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Lyra Residences, phase one
Use: condo
Address: 4027 Rainbow Street
Municipality: Saanich
Region: Urban core
Storeys: 8
Condo units: (2BR)
Sales status: sold out / resales only
Lyra Residences, phase one, is an eight-storey, 39 two-bedroom unit condominium in Saanich's Rainbow Hill comm... (view full profile)
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[North Quadra - Saanich] Lyra Residences on Christmas Hill | Condos | 8- & 8-storeys | Under construction


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191 replies to this topic

#61 shoeflack

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Posted 27 April 2017 - 05:00 PM

James Bay mustn't have been the only neighbourhood with a cougar sighting today.


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#62 MarkoJ

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Posted 06 May 2017 - 07:20 AM

After a bit of thought and analysis this really is a sleeper in this completely nuts marketplace. I am going to be personally picking up a floorplan A for around $488 per foot (GST in).  Was really hoping to buy a place on Heywood but can't really justify what is likely to be double the price personally as I have to get into a car every morning irrelevant of where I live.


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#63 lanforod

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Posted 07 May 2017 - 07:46 PM

After a bit of thought and analysis this really is a sleeper in this completely nuts marketplace. I am going to be personally picking up a floorplan A for around $488 per foot (GST in).  Was really hoping to buy a place on Heywood but can't really justify what is likely to be double the price personally as I have to get into a car every morning irrelevant of where I live.

 

Nice. Hard for me to think of spending 600k for a 2 bedroom condo that isn't downtown. That's the market these days though. 



#64 MarkoJ

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Posted 07 May 2017 - 08:42 PM

Nice. Hard for me to think of spending 600k for a 2 bedroom condo that isn't downtown. That's the market these days though. 

 

This is the 6th pre-sale I am buying.  I did well on the previous five; however, this is also the first time I am bucking the trend and buying outside of downtown/Vic West and also the first time buying a non-one bedroom so definitively a muck riskier maneuver.

 

My reasoning is most pre-sales downtown right now are not selling at a significant enough discount to the re-sale market; they are selling at re-sale prices and I don't see the point of a pre-sale at that point, at least from a value perspective. 

 

Lyra, on the other hand, I feel had units on the lower floors priced well below re-sale market.  For example, this is a sale from today in a building in Glanford working out to $543 per square foot.

 

Sale 301-3815 Rowland.jpg

 

 

At Lyra, for comparison, at $488 per foot I get the following

 

- Concrete building

- Gas fireplace/stove/BBQ out (very rare for condos to have these three gas features)

- Higher end finishing

- Surrounded by a lot of green space

- 400 sq/ft+ deck

- 9' ceilings (most condos are 8'6'')

- Etc, etc.


Edited by MarkoJ, 07 May 2017 - 08:46 PM.

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#65 lanforod

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Posted 08 May 2017 - 09:03 AM

I take it you'll be living in it, from your initial post? Leaving the big house?

 

I'm thinking more from an investment condo point of view, such a big, out of downtown condo maybe doesn't make sense for that, right? Travino or that Glanford building would be better in that case if staying out of downtown?  I've been contemplating leveraging more and getting another condo, but I'm still thinking to wait till the market is better.



#66 MarkoJ

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Posted 08 May 2017 - 10:34 AM

I take it you'll be living in it, from your initial post? Leaving the big house?

 

I'm thinking more from an investment condo point of view, such a big, out of downtown condo maybe doesn't make sense for that, right? Travino or that Glanford building would be better in that case if staying out of downtown?  I've been contemplating leveraging more and getting another condo, but I'm still thinking to wait till the market is better.

 

Living house, don't know. I have more than a year to decide. I did take a bit of leverage off the table by selling one of my units downtown with no parking at well over $700 per foot.


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www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#67 Mike K.

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Posted 15 May 2017 - 01:11 PM

May 05

 

Details: http://victoria.citi...yra-residences/

 

Lyra-May-15-2017a.jpg

 

Lyra-May-15-2017b.jpg


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#68 MarkoJ

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Posted 16 May 2017 - 03:34 PM

Just got an amendment to disclosure statement that includes the second phase. Pretty much identical building with what looks to be identical floorplans. Only difference is 4 penthouses versus 2 on phase one.


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#69 MarkoJ

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Posted 09 June 2017 - 01:20 PM

Just got an email that they are going ahead with phase 2 and launching sales later this month.


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www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#70 ovovov

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Posted 23 June 2017 - 08:45 AM

After a bit of thought and analysis this really is a sleeper in this completely nuts marketplace. I am going to be personally picking up a floorplan A for around $488 per foot (GST in).  Was really hoping to buy a place on Heywood but can't really justify what is likely to be double the price personally as I have to get into a car every morning irrelevant of where I live.

 

not sure how you possibly get the 488/sqft with plan A in those days.... maybe you have brought earlier, and I am not sure if Lyra adjusted the price at all...if your analysis is all correct, it's 100% return already.

I did some research on this one as well. currently, it works out like invest 92k to get 40k return, 50% return. NOT bad compare with any other type of investment.



#71 Bingo

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Posted 23 June 2017 - 03:08 PM

You are probably going to have to rename this thread as they are changing the name to Vic Derman Park

 

Councillor Derman first became interested in community politics in 1990, when he became an executive member of the North Quadra Community Association. He remained with the association until his election to council in 2002. He worked to acquire parklands on Christmas Hill and campaigned to see improved greenbelts and commuting trails. The proposal to dedicate Christmas Hill Park to honour Vic Derman was put forth by the North Quadra Community Association in recognition of all the work that Vic Derman contributed to the surrounding community.

http://www.saanich.c...n-s-memory.html



#72 VicHockeyFan

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Posted 23 June 2017 - 03:26 PM

If they do it right, they will call it Vic Derman Park at Christmas Hill.  I also do not think that politicians should be in charge of naming stuff.  That should be another body.


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#73 Nparker

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Posted 23 June 2017 - 03:29 PM

If they do it right, they will call it Vic Derman Park at Christmas Hill...

Sort of like the (future) Lisa Helps memorial at Reeson Park.


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#74 Bingo

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Posted 23 June 2017 - 03:34 PM

If they do it right, they will call it Vic Derman Park at Christmas Hill.  I also do not think that politicians should be in charge of naming stuff.  That should be another body.

 

They might have to call it Vic Derman Park at Seasons Greetings Hill.


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#75 Mike K.

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Posted 23 June 2017 - 04:46 PM

Ha!

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#76 Mike K.

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Posted 26 June 2017 - 07:58 PM

June 26, phase one.

 

Lyra-Residences-phase-1-June-26-2017.jpg


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#77 MarkoJ

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Posted 28 June 2017 - 06:24 AM

not sure how you possibly get the 488/sqft with plan A in those days.... maybe you have brought earlier, and I am not sure if Lyra adjusted the price at all...if your analysis is all correct, it's 100% return already.

I did some research on this one as well. currently, it works out like invest 92k to get 40k return, 50% return. NOT bad compare with any other type of investment.

 

Prices have gone up a bit but still good deals per square foot on the Plan As -> https://www.realtor....Columbia-V8X2A8

 

I'll have to stop by the sales center to see what they've done with the Phase 2 pricing.


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#78 jonny

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Posted 28 June 2017 - 08:00 AM

60% sold out according to their latest mailout.



#79 Rob Randall

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Posted 13 August 2017 - 11:56 AM

August 6, 2017

image.jpeg

#80 MarkoJ

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Posted 02 September 2017 - 03:53 PM

20170902_144707.jpg

 

20170902_144818 (1).jpg


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