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UNDER CONSTRUCTION
989 Johnson
Uses: condo, commercial
Address: 989 Johnson Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 17
Condo units: 206 (studio/bachelor, loft, 1BR, 2BR, sub-penthouse, penthouse)
Sales status: pre-sales
989 Johnson is a 206-unit, two tower 15- and 17-storey condo with a six-storey podium. Ground floor commercial... (view full profile)
Learn more about 989 Johnson on Citified.ca      Official website: 989victoria.com
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[Downtown Victoria] 989 Johnson | Condos; commercial | Under construction


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396 replies to this topic

#381 HB

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Posted 31 January 2017 - 09:09 PM

^^^You like that hole I made in the green mesh? Works great..

 

Its my personal viewing window glad to see others have found it useful.



#382 2F2R

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Posted 07 February 2017 - 03:57 PM

bring on the carpenters ...



#383 Yung_Urbanist

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Posted 10 February 2017 - 01:34 PM

Anybody knows how pre-sales are doing for this project? 



#384 FirstTimeHomeCrier

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Posted 20 February 2017 - 06:52 PM

I was curious, so I registered today even though the "starting from" price on the website is beyond what I can afford. The email I got back said that pricing is "by appointment only and for serious offers only" right now. They do say that prices and selection are "excellent," whatever that means.



#385 zoomer

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Posted 20 February 2017 - 07:55 PM

Seems like a strange marketing strategy and poor customer service.  Unless they hope to convince you in person that it's such an awesome investment.. 

 

I'd prefer transparency and convenience.  If I want to buy a car or some even new underwear I don't want to be told to come on in and we'll discuss price, AND I have to make an appointment, AND only if I'm serious will they give me their time.  F them, I'll buy my silk boxers elsewhere then. 


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#386 Mike K.

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Posted 21 February 2017 - 07:55 AM

The showroom isn't yet ready, so they haven't started actual full-on sales yet. What they've done is schedule appointments with people who are interested in the homes but who are willing to forego the full buying experience with a show room, detailed information, etc.

With such a hot market I'm not sure if it would have been them worth their time to schedule 400 appointments with only 30 people buying a unit (I'm not saying that's how many have already pre-sold, I'm just throwing a number out there).

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#387 MarkoJ

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Posted 21 February 2017 - 04:00 PM

When the market is this crazy and you are constantly changing pricing to keep in line with the market you probably don't want your price sheets floating around.


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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2016 | Fair Realty

www.MarkoJuras.com - MLS® from $849 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#388 zoomer

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Posted 21 February 2017 - 07:57 PM

If it's a hot market wouldn't you want to sell as many units now just in case things cool off before completion? Why limit and restrict access to something you're trying to sell? Compared to say Reenie in Vancouver who goes all in to sell a building out in one day. So maybe Victoria isn't that hot. Why stretch out your marketing costs if you can reduce the time period you're marketing for? And what happens if a new giant homeless shelter gets approved for construction across the street next month? Just think you'd want to reduce risk vs. hoping to cash in a bit more later, which seems to be more of a coin flip than a wise business decision. Said the armchair developer with no skin in the game.

#389 Mike K.

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Posted 21 February 2017 - 08:04 PM

What's made the situation a little different is they got their construction started before their sales showroom was finished. But these guys know what they're doing, they're taking it nice and slow until the full sales launch begins.

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#390 MarkoJ

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Posted 22 February 2017 - 05:41 PM

If it's a hot market wouldn't you want to sell as many units now just in case things cool off before completion? Why limit and restrict access to something you're trying to sell? Compared to say Reenie in Vancouver who goes all in to sell a building out in one day. So maybe Victoria isn't that hot. Why stretch out your marketing costs if you can reduce the time period you're marketing for? And what happens if a new giant homeless shelter gets approved for construction across the street next month? Just think you'd want to reduce risk vs. hoping to cash in a bit more later, which seems to be more of a coin flip than a wise business decision. Said the armchair developer with no skin in the game.

 

You could leave a lot of money on the table with this approach.  Units at the Janion are selling 2x pre-sale pricing.


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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2016 | Fair Realty

www.MarkoJuras.com - MLS® from $849 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#391 Jackerbie

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Posted Yesterday, 09:04 AM

And what happens if a new giant homeless shelter gets approved for construction across the street next month?

Well, they own the property across Johnson, so little danger there.


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#392 jonny

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Posted Yesterday, 09:07 AM

You could leave a lot of money on the table with this approach.  Units at the Janion are selling 2x pre-sale pricing.

 

Plus I seriously doubt getting construction financing is difficult in this market so there's probably less of a need to get 30% pre-sales or whatever to secure financing. With the number of listings falling like a rock and prices rising like a helium filled balloon banks are probably falling over themselves to finance these projects.



#393 Mike K.

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Posted Yesterday, 09:43 AM

These projects rely on multiple rounds of financing, with banks usually coming in at the last stage with a big chunk of change, but that's when things are already well under way.

Many investment firms will take that intial step and finance the start of construction in this market, at a higher rate, and then other lenders come into play. Even with a market this hot there are still many risks such as escalating construction costs, a major economic change, natural events, etc.

I know some players locally are relying on foreign capital for their projects.

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#394 Mike K.

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Posted Yesterday, 03:10 PM

February 20th

 

989-February-20-2017.jpg


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#395 Nparker

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Posted Yesterday, 03:20 PM

There's a whole lot more hole to come.



#396 Mike K.

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Posted Yesterday, 03:21 PM

Yeah! It's a massive undertaking, for sure. It's probably smart that 989 has been selling by-appointment and with only a few units moving at a slow pace. The volatile phase that is excavation needs to be handled with precision to avoid an unexpected run on a developer's financing.


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#397 Nparker

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Posted Yesterday, 03:25 PM

...The volatile phase that is excavation needs to be handled with precision to avoid an unexpected run on a developer's financing.

The slower pace has also allowed for Legato to get well above ground before much excavation takes place adjacent to their development.


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