983 replies to this topic

[HB]

^^^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.

[2F2R]

bring on the carpenters ...

[Yung_Urbanist]

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

[FirstTimeHomeCrier]

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.

[zoomer]

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. 

[Mike K.]

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).

[MarkoJ]

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.

[zoomer]

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.

[Mike K.]

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.

[MarkoJ]

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.

[Jackerbie]

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.

[jonny]

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.

[Mike K.]

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.

[Mike K.]

February 20th

 

[Nparker]

There's a whole lot more hole to come.

[Mike K.]

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.

[Nparker]

...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.

[FirstTimeHomeCrier]

Latest email suggests the official public launch is March 25th. They also sent me a VIP price list (just a very basic price range per unit type, no specific prices), and the mythical "starting at 289k" condos are nowhere to be seen. Based on the price list, it looks like $700/sq foot for the smallest units and somewhere between 600-650$/sq foot for the larger units.

[2F2R]

Excavateing on the Vancouver Street side now with a divider in-between ???

Edited by 2F2R, 17 March 2017 - 05:24 PM.

[Mike K.]

989's pubic unveiling is scheduled for this Saturday, March 25th.

 

Artist's rendering of 989, a two-tower, 206-unit highrise condominium development rising on Johnson Street at Vancouver Street. The project's highly anticipated sales launch is scheduled for this weekend.

 

Two-tower 989 condo dev's public unveiling scheduled for March 25th

http://victoria.citi...for-march-25th/

 

The unveiling of Cox Development’s highly anticipated sales centre for its two-tower 989 condominium project has been scheduled for March 25th, Citified has learned.

Situated in the 900-block of Johnson Street immediately across the street from 989’s expansive construction site, the development’s first reveal to the general public, says developer Dan Cox, will present the pre-sale home buying experience through a different lens.

“We’ve taken every extra step to make the home buying experience at 989 more immersive and engaging than what local buyers may be accustomed to,” Cox said, speaking to the level of detail that went into the design and execution of the full-display sales centre, and its nod to the world of high-tech with the introduction of a virtual reality home buying experience. [Full article]