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The Janion
Uses: condo, commercial
Address: Store Street at Pandora Avenue
Municipality: Victoria
Region: Downtown Victoria
Storeys: 7
Condo units: 122 (studio/bachelor, loft, 2BR)
Sales status: resales only
The Janion development includes the full heritage restoration of the historic Janion Hotel, built in 1891, and... (view full profile)
Learn more about the Janion on Citified.ca
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[Downtown Victoria] Janion Building redevelopment | 7-storeys | Built/renovated - completed in 2016

Condo Commercial

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2527 replies to this topic

#2521 Janion Fan

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Posted 02 July 2017 - 07:49 AM

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?!

#2522 jonny

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Posted 02 July 2017 - 08:06 AM

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.

#2523 VicHockeyFan

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Posted 02 July 2017 - 08:14 AM

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.



#2524 Nparker

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Posted 02 July 2017 - 08:17 AM

...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.


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#2525 Szeven

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Posted 02 July 2017 - 12:34 PM

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.

#2526 Nparker

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Posted 02 July 2017 - 12:45 PM

... 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.



#2527 VicHockeyFan

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Posted 02 July 2017 - 01:29 PM

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

#2528 thundergun

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Posted 04 July 2017 - 02:04 PM

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


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