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Legato
Uses: condo, commercial
Address: 960 Yates Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 17
Condo units: 88 (1BR, 2BR, 3BR, penthouse)
Sales status: sold out / resales only
Legato is an 88-unit, 17-storey condo tower with ground floor commercial space at 960 Yates Street in downtown... (view full profile)
Learn more about Legato on Citified.ca      Official website: legatovictoria.com
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[Downtown] Legato | Condos; commercial | 17-storeys | Complete - built in 2018


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#21 MarkoJ

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Posted 16 July 2014 - 09:45 PM

I never said Fred or Bijan are broke, far from it.

 

This will take 18-24 months before they break ground and by then the market may have changed

 

You did say the Mondrian was "not a success" but I am curious as to what you are basing your comment on?  Looking at the information I have available to me as of May they had 72 out of 96 units sold.   Out of the 24 unsold units 4 are the ground floor units and 8 are studios (low grossing $).  Up to now most of the inventory they have sold has been close in price per sq/ft to the Era which a more expensive building to build both from design and quality perspectives.  At the Mondrian they employed a lot of cost saving measures ((small windows, self-condensing laundry units (no sheet metal for venting, no 220v outlet), low end appliances, basic building design, etc.))   I would actually argue that the Mondrian has been a sleeper success.  Built on a budget but achieved per sq/ft prices of more expensive to build products.


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2020 | Fair Realty

www.MarkoJuras.com Full Service MLS® - 2.75% | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

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

 

 


#22 VicBooster

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Posted 16 July 2014 - 09:49 PM

I had heard the developer bought several of the Mondrian units to get financing. Developers are known to do this when units are not moving particularly the ones with big pockets.



#23 G-Man

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Posted 16 July 2014 - 09:53 PM

I like how the Mondrian turned out, though i think the name is a bit of a gimmick given it came down to a bunch of plastic deck sidings. Still 5 or six similar buildings around downtown would be a welcome improvement.

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#24 Mike K.

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Posted 16 July 2014 - 09:56 PM

Before we forget, Chard still has two towers in the works for Yates Street and there's that seven storey mixed-use rental/office project coming down the pipes across from the arena. Oh that reminds me, Townline is supposed to make their next move on the Hudson Walk property kitty corner to the arena, so there's definitely activity in this industry.


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#25 G-Man

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Posted 16 July 2014 - 10:01 PM

Chard has two towers planned for Yates Street?

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#26 Mike K.

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Posted 16 July 2014 - 10:18 PM

819 Yates is zoned for two buildings.


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#27 G-Man

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Posted 17 July 2014 - 06:09 AM

Oh right well those better not be the same height.

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#28 lanforod

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Posted 17 July 2014 - 07:16 AM

Oh right well those better not be the same height.


Twin towers is a bit different than multiple different towers of the same height though.

#29 jonny

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Posted 17 July 2014 - 07:42 AM

I would vote for 12 or 16/17 on this site. Just not 15 with the Manhattan right there. Please god no more 14/15 storey buildings for 3 years.

 

The one thing Victoria has done very well lately is the 14/15 storey building, though.

 

I don't see it as such a big deal if this Alpha building is 15 floors. It certainly would be leaps and bounds better than what is on that site currently. I agree that taller would be more desirable, but there is some spacing there between those two sites and as long as it looks different (and better - no stucco please) than the Manhattan I will be happy.



#30 jonny

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Posted 17 July 2014 - 07:48 AM

I had heard the developer bought several of the Mondrian units to get financing. Developers are known to do this when units are not moving particularly the ones with big pockets.

 

You think the bank wouldn't catch on to this?



#31 Nparker

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Posted 17 July 2014 - 08:13 AM

Please god no more 14/15 storey buildings for 3 years.

I have to assume you mean none situated next to buildings of the same height. Scattered about the downtown core, taking into consideration the heights of adjacent buildings, I have no issue with lots of well-designed 14/15 storey buildings. What we need to get away from is our abysmal "table-top" skyline. It's boring as hell.


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#32 Mike K.

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Posted 17 July 2014 - 08:24 AM

You think the bank wouldn't catch on to this?


Stuff like that isn't done right in front of the banks face of course, and quite honestly a developer with a strong track record doesn't fall under the prying eyes too much, especially if units are "moving."

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#33 HB

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Posted 17 July 2014 - 12:06 PM

I like how the Mondrian turned out, though i think the name is a bit of a gimmick given it came down to a bunch of plastic deck sidings. Still 5 or six similar buildings around downtown would be a welcome improvement.

 

Those coloured panels are glass not sure if that is what you referred to



#34 G-Man

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Posted 17 July 2014 - 12:09 PM

Same difference. My issue with it is that if a design element is easily removable and only one element of a building. Should that be what the building is named after?

Visit my blog at: https://www.sidewalkingvictoria.com 

 

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#35 jonny

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Posted 17 July 2014 - 12:19 PM

Stuff like that isn't done right in front of the banks face of course, and quite honestly a developer with a strong track record doesn't fall under the prying eyes too much, especially if units are "moving."

 

What you guys are suggesting is fraud. That's a serious allegation.



#36 Mike K.

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Posted 17 July 2014 - 12:29 PM

This sort of stuff happens quite often from what I understand. The bank doesn't care who buys the units, so long as they're bought. Obviously a developer wouldn't buy them under his development outfit but there are a myriad of ways to go about this sort of thing.

 

Just think of all the corporations that buy condo units with the intent to rent them out upon completion. They'll come in and buy 20 at a time in major markets -- and quite frankly what is stopping a developer from doing the same? UVic has done something similar with the Dalton Hotel by agreeing to occupy 50 of the units which likely gave the project a big boost of confidence as far as the bank was concerned.


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#37 jonny

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Posted 17 July 2014 - 12:39 PM

There's a big difference between a company buying some units with the intent of generating rental income and a developer buying units because sales are slow and he needs some positive sales figures for a credit extension.

 

One sounds like fraud to me. Maybe "it happens all the time", but I'd be surprised if the banks and auditors were so easily duped.



#38 Mike K.

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Posted 17 July 2014 - 12:45 PM

Yeah I know, I was taken aback a little when I first heard of stuff like this happening.


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#39 concorde

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Posted 17 July 2014 - 02:30 PM

You did say the Mondrian was "not a success" but I am curious as to what you are basing your comment on?  Looking at the information I have available to me as of May they had 72 out of 96 units sold.   Out of the 24 unsold units 4 are the ground floor units and 8 are studios (low grossing $).  Up to now most of the inventory they have sold has been close in price per sq/ft to the Era which a more expensive building to build both from design and quality perspectives.  At the Mondrian they employed a lot of cost saving measures ((small windows, self-condensing laundry units (no sheet metal for venting, no 220v outlet), low end appliances, basic building design, etc.))   I would actually argue that the Mondrian has been a sleeper success.  Built on a budget but achieved per sq/ft prices of more expensive to build products.

Its been complete for a year now and the ground floor retail and 25-30% of the units are still vacant (I am pretty sure Alpha purchased some), combine that with the carrying costs, property taxes, and maintenance and in my opinion as a developer, it wasn't a success.  Are they going hungry, no

 

Also Concert typically doesn't make a lot of money on their sales, its sort of a deal to keep their union owners working



#40 MarkoJ

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Posted 18 July 2014 - 07:39 AM

Its been complete for a year now and the ground floor retail and 25-30% of the units are still vacant (I am pretty sure Alpha purchased some), combine that with the carrying costs, property taxes, and maintenance and in my opinion as a developer, it wasn't a success.  Are they going hungry, no

 

Also Concert typically doesn't make a lot of money on their sales, its sort of a deal to keep their union owners working

 

25% of units unsold with a large percentage of very low grossing units in the mix.  If the margin is 20 to 25% like you mentioned in another thread they are close to break even.  Carry costs are relatively cheap these days.  

 

I don't know why there is a need for all the speculation, "I am pretty sure Alpha purchased some," or previous comment "I had heard the developer bought several of the Mondrian units to get financing."   

 

As a REALTOR®, with a three week course behind me, it's a 2 minute procedure for me to verify the facts.  Look up BC Assessments and see how many condos have changed hands and for what amount.  72 out of 96 have sold.  Next, search the land title records (public information) for the Mondrian strata plan.  Once again, 96 results with 96 names, 24 registered to Alpha Developments (the unsold units).  One of the developers has one condo registered in his name.  

 

The banks are a lot smarter than I am so I don't think developers can just buy up units on paper on obtain financing.  I've bought three pre-sale condos in the last 5 years and when I tried to negotiate the deposit amount down on two of them I was told it couldn't be done as the lending institution was going over all the pre-sale contracts (and wanted to see a certain minimum deposit structure) until a percentage of sales was reached to issue construction financing to the developer.    


Edited by MarkoJ, 18 July 2014 - 07:41 AM.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2020 | Fair Realty

www.MarkoJuras.com Full Service MLS® - 2.75% | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

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

 

 


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