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Westbay Quay
Uses: condo, commercial
Address: Head Street at Lyall Street
Municipality: Esquimalt
Region: Urban core
Storeys: 6
Condo units: 85 (1BR, 2BR, live-work)
Sales status: pre-sales
Westbay Quay is a three-building, 85-unit all-concrete condominium complex with a ground floor retail componen... (view full profile)
Learn more about Westbay Quay on Citified.ca      Official website: https://goo.gl/B6m5KA
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[Esquimalt] Westbay Quay | Condos, commercial | 6-storeys | Approved


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#121 Rulon

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Posted 23 November 2018 - 08:00 AM

I believe about six weeks ago they were sitting at 15% sold, so not a bad jump.
 

I would assume most (if not all) of those units recently sold are from the 20% discounted selection, which occurred in the last 6 weeks.



#122 Mike K.

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Posted 23 November 2018 - 10:32 AM

Yup, that's possible.

 

I whipped past the site today. Trees have been removed and all of the homes on the property have been boarded up in preparation for demolition.


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#123 tjv

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Posted 23 November 2018 - 11:15 AM

^thanks for the update, the houses have been boarded up and the fence has been around the site for around 3 months at least.  Perhaps they are waiting for a higher percentage sold to get a green light from the bank?



#124 Mike K.

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Posted 23 November 2018 - 11:18 AM

I think the trees having come down is new. The site looked pretty barren all of a sudden.

Most projects will receive their construction financing in the 40-50% range, I think?

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#125 RFS

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Posted 23 November 2018 - 11:56 AM

can anyone post a picture of a price list showing the 20%?

#126 shoeflack

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Posted 26 November 2018 - 09:16 AM

All of the foliage/trees on this site have been cut down and piled up for removal this week. Clears the way for equipment to come in a demolish the existing structures.

 

^^

I think the trees having come down is new. The site looked pretty barren all of a sudden.

Most projects will receive their construction financing in the 40-50% range, I think?

 

Took a drive past it myself this weekend as well. No new activity on the site since mid-September.



#127 Mike K.

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Posted 26 November 2018 - 01:21 PM

Oh, crazy. I didn't realize that the trees had already been removed. I must have driven up on the project from a different angle than I normally do.


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#128 MarkoJ

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Posted 25 February 2019 - 07:42 AM

February 24th, 2019

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#129 Mike K.

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Posted 05 March 2019 - 03:27 PM

50% sold-out now.


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#130 tjv

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Posted 05 March 2019 - 06:21 PM

So when does construction start?  2020?



#131 Mike K.

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Posted 05 March 2019 - 06:33 PM

Demolition in a few weeks and construction to follow. The underground work here isn’t that complicated compared to downtown sites, from what I understand.

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#132 tjv

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Posted 06 March 2019 - 01:32 PM

I heard that 6 months ago from an inside source and given how they keep changing the completion dates on the Wade, I really don't believe any of their schedules any more.  Maybe it will happen, but I am not holding my breath



#133 Mike K.

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Posted 06 March 2019 - 01:42 PM

Whoever your inside source is didn't make the connection that in order for construction financing to be made available, approximately 50% of units must be sold. Six months ago they were at 20% (granted they thought they would move more units faster, but the market dictated otherwise).

 

I think you'd be hard-pressed to find a project that hasn't pushed back its completion date due to the labour shortage.


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#134 Rulon

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Posted 07 March 2019 - 06:46 AM

Six months ago they were at 20% (granted they thought they would move more units faster, but the market dictated otherwise).

 

 

... I think in this case (possibly any case) the argument could be made that they dictated the speed the units were sold at, not the market. 6 months ago correlates pretty well with the 20% discount.



#135 tjv

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Posted 07 March 2019 - 04:26 PM

Whoever your inside source is didn't make the connection that in order for construction financing to be made available, approximately 50% of units must be sold. Six months ago they were at 20% (granted they thought they would move more units faster, but the market dictated otherwise).

 

I think you'd be hard-pressed to find a project that hasn't pushed back its completion date due to the labour shortage.

I won't say who my source is, but its someone very closely involved.  I have to maintain my anonymity otherwise people won't tell me anything anymore to give to you guys.

 

Not disagreeing that completion dates haven't been pushed back, but the Wade is by far the slowest construction project out there.  What's the latest scheduled completion date - September?  That's the cruelest sickest joke on purchasers any one could pull.  Good luck, because I say Spring to Summer 2020 as more realistic



#136 Mike K.

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Posted 07 March 2019 - 04:46 PM

Not disagreeing that completion dates haven't been pushed back, but the Wade is by far the slowest construction project out there.  What's the latest scheduled completion date - September?  That's the cruelest sickest joke on purchasers any one could pull.  Good luck, because I say Spring to Summer 2020 as more realistic

 

Oh geez, tjv. Don't be so dramatic.


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#137 tjv

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Posted 09 March 2019 - 12:19 PM

you think that is dramatic?  lol



#138 Promontory Kingpin

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Posted 10 March 2019 - 11:44 AM

I won't say who my source is, but its someone very closely involved.  I have to maintain my anonymity otherwise people won't tell me anything anymore to give to you guys.
 
Not disagreeing that completion dates haven't been pushed back, but the Wade is by far the slowest construction project out there.  What's the latest scheduled completion date - September?  That's the cruelest sickest joke on purchasers any one could pull.  Good luck, because I say Spring to Summer 2020 as more realistic


Watch out tjv, posting anything that goes against (or could even maybe be interpreted to go against, even just maybe...) David Price or any of the other developers that associate themselves and sponsor this site could result (and highly likely to) in your post(s) getting pulled. Just saying...
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#139 Mike K.

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Posted 10 March 2019 - 03:45 PM

Or, we can rename your handle to your real name and you can say whatever you like.

I can do that right now, if you’d like? Just let me know.

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#140 tjv

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Posted 10 March 2019 - 07:54 PM

fair enough and then I won't be able to let you know who the 'secret' tenant is at bay centre, or able to confirm or deny if Wal Mart is taking over the Sears space, etc, etc.  you will find out as the signage goes up like everyone else because people won't tell me anything then

 

let me know

 

I guess until then you believe The Wade will be totally complete in September and the first tower of 989 Johnson will be ready for occupancy in August.  Sounds good



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