1225 replies to this topic

[VicHockeyFan]

Are odd hair salons doing good business? It seems like a really limited niche.

 

Cyndi Lauper etc.

[Bingo]

Are odd hair salons doing good business? It seems like a really limited niche.

 

I don't think there is an abundance of odd hair in the village, but I could be wrong. 

Do you have any one in mind?

[aastra]

There are odd ducks but I've never seen an odd hare.

[Nparker]

...I've never seen an odd hare.

Oh no? 

[lanforod]

Odd hares matter you insensitive clods!

[Jared]

My impression, not based on any data, is that a majority of live-work spaces in Victoria do not have any commercial component. They are owned by people who can afford to pay the mortgage on the premium space without commercial revenue. Some of the owners had plans to do something commercial that never panned out or tried something commercial that failed, but they're comfortable enough that they don't want to move. Some of the owners never had any commercial aspirations and just want a townhouse layout.

[GRT]

Any idea when demolition/construction is due to start?  What's the timeline from start to finish?  I hope it's not going to take as long as the Cook/Sutlej project ... argh.

[Glen]

I think this project will set records, having pricing at $1,000  sq.ft.  This project will attract buyers more than any other recent project I believe.

[Sparky]

^ Has there been any news on this project lately Glen? I can't seem to find much on this project especially price wise.

[Mike K.]

Have you seen the price sheet, Glen?

I believe the Residences at the Oak Bay Beach Hotel are selling for in excess of $1,000 per square foot.

[Glen]

I heard that figure when speaking with someone in the real estate business.   No price sheet, can't say it's a fact. 

 

My own opinion on this build.......  I see the project as an outstanding location, and what I think will be one of the last approved condo builds directly in the center of the village for years, or not again.  This alone makes the project HOT and will see a frenzy when registration turns to pre-sales!  I'm sure the builder was the first to recognize that location as a sweet spot.  Another factor to consider about possible pricing would be that the builder will likely try to recapture some of the lost revenue with the concessions made for subsidized rentals. I support the mixed use.

 

Should a 1k per sq.ft become a reality, I would assume it would be a new high for a wood frame building. 

 

Yesterday's National Post (Toronto) had an article written about the hot market in Victoria, recent bidding wars in some situations.  The National Post article also said data indicates an increase in people looking to Victoria, downsizing from Vancouver, including younger people looking to the island giving you far more for your $$$$$. 

 

I think B&W will likely see their Penthouses in the $1K per sq.ft. range

[VicHockeyFan]

I'd say also there are some knockdown opportunities around Southgate too.

[Mike K.]

There are other projects coming to the Village area, but you're right, 212 Cook will "the" project for anyone looking to secure a home within the actual village strip. One dev will be going up on Heywood to the west, and another is in the works on Burdett to the north, and another northwest on Southgate.

[dasmo]

I heard that figure when speaking with someone in the real estate business. No price sheet, can't say it's a fact.

My own opinion on this build....... I see the project as an outstanding location, and what I think will be one of the last approved condo builds directly in the center of the village for years, or not again. This alone makes the project HOT and will see a frenzy when registration turns to pre-sales! I'm sure the builder was the first to recognize that location as a sweet spot. Another factor to consider about possible pricing would be that the builder will likely try to recapture some of the lost revenue with the concessions made for subsidized rentals. I support the mixed use.

Should a 1k per sq.ft become a reality, I would assume it would be a new high for a wood frame building.

Yesterday's National Post (Toronto) had an article written about the hot market in Victoria, recent bidding wars in some situations. The National Post article also said data indicates an increase in people looking to Victoria, downsizing from Vancouver, including younger people looking to the island giving you far more for your $$$$$.

I think B&W will likely see their Penthouses in the $1K per sq.ft. range

Nice pump.... I don't think we should rejoice that $1000/sq is the new normal when it's costing them $150.... If this is the case, and it sells out fast at those prices I will officially put myself on the bubble side....

[Mike K.]

$150? Just the cost for the framing is ~$225 per square foot for an average woodframe building, and that cost is quickly rising.

 

This building will be around $300 per square foot at the level of quality we can expect before factoring in every other cost associated with bringing a project like this to fruition. Of course it doesn't help that the proposal took several years to get approved, and the copious up-front costs that would have required.

 

Speaking about hypothetical square footage pre-sale rates and discounting actual costs to build doesn't help.

[dasmo]

It doesn't cost a builder $500,000 to frame a 2500 sqft house....
They probably won't even splurge on a Microwave....
$1000/sqft is obscene profit and would be an extreme sign of a market about to implode.

Edited by dasmo, 07 March 2017 - 12:10 PM.

[VicHockeyFan]

That's a bit over the top.

What did the Abstract units on the park go for?

[amor de cosmos]

& just today i saw this



http://business.fina...inancial-crisis

[shoeflack]

That's a bit over the top.

What did the Abstract units on the park go for?

 

We looked at one that was 600 sq ft that sold for $365k this summer, so $608/sq ft. Original sale on it was $299k.

 

An 1,100 sq ft penthouse there just went for $800k in January, so $727/sq ft.

[Baro]

It doesn't cost a builder $500,000 to frame a 2500 sqft house....
They probably won't even splurge on a Microwave....
$1000/sqft is obscene profit and would be an extreme sign of a market about to implode.

 

In a bubble it usually isn't the developer enjoying the biggest or safest profits, it's the land owners.  The developer selling at $1000 a square foot but building for $500 generally needs to do that to make up for how much the land cost.  I'm sure some developers make a killing, but after seeing a lot of the numbers it can be hit and miss and risky.  One development might break even,  the next makes 20%,  the next makes 5%.  What drives the prices through the roof obviously isn't the price of the building, it's generally all down to the land.