where trees will be planted.  I must say, it's gonna be nice!

 

 

[Gary H]

And here are a few from today.  There are a lot of round LED lights in the plaza pavers aimed skywards.  I imagine they'll be used to light up the trees, should look great.  

 

Also, is it just me or are those new signage letters on the Swan Pub looking super tacky?  Reminds me of the WAFFLE HOUSE roadside dinner signage.  I included a pic of what it used to look like.  

 

 

 

 

 

 

 

 

 

Edited by Gary H, 28 July 2017 - 12:28 PM.

[Nparker]

When you include the MUP coming off the new bridge that becomes one very large plaza for this part of town*. I hope, in addition to trees, some benches etc. are part of the final plan.
 

*will feel more in scale if the Northern Junk/Johnson Gateway project is ever completed, although I am not sure I will live long enough to see that

[aastra]

Too bad an arbutus tree or an oak tree couldn't go in one of those spots.

 

FYI: I've trained some acquaintances from out of town to notice such trees now.

Edited by aastra, 31 July 2017 - 09:09 AM.

[Nparker]

Too bad an arbutus tree or an oak tree couldn't go in one of those spots...

Why couldn't they?

[aastra]

Good question. There always seems to be a reason. Too this, too that...

[Hotel Mike]

Have we determined who the retailer will be that has leased one of the plaza storefronts?

[Nparker]

Good question. There always seems to be a reason. Too this, too that...

Soil conditions maybe?