800 replies to this topic

[aastra]

 

Victoria loves rumours, though...

 

For sure. I heard a rumour that this project is changing from condominiums to a very high-end Walmart.

 

In other rumours:

 

 

Times-Colonist

May, 2001

Shoal Point, the 155-unit condominium project in James Bay that is the region's single biggest construction project, has resumed building after refinancing and change of design that had idled work in February and March. Recent rumours said the project was bankrupt, but they have no basis, said development consultant Doug Makaroff. They ignored the talk for the last 10 days, but lately the same rumour has been circulating in Vancouver. "We even had bus drivers telling tourists it's too bad, it's a great-looking building but it's gone broke," he said.

[Barrrister]

Mike: You may have a point but if the condo market drops for whatever reason, would it not have been better to get a higher price for the remaining units? Vancouver has already seen this in some areas. 

 

If the bank decides your remaining units are worth less than before the financing does not improve. It is not tied to construction costs directly. 

 

By way of disclosure, we dont have investments in BC or Canada for that matter so 

I dont have an ox to gore here. If you think everything is fine downtown and that none of it might affect future sales or developments then fine enough. Personally I suspect we have reached a threshold that calls out for some serious action on the cities part. 

[MarkoJ]

Mike: You may have a point but if the condo market drops for whatever reason, would it not have been better to get a higher price for the remaining units? Vancouver has already seen this in some areas. 

 

In the last 32 years condo market has seen small declines in 9 of those years. The other 23 years it has been up, sometimes over 15% YOY. If your project is going to take three years to build what would you bet on statistically speaking especially given you've already sold enough units in the building to cover yours costs? 

 

Everyone who has sold out recently has been horribly burned....Encora by BOSA left at least $30 million on the table at time of completion due to sell out early on.

Edited by MarkoJ, 18 January 2021 - 09:37 AM.

[Brantastic]

[Glen]

Abstract recently increased pricing on a 1 bedroom suite by $20 in the Oaks building. I'm guessing they have few 1 bedrooms remaining in that building?

[zoomer]

Pictures from today.

Attached Images

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[Rob Randall]

I don't think I've ever seen that Erector Set scaffolding used here before. I wonder what benefits it gives compared to a crane.

[Nparker]

This came up in my Facebook memories today

(no, I wasn't there during the construction of the Belmont Building)

 

[aastra]

Tall concrete buildings are ruining Victoria.

[Nparker]

And have been for more than a century.

[Hotel Mike]

Imagine how proud Victorians would have felt seeing this wonderful building going up right across from the grand post office building on one side, and the Union Club on the other? Citizens would have felt very excited about the prospects for Victoria's future.

[aastra]

Sure, but back then you were still allowed to be excited about the prospects for the future.

 

In zoomer's first pic from March 13, I can't help but compare this new building with the Harbour Square mall building on the next block. It seems fairly clear to me which modern building got things right and fits well within the old town atmosphere. (hint: it's not the Harbour Square mall building)

[Kapten Kapsell]

Construction has been halted here due to a COVID outbreak: https://www.timescol...alth-1.24296908

[dkuitu]

[Citified.ca]

 

Take the tour: Victoria's $100 million Customs House luxury condominium project nears completion

https://victoria.cit...ars-completion/

[Barrrister]

I found the pictures interesting. The kitchen looked like every other condo kitchen. 

Obviously, there are a number of people who have loved it enough to pay out the big bucks.

[Mike K.]

Oh yeah, you'd have to see the kitchen in person to appreciate what they're all about. But trust me, this is not your standard fare Ikea build.

[Barrrister]

Strangely enough I am still fond of my old mahogany and maple kitchen. I suspect though that old kitchens like this are next to impossible to build these days both in terms of materials and craftsmen (well maybe if you are Bill Gates). 

 

I am sure that the kitchens are solid and well made but the style seems to mirror Ikea,

[aastra]

Recent picture by thegreatscaper...

 

For those keeping score re: the recent ultra-controversial lowrise residential projects in the old town area:

 

1) The Union in Chinatown: predicted to be a ruinous disaster, but turned out nicely

2) The Janion: predicted to be a ruinous disaster, but turned out nicely

3) Customs House: predicted to be a ruinous disaster, but turned out nicely

4) Northern Junk: predicted to be a ruinous disaster...

[Mike K.]

First comment: “wonderful parkland in the foreground.”