Condo Review: Bayview Promontory

An artist's rendering of the Promontory on the Vic West skyline. Promontory will become the city of Victoria's tallest building upon completion. © by Bosa Properties; edited by Skyscraper Source Media.

Marko Juras is a Realtor® with Fair Realty in Victoria. The author’s comments and opinions do not necessarily reflect those of VibrantVictoria or its parent company, Skyscraper Source Media. This is not an endorsement of the project being reviewed and is intended for informational purposes only. Additional condo reviews can be accessed here.

Market Background

In the real-estate boom of the 2000’s Victoria homebuyers and investors had years of opportunity to make substantial returns on condo presales. When the market leveled out in 2008/2009 fortunes had turned and many presale condos were valued well below their original presale price upon completion. In 2009 highrise condo construction in Victoria tapered off after completion of Bayview One, an 11-storey luxury condo in Vic West. From that point forward an uncertainty surrounded the market.

Developer Dave Chard of Chard Development, however, saw opportunity in the lack of inventory and almost single-handedly returned construction momentum to downtown with his The 834 project. The 115 unit condo nearly sold out before its construction completion in late 2011, and it’s success signaled the return of viable condo presales.

With the current market having recovered from the doldrums of the late 2000’s developers are once again betting on new residential developments throughout downtown and in the urban core of the region. Throughout 2011 and into early 2012 a number of major projects began presales including Duet, Era, Bayview Promontory, The Sovereign, Mondrian and Union, with the latter four already under construction or having commenced excavation.

Bayview Promontory Review

Bayview Promontory, a 21-storey contemporary building located in Vic West’s Songhees neighbourhood, is described by developer Bosa Properties as “the new beacon in Victoria’s Inner Harbour,” a fitting title considering the building will become Victoria’s tallest upon completion.  Promontory offers 177 units with a wide array of varying condo sizes and prices not typically seen in Victoria. Units are priced from $199,900 for Jr. one bedrooms all the way to penthouses valued in excess of $2-million (coincidentally both have already sold). Currently Promontory is under construction with an anticipated completion date of April 30th, 2014. On the publication date of this article, approximately 100 of the 177 units have been sold.

Parking: At the Promontory there are 199 parking spots assigned to 177 units: every unit has at least one parking spot and in addition each comes with a bicycle storage locker. The underground parking also features emergency alert buttons for added safety. Additional parking was available initially for $12,000 per spot, however, remaining spots are being withheld by the developer for release at a later date. There are 22 visitor parking spots as well as street parking on Saghalie Road and Kimta Road.

Typical kitchen design at the Promontory. Photo © Marko Juras, Skyscraper Source Media.

Kitchens: For the purposes of this article, the smaller kitchen found in the one bedroom and two bedroom, one bath units is reviewed.  Sleek is probably the best term to describe the kitchen.  The fit and finish of the “white-oak” cabinets and the hardware is solid and the soft-close doors and drawers glide effortlessly.  For a small kitchen there is adequate storage which is augmented by the wall mounted storage pantry that includes an LCD television (a major distinguishing feature that sets this kitchen apart from the competition).  Counters are composite stone and are well-executed with the side of the island also finished in stone.   The kitchen appliances further set Promontory’s kitchens apart from the competition: 60cm Miele Refrigerator; Inspira Miele dishwasher; an AEG Electrolux 60cm natural gas cooktop and AEG Electrolux stainless steel wall oven.  While the stove looks sharp, the 60cm model could be a little tight for some.  The hood fan is in the form of a thin Faber slide-out with a separate Panasonic microwave which is in a slightly awkward location (ideally, the microwave closer in proximity to the refrigerator would be preferable). Overall, while sleek and attractive, the 60cm oven and the poor placement of the microwave make this kitchen a little short of perfect.  On a side-note, a VibrantVictoria discussion forum contributor, Gary_H, posted a rendering which further enhanced the design of the Promontory kitchen by adding additional cabinets and counter space.  It can be found at http://vibrantvictoria.ca/forum/showthread.php?t=5554&page=11

A bathroom design at the Promontory. Photo © Marko Juras, Skyscraper Source Media.

Bathrooms: The bathrooms at Promontory are attractive in light of offerings at other projects.  Purchasers can choose between the standard soaker tub or an optional shower upgrade ($1,500).  Both layouts have porcelain title surround.  The plumbing fixtures look and feel solid and unlike other developments the shower head is adjustable in height.  The toilet is dual flush as is now  the norm in all new condo developments.  The custom-framed vanity mirror with integral back-lighting certainly looks good. In-floor heating is optional, although it would have been a great standard feature for all bathrooms.

General Finishing: Finishing is above average.  The ceiling height of 8’10’’ in living areas is notably higher than the competition (Era 8’8’’; Duet 8’6’’).  As is common with most other developments laminate is installed in the main living areas and carpeting in the bedrooms.  Upgrading to laminate in the bedrooms will cost approximately $5 per square foot.  Heating at the Promontory is pumped out by a forced-air heat and air condition system with ceiling mounted heat pumps in the bathrooms.  This is a superior heating system to the baseboards found in other developments.  In terms of window coverings, fabric roller blinds come standard throughout.   Laundry appliances are Maytag’s and laundry closets will feature built-in shelving.  Baseboards will be of the “engineered-wood” variety and analysis of renderings suggests a decent profile.

The kitchen's dining area and a view of the included flat-panel television available in all kitchens. Photo © Marko Juras, Skyscraper Source Media.

Common Areas: Interior design of common areas is courtesy of Mitchell Freedland Design featuring a two-storey lobby entrance with concierge desk.  On the main floor of the Promontory there will be an owner’s lounge with an outside BBQ area. However, with an east-facing exposure it is unlikely to see heavy use.

Deposit Structure: 10% with CHMC qualification (compare with 5% @ Duet & 5% @ Era for first-time-buyers only) and 20% with no CMHC qualification (15% @ Era, 15% @ Duet). The deposit structure is crucial for investors as it can significantly affect return on investment, unfortunately at the Promontory the deposit structure is on the high side.

Value

In terms of investment, Promontory offers solid value and is probably one of the best put-together presale offerings starting in the $200,000 price range.  Three floor plans (all smaller units) are evaluated below and matched against similar floor plans at other downtown projects.  The floor plans referenced  below can be viewed at http://www.bosaproperties.com/promontory/interiors_floorplans.php#suite-g

Floor plan G, 8th floor, west facing, 455 ft2 plus 35 149 ft2 patio.  Parking included. Price $226,900 minus current incentive ($8,000 approx.) = Approx. $216,900.

$216,900/455 ft2 = $476 per ft2 Strata Fees = $157 (includes heating and gas stove).

Floor Plan G Comments: This unit provides an amazing price point for a building of this calibre.  Bosa is including what appears to be a high quality murphy bed (mattress not included) making this unit ready to live in or rent upon completion.  While the layout is less than ideal, it provides for a full-sized kitchen, large bathroom, and adequate living space.  The west-facing units will also enjoy inner harbour glimpses from the balcony, however, one has to keep in mind that lower units will also be flanked by the 11-storey Bayview One building immediately to the east.  With rentals likely to range between $1000 to $1,150 per month, this unit will likely provide the highest return on investment for those wishing to rent upon completion.

Floor plan E, 8th floor, north facing, 519 ft2 plus 149 ft2 patio.  Parking included. Price: $272,900 minus current incentive ($10,000 approx.) = Approx. $262,900.

$262,900/519 ft2 = $507 per ft2 Strata Fees = $175.27 (includes heat and gas stove).

Floor Plan E Comments: This particular floor plan, or a small variation of it, can be found in almost every pre-sale building downtown including the Era (B1, B2, B5), Duet (Rupert, Chapman), and Mondrian (units #208-1009).  The layout in this particular 519 ft2 unit is probably as good as it gets, given the size.  The 8th floor E plan will feature solid views in the direction of Dockside Green, including some views of the Gorge Waterway.

Floor plan D1, 8th floor, north-east facing, 723 ft2 plus 149 ft2 patio.  Parking included. Price: $392,900 minus current incentive ($15,000 approx.). = Approx. $377,900.

$377,900/723 ft2 = $523 per ft2 Strata Fees = $222.41 (includes heating and gas stove).

Floor Plan D1 Comments: Another floor plan commonly found in other buildings, the 700 to 800 ft2 two bedroom corner unit.  At the Era (C1; has two bathrooms), Mondrian (units #207-1007), Duet (Sylvia). The one aspect that sets the D1 apart from the crowd is the 149 ft2 patio.  While nice to have, given the north-east orientation it may not get much use.  The sightlines from the kitchen of the D1 suffer slightly due to the master bedroom closet; however, other than that, this should be a relatively bright living space despite the orientation thanks to its large windows flanking both sides of the unit. VV

To discuss Promontory and to stay up to date on the projects latest news, construction photos and updates, refer to VibrantVictoria’s discussion thread here.  Read additional condo reviews here. To view Marko Juras’ website, click here. Stay connected with us on our Victoria Condos Facebook page where we highlight the latest condo projects throughout the region. And follow us on Twitter to stay up-to-date on the latest discussions and major headlines as covered by VibrantVictoria.

© Copyright 2012 by Skyscraper Source Media Inc. All rights reserved.



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Responses to this Headline or Article

The five most recent replies to VibrantVictoria.ca's discussion forum's [Vic West] Promontory at Bayview | Condos | 21-floors | Under construction thread, the most relevant thread to the above headline or article:

Gary H

Nov 06, 2013 at 6:10 pm

While the webcam may not show much change, there has been steady progress. Here are some pics from today.

Windows on the upper floor of the townhouses:
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Lobby windows!
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Parking stair access sun-room?
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Yup, looks like the enclosure over the stair access to the parking structure will be all glass - very cool! :thumbsup:
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That's a large HVAC system in the distance waiting to be installed on the roof:
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It even comes shrink wrapped!
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The architectural trellis (to be installed on the roof) has arrived.
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Looks like it should have been shrink-wrapped as it got nicked in shipment.
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NaCl

Nov 09, 2013 at 9:27 am

A different view of the two story lobby windows:

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Glass being installed in the stairwell enclosures:
I wonder what the enclosure roof material will be?

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MarkoJ

Nov 10, 2013 at 1:50 pm

November 10th, 2013.

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Mike K.

Nov 10, 2013 at 2:54 pm

That's a great photo, Marko.

Teresa

Nov 13, 2013 at 8:50 am

Quote: November Th, 2013.



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Hi Marko, that's a beautiful picture!!
Do you have an idea of how much an upper floor "A" unit can be rented for?? Yearly, non furnished. Thanks, Teresa.

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