175 replies to this topic

[phx]

It seems the assessor thinks these are overpriced. The smallest unit (483 square feet) was originally offered at $489,000 before being marked down to $389,000. The assessed values is only $250,000 though.

Ouch!

[phx]

They're all still available, so this may be the time for a low-ball offer.

[Kapten Kapsell]

Fairfield Rise is definitely the most overpriced small-scale project to hit the market in some time. I do wonder if this project will wind up in receivership as there have been no sales and the units will need to be sold at a substantially lower cost, so there might not be enough $ available to pay the construction loan?

[Mike K.]

The assessed values is only $250,000 though.

$250,000 is still way over the top.

[MarkoJ]

I cannot stand the hydro connection to this building...it is sooo ugly.

[sebberry]

If their website has been kept up to date, there's still only one suite that has been sold.

Yikes.

[sebberry]

I cannot stand the hydro connection to this building...it is sooo ugly.

Yes, it is quite hideous. You'd think for new construction they would have been able to go underground or at least not put it right next to a bedroom window.

[gumgum]

The entire building is an eyesore.

I won't go as far as to say the developer deserves this, but I am at least happy other developers will learn from this not to build hideous atrocities and expect to fool people into thinking it's worth its ridiculously inflated price.

[sebberry]

I wouldn't say the building is hideous. Well except for the green wall on the back side.

[Baro]

Aren't the prices per square foot for these on par with the falls?? Riduclous.

[Mike K.]

I wouldn't say the building is hideous. Well except for the green wall on the back side.

Which was supposed to have a mural painted on it, if my memory serves correct.

[Rob Randall]

West side of the building

This is why the heritage crowd can get so ornery sometimes.

[D.L.]

so where were they this time?

[phx]

so where were they this time?

They were demanding more green space... and got it! Sort of...

[phx]

There is a listing on Used Victoria for the Fairfield Rise: $3,500,000 for the whole building.

I wouldn't have thought Used Victoria to be effective for something like that.

Perhaps we'll see the suites on Groupon next?

[Holden West]

^Seeing as the person who placed the ad is barely literate, we can assume a potential buyer is in a good position to extract an excellent bargain out of the negotiations.

[sebberry]

If one of the units has already sold, that's $500,000 per remaining unit.

The developer just needs to sell these for fair market value and walk away.

[Holden West]

^But the assessed value is only a quarter million per.

Is there a general formula for value vs. assessment? For instance, can it be assumed a condo assessed at $250 k has a fair market value of around $300 k?

[sebberry]

Is there a general formula for value vs. assessment? For instance, can it be assumed a condo assessed at $250 k has a fair market value of around $300 k?

A condo in my building just sold for nearly 20k under assessed value.

[Holden West]

A condo in my building just sold for nearly 20k under assessed value.

If an assessment is wildly out of whack, a call to Bernard for advice on appealing is warranted. This might be a good topic for Marko to comment on--is there a rule of thumb for condos with reasonable assessments.

Since the BC Assessors do not actually enter the suite, it's possible a particular unit has an unexpected and spectacular view that boosts the value. Fairfield Rise doesn't have any comparable neighbours nearby and that might skew the actual value.

This might be a good time to remind people in the business of marketing million dollar properties that the red squiggly line does not mean "awesome word!", it means "backspace and try again".

google fairfieldrise.com

Or, you could eliminate the middleman and enter that URL directly into the address bar, instead of Google. That way, you can avoid seeing snarky comments from jerks like me in the search results.