1676 replies to this topic

[aastra]

 

...too blocky, more sculpted design preferred (something that was nixed, ironically...

 

As we've seen countless times over the years, when you give the critics what they supposedly want it tends to get a more negative reaction than when you gave them what they didn't want.

[aastra]

 

...the City's lack of process is ridiculous, and they should come up with an actual Affordable Housing Strategy instead of coming up with requests and requirements on the spot...

 

The critics love spot zoning when they want it but they hate spot zoning when they don't want it.

[Jackerbie]

The critics love spot zoning when they want it but they hate spot zoning when they don't want it.

 

By spot zoning do you mean site specific zoning codes, or the process of rezoning individual properties one-by-one?

[tjv]

He must be joking. No way does that swampy land host six underground storeys.

It has an underground but yes 6 storeys is probably an exaggeration. There are a lot of units in the tower so not sure how many spaces the city forced them to put it

[Mike K.]

April 21

 

[nrtphotos]

I got a phone call from a sales team member today due to my online registration. They are planning on starting sales within the next couple of weeks, he said pricing would be around 825 per square foot. 

[Promontory Kingpin]

I got a phone call from a sales team member today due to my online registration. They are planning on starting sales within the next couple of weeks, he said pricing would be around 825 per square foot. 

I feel like Bayview tower 4 will absolutely kick the snot out of this project. 825$ a square foot (and the nicer units with a view will be much more) combined with a 25% down payment combined with a Horgan government is a recipe for potential trouble.

 

As long as Mariash has learned from Bosa and doesn't get greedy as he did with Bayview One then he will have a smooth and successful sailing. While HP1 will be a very beautiful development they are really asking for a bit too much... Imagine the pain of having to walk away from 25% if interest rates continue to rise and the bank doesn't value the unit at 825$ per foot. Ouch!

[nrtphotos]

Where did you hear about a 25% down payment?

[Mike K.]

I feel like Bayview tower 4 will absolutely kick the snot out of this project. 825$ a square foot (and the nicer units with a view will be much more) combined with a 25% down payment combined with a Horgan government is a recipe for potential trouble.

 

As long as Mariash has learned from Bosa and doesn't get greedy as he did with Bayview One then he will have a smooth and successful sailing. While HP1 will be a very beautiful development they are really asking for a bit too much... Imagine the pain of having to walk away from 25% if interest rates continue to rise and the bank doesn't value the unit at 825$ per foot. Ouch!

 

Something to consider is Bayview's tower 4 is unlikely to be completed until mid-2021 and that's only if work commences on the tower by the early fall of this year. If work begins in early 2019 occupancy may not take place until late 2021 or early 2022 (consider that Yates on Yates began last year and is scheduled for completion by late 2020; Vivid early 2021).

 

Hudson Place One is pegged for completion by late 2019, so in terms of a purchase by someone who may be more vulnerable to market conditions an earlier occupancy date may be the more prudent choice if through nothing more than less exposure to the whims of the market while awaiting completion.

 

That being said, however, HP1 is a luxury project. This is not a building that's geared towards entry-level buyers and a 25% down payment for someone who just sold a $1.5 million Fairfield home and is staging for a 1,200 square foot condo is not a big deal.

[Nparker]

And from the renderings I have seen one advantage HP-1 will have over Bayview 4 is its lack of aqua-tinted spandrel glass and red brick. 

[lanforod]

^ I don't think that's a major concern to most people. The inside >>> more than the outside.

[Nparker]

^ I don't think that's a major concern to most people. The inside >>> more than the outside.

Well more people will have to look at the outside so it should be a concern.

[aastra]

It will have some brick on the lower levels. How can we be sure it won't have a lot of spandrel?

[Nparker]

It will have some brick on the lower levels. How can we be sure it won't have a lot of spandrel?

From the renderings I have seen HP-1 has chosen a darker coloured brick (thankfully) from the Bayview projects and minimal spandrel glass. 

[m3m]

Something to consider is Bayview's tower 4 is unlikely to be completed until mid-2021 and that's only if work commences on the tower by the early fall of this year. If work begins in early 2019 occupancy may not take place until late 2021 or early 2022 (consider that Yates on Yates began last year and is scheduled for completion by late 2020; Vivid early 2021).

 

Hudson Place One is pegged for completion by late 2019, so in terms of a purchase by someone who may be more vulnerable to market conditions an earlier occupancy date may be the more prudent choice if through nothing more than less exposure to the whims of the market while awaiting completion.

 

That being said, however, HP1 is a luxury project. This is not a building that's geared towards entry-level buyers and a 25% down payment for someone who just sold a $1.5 million Fairfield home and is staging for a 1,200 square foot condo is not a big deal.

 

 

I disagree.  That 1,200 sqft condo that you mention is apparently going to cost $850/sqft.  That's $1,020,000.  Once you add property transfer tax and GST and closing costs you're looking at close to $1.1.  You cut into the sales proceeds of the $1.5M fairfield home if you're required to give an additional 5% deposit, that's about $50K. 

 

You have to consider the opportunity cost of that $50K.  You don't earn interest on that.  You lose the ability to invest that money for 2 years.   That $50K is a deposit on a one-bedroom investment condo at 989 (which only requires a 10% deposit).  

 

I can't think of a single project that has required 25% deposit in Victoria in the last 5 years. 20% is the standard and I think some potential buyers will be surprised by this.  Any prudent investor should be wary. 

[Mike K.]

You need to consider that buyers will be depositing their money for a period of roughly 18 months.

 

There is far less opportunity loss (if we can call it that) by depositing 25% for 18 months than 20% for 42 or 48.

[tjv]

That being said, however, HP1 is a luxury project. This is not a building that's geared towards entry-level buyers and a 25% down payment for someone who just sold a $1.5 million Fairfield home and is staging for a 1,200 square foot condo is not a big deal.

Isn't every condo project downtown "luxury"?  lol.  time will tell on this one, but I wouldn't hold my breath.  The area around Hudson is still in transition, not sure if you are going to attract people selling a $1.5 million Fairfield home to this project

[Promontory Kingpin]

Where did you hear about a 25% down payment?

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[Mike K.]

Ah, I see mid-2020 is now the completion. That's alright!

[m3m]

How flexible do you think the developer would be on the deposit?  Lets say I offered 20K over asking, but only if I offered a 10% deposit.  Is this something that developers can even consider or is the deposit structure a result of their own financing obligations?