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Downtown Victoria condo pre-sale market.....


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#41 ovovov

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Posted 24 October 2019 - 01:09 PM

informative post.

 

what is a good entry price point? $800/sqft?



#42 MarkoJ

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Posted 24 October 2019 - 01:38 PM

I've heard a rumor that the Row units won't be for sale? i.e. already sold to investment firm?


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#43 shoeflack

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Posted 24 October 2019 - 03:23 PM

Mike had previously confirmed that The Row was going to be all-rental in that thread. Have things changed?



#44 Mike K.

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Posted 24 October 2019 - 09:43 PM

Yes, it appears that they have. The development team intends to sell them.
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#45 ovovov

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Posted 25 October 2019 - 09:23 AM

chatted with developers, looks like the city wants rental suites to be embedded into new project starting next year and it really boiled down the developer(s) may ended up eating the cost/expenses.

 

In another word, pushing the average building cost higher. I wonder if any developer still wants to take the risks and starting building them at 900/sqft...

Investment firm/individuals may have a different take on perpetual income stream for those rentals.



#46 Mike K.

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Posted 25 October 2019 - 09:39 AM

The Row was approved with a 10-unit rental component, so there was always that guarantee.

 

Going back to your question about an entry price point, it depends on the unit type. You won't find much for $800 in smaller layouts but there's a higher likelihood that larger units will be at that price point, maybe even lower.

 

For a studio $875-$900 is your starting point. I wouldn't be surprised if we see $925 next spring, despite CMHC's warnings about a slowdown in 2020. Price responds to supply, and when there's no supply to buy that keeps costs elevated if not incentivizes an increase in cost. There's also the affordability factor that gives smaller, more affordable units an edge over larger units.


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