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#1881 MarkoJ

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Posted 01 June 2020 - 12:44 PM

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#1882 MarkoJ

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Posted 01 June 2020 - 12:48 PM

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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2019 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#1883 Nparker

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Posted 01 June 2020 - 12:55 PM

With the gradual easing of plague-related restrictions, will there be an uptick in sales over the summer?



#1884 MarkoJ

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Posted 01 June 2020 - 01:04 PM

With the gradual easing of plague-related restrictions, will there be an uptick in sales over the summer?

 

I think there will be a bit of an uptick but I would have thought things would have bounced back a bit quicker. 


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2019 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#1885 Nparker

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Posted 01 June 2020 - 01:10 PM

Perhaps once people feel freer to move about the province and (hopefully) more folks are able to return to work, the market will become more active.



#1886 MarkoJ

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Posted 08 June 2020 - 08:38 AM

Victoria Real Estate Board
Monday June 8, 2020:
 
Month Jun May
Year 2020 2019
Net Unconditional Sales: 125 740
New Listings: 378 1,221
Active Listings: 2,637 3,040
 
Please Note
 
Left Column: stats so far this month
Right Column: stats for the entire month from last year

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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2019 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#1887 Nparker

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Posted 08 June 2020 - 08:43 AM

So we've got a shot at 500 sales for the month. Not bad under the current circumstances.



#1888 E2V

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Posted 10 June 2020 - 08:56 AM

Does anybody have an opinion as to why there is 17 units for sale at Shoal Point?



#1889 GetLisaSomeHelps

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Posted 10 June 2020 - 09:06 AM

Does anybody have an opinion as to why there is 17 units for sale at Shoal Point?

 

I recalled Les Leyne using Shoal Point as the worst local example of a strata's insurance premium skyrocketing so probably has something to do with that.


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#1890 Mike K.

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Posted 10 June 2020 - 09:11 AM

Not knowing anything about the building’s condition, my immediate thought is the spec tax is forcing people to sell that are now holding property they can’t travel to due to COVID.

Couple that with insurance rates rising and you’ve got a perfect soup for sell-offs.
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#1891 GetLisaSomeHelps

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Posted 10 June 2020 - 09:15 AM

Not knowing anything about the building’s condition, my immediate thought is the spec tax is forcing people to sell that are now holding property they can’t travel to due to COVID.

Couple that with insurance rates rising and you’ve got a perfect soup for sell-offs.

 

Not sure if they are allowed in this building, but one more factor could be AirBnB income drying up?



#1892 MarkoJ

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Posted 10 June 2020 - 09:41 AM

Not sure if they are allowed in this building, but one more factor could be AirBnB income drying up?

Not zoned for AirBnB.


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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2019 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#1893 TransplantedEdmontonian

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Posted 10 June 2020 - 10:02 AM

Does anybody have an opinion as to why there is 17 units for sale at Shoal Point?

 

They had a major water damage issue and as a result, the building even made the TC as one that had huge increases to their insurance.



#1894 Kungsberg

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Posted 10 June 2020 - 10:46 AM

I've noticed there were always quite a few units for sale at Shoal Point, even pre-Covid and pre-spec tax. There are 160+ units there, so 17 units for sale right now is about 10%. If I saw a street with 10 houses and 1 was for sale, I wouldn't necessarily conclude that there is anything faulty with those houses or that one in particular.

 

There is a higher percentage of people who use the units as second or even third homes, than many other buildings. Perhaps explains the higher level of turnover, changing their ideas of where they want to spend time, ageing out, the occasional estate sale. And now making decisions based on the spec tax and possibly worried about a softer condo market overall.

 

My understanding of that water claim: I believe it started with a burst water main out on the street, and the water to the whole building got shut off. When it was turned back on, a pin-hole leak developed somewhere in the building.  It wasn't detected for quite a while (I think the affected unit was unoccupied for weeks, and it was a small leak). In the end I think it affected 5-6 units? - not sure. But that would be why the condo insurance has risen so much.

 

On top of that, they had a lengthy remediation (1 yr out of service) to do on their indoor pool, and some work on balconies. That must have affected their contingency fund and payments.

 

Now with covid, and still the spec tax, risky to travel, less to do/enjoy in Victoria, and probably pools and gyms off-limits (at least unwise depending on your age) but you're still paying for it, new constraints on your budget, might be a good time to make some decisions.



#1895 GetLisaSomeHelps

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Posted 10 June 2020 - 11:05 AM

There are 160+ units there, so 17 units for sale right now is about 10%. If I saw a street with 10 houses and 1 was for sale, I wouldn't necessarily conclude that there is anything faulty with those houses or that one in particular.

 

There were 182 condo sales per month last year across all of Greater Victoria. To see 17 listings in one condo building at the same time definitely raises red flags.



#1896 Kungsberg

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Posted 10 June 2020 - 11:23 AM

There were 182 condo sales per month last year across all of Greater Victoria. To see 17 listings in one condo building at the same time definitely raises red flags.

That's why I wrote 4 paragraphs about what I felt were the issues.


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#1897 MarkoJ

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Posted 15 June 2020 - 08:11 AM

Victoria Real Estate Board
Monday June 15, 2020:
 
Month Jun Jun
Year 2020 2019
Net Unconditional Sales: 284 740
New Listings: 702 1,221
Active Listings: 2,730 3,040
 
Please Note
 
Left Column: stats so far this month
Right Column: stats for the entire month from last year 

  • Nparker likes this

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2019 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#1898 Mike K.

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Posted 15 June 2020 - 08:12 AM

If the current pace of sales keeps up we'll break 600 sales.


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#1899 IPH

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Posted 16 June 2020 - 09:47 AM

Not bad considering the sky is falling! Will be interesting to see what the final split for the month is between Strata and SF.

#1900 MarkoJ

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Posted 22 June 2020 - 08:14 AM

Victoria Real Estate Board
Monday June 22, 2020:
 
Month Jun Jun
Year 2020 2019
Net Unconditional Sales: 519 740
New Listings: 1,013 1,221
Active Listings: 2,700 3,040
 
Please Note
 
Left Column: stats so far this month
Right Column: stats for the entire month from last year 

  • Nparker likes this

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2019 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


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