800 replies to this topic

[spanky123]

That's a pretty crazy investment for an unfinished heritage conversion, hope Customs can please the buyer.

 

Out of town buyer, lots of money. 

[Mike K.]

Although the only heritage aspect to the building is the facade. Everything else is a new-build.

[tjv]

I don’t think that article is talking about houses, though.

My point is people are spending 20+ million on houses, so whats the big deal to spend 10.8 million on a condo

[Mike K.]

Well, people are also spending $50 million on plots of land, so what’s the big deal with a $20 million house?

[Hotel Mike]

If you drew a map and figured out all the coordinates, that penthouse location is about as good as you can get for Victoria itself. You are right in the heart of the downtown/tourist area, with unobstructed views of the Parliament Buildings, the Empress, Olympics to the south, Strait of Juan de Fuca to the south west. If there were a king or queen of Victoria, that's probably where they would reside, lol.

[aastra]

 

Well, people are also spending $50 million on plots of land, so what’s the big deal with a $20 million house?

 

What's the big deal about $50 million? The Bay Centre and the Empress Hotel both sold for way more.

[Rob Randall]

Here are some other things you can buy for $10.8 million:

 

A 1956 24-suite West Vancouver apartment building.

A five bedroom West Van waterfront mansion.

Barack and Michelle Obama's 1920s Washington DC brick mansion.

Elle MacPherson's seven bedroom Miami-area villa.

[tjv]

Barack and Michelle Obama's 1920s Washington DC brick mansion.

That is one butt ugly house

[Nparker]

That is one butt ugly house

Nothing like the understated elegance of this.

[Casual Kev]

Nothing like the understated elegance of this.

Donald-Melania-Trump-Manhattan-Penthouse_1.jpg

 

this is so over the top, if that was my penthouse I'd rent it out for thriller movie shoots only.

[Glen]

My opinion................sales at these high end projects will continue to slide in 2019

Anyone with money doesn't waste money in a market with overall falling prices.  New builds come with a heavy cost and they will become resales.  Not sure I would do that with predictions of a soft market to 2021 or beyond!  

 

Sure there are a few projects that people with financial means will gravitate towards. Customs house, Bellwooods, etc...........

But these same people are by far no idiots.

It is so common now to see listings having to relist at lower prices.  Some of the existing buildingss that are higher end preferred are having a hard time getting even $800 sq ft.

 

Why buy now at Customs house or Bellwoods at over $1000 sqft

 

 

 

 

Wait the market out

[Mike K.]

So while you wait the market out, should you rent? Put off your retirement for three years? Wait for interest rates to double?

Housing demand is not restricted to periods of rapidly rising values. People buy and sell homes regardless of market conditions and you’d be surprised how many people are indifferent towards the prospect of rising values and more concerned about finding the right home at a price that makes financial sense for their income/employment situation.

[sdwright.vic]

Plan something else that doesn't require dependence on a "house"?

[MarkoJ]

I am with Mike on this one...I wouldn't be surprised if Customs House, Bellwood, etc., buck the market trend. These are end-user products where the investment component is a secondary factor.

 

Just look at the Sovereign vs Custom Houses....Custom Houses is 2x-3x more expensive per foot and buyers are paying.

[tjv]

Do we know what percentage of units have sold?

 

It is an interesting market for sure.  I think anyone waiting out this market hoping for cheaper prices will just take that savings and pay the difference in higher interest rates while they pay ever increasing rental prices

[Kapten Kapsell]

I am with Mike on this one...I wouldn't be surprised if Customs House, Bellwood, etc., buck the market trend. These are end-user products where the investment component is a secondary factor.

Just look at the Sovereign vs Custom Houses....Custom Houses is 2x-3x more expensive per foot and buyers are paying.

I would guess that Capitol Park should also do well. I remember that two other Concert Property developments (Chelsea and 365 Waterfront) lowered their prices in response to a market slowdown, and those who pre-purchased at the Chelsea were allowed to take possession of their units at the lower price points too.

[Mike K.]

Customs is pushing 90% sold-out.

[songheesguy]

Do we know what percentage of units have sold?

 

It is an interesting market for sure.  I think anyone waiting out this market hoping for cheaper prices will just take that savings and pay the difference in higher interest rates while they pay ever increasing rental prices

One of the most intelligent posts I've read on this board. You hit the nail right on the head, I don't see why people think holding off is the right answer just buy smart.

[Bob Fugger]

I have a friend (mid-to-late 30s public servant living with his parents: who has been dithering about the Victoria rental market for YEARS, waiting for the market to change.  His latest thing was that the market "has to crash" because of all of the government intervention in the housing and more specifically, mortgage market.  I asked him why he thought it would be a good thing to pay MORE money (in interest) for an investment that is worth LESS than it might be today?  He was red-faced and speechless.

[tjv]

^I am guessing his new plan is for his parents to die and he inherits the house!

 

sad to say I think that is how most people are planning to fund their retirement