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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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#621 sdwright.vic

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Posted 11 June 2018 - 08:14 PM

Actually its more about the bravado then anything else.

Look, I could pay this if I wanted to, however, I prefer my yearly month in Mexico and other investment activities to make sure I can retire somewhere warm. Retire at 60 and moving is more then done without buying a house.

Never planned on being here this long, but things happened and we settled here. To have someone complain that some rental building made it so he couldn't screw people over, thats my issue.

So you can make money at that level, but you will only market at that level because you have competition? F@ck off.

Guess what! The Yello suites were not competion, the weren't even in the same catagory as Legato... once again.... kitchens sirting in the middle of the living room with no separation.

I have a 800 sq ft apartment on the Gorge Waterway with a pool and gym. I pay less than $1100 a month with parking. I have a dinning room AND a seperate kitchen. I have a corporate landlord that values DINKS... and does what I ask... and I have a dog.

So no... $1500 a month... doesn't look good

Edited by sdwright.vic, 11 June 2018 - 08:15 PM.

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#622 G-Man

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Posted 12 June 2018 - 05:42 AM

^ Agree. The majority of Victorians (by a hefty margin) rent. Could we please be a little more sensitive to the fact people don't want to be paying you rent. It isn't fun. It is the largest expense they have.
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Visit my blog at: https://www.sidewalkingvictoria.com 

 

It has a whole new look!

 


#623 RFS

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Posted 12 June 2018 - 05:48 AM

Maybe its just that customer service disappears with anonymity? Or promontory kingpin doesn't care about such modern ideas
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#624 Nparker

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Posted 12 June 2018 - 05:50 AM

...The majority of Victorians (by a hefty margin) rent...

And unlike a mortgage, rent never gets paid off.  :(



#625 Mike K.

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Posted 12 June 2018 - 06:07 AM

Mike K!! What did I tell ya bud. Yellow on Yates left a LOT of Money on the table budz!!! :1954_dancing:

There are over 200-units at Yello, and the quality of finishings will never be that of a higher-end condo. And it’s the market dictates what something is worth, not a few guys on a forum.

Anyhow, Gman is right. Enough with the exploitation talk. It’s not helpful, productive nor does it represent the spirit of this forum.
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#626 tjv

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Posted 12 June 2018 - 06:10 AM

So no... $1500 a month... doesn't look good

My comment of $1500 never was made to poke anyone the wrong way.  You are probably paying 1100 because as you say you have been here for awhile.  Someone moving and renting a new place can expect to pay higher rents. 

 

I was talking to someone on Admirals a few weeks ago, and they will be renting their 2 bedroom basement suite for 1650 per month.  The reality of getting a nice place for 1100 with all the amenities like a pool and gym is long over.

 

There are lots of benefits of renting, no property taxes to worry about, much lower insurance cost, no outside maintenance, no strata fees, minimal rent increases every year


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#627 sdwright.vic

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Posted 12 June 2018 - 06:11 AM

^Four years in my current location, 10 years in the one before.
Predictive text and a tiny keyboard are not my friends!

#628 lanforod

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Posted 12 June 2018 - 07:46 AM

^ rental rates for new tenants have probably kept pace somewhat (though usually lags a bit) with real estate prices, so I'd expect a lot more than 15% or so increase over 4 years if you're moving. More in the 50% range. Leo or Mike may have the numbers.


Edited by lanforod, 12 June 2018 - 07:46 AM.


#629 Mike K.

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Posted 12 June 2018 - 07:52 AM

If landlords applied the maximum annual increase since 2008 the prices would be equal to today’s market.

$1,100 in 2008 = $1,516 today, or right in line what what that unit would go for today, if not slightly more.

Those rental rate increases are not a happenstance figure. They’re calculated how they are for a good reason.

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#630 tjv

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Posted 12 June 2018 - 08:52 AM

^true, except rents in a standard 1970s era 4 storey apartment building in 2008 were around $700 for a 1 bed 1 bath?  Today they are around $1300?  Feel free to correct me, its been awhile since I rented

 

If I recall correctly in 2001 I was paying $595 for a 1 bed 1 bath near Beacon Hill Park.  I think when I moved out in late 2003 I was paying $630



#631 shoeflack

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Posted 12 June 2018 - 09:02 AM

^true, except rents in a standard 1970s era 4 storey apartment building in 2008 were around $700 for a 1 bed 1 bath?  Today they are around $1300?  Feel free to correct me, its been awhile since I rented

 

If I recall correctly in 2001 I was paying $595 for a 1 bed 1 bath near Beacon Hill Park.  I think when I moved out in late 2003 I was paying $630

 

I was paying $650 for a small 1b/1b around Shelbourne/Cedar Hill X in 2008.



#632 Casual Kev

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Posted 12 June 2018 - 09:40 AM

IIRC CMHC data from 2014-2017 showed a nearly 30% increase in purpose built rental rates during the time period. Due to rent control new leases should've experienced an even larger increase.

#633 jonny

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Posted 12 June 2018 - 10:34 AM

I was paying $650 for a small 1b/1b around Shelbourne/Cedar Hill X in 2008.

 

The buildings around there are total dumps, though [for the most part]. 

 

I lived in the Camelot for the spell and paid around $725. It was totally ghetto. 



#634 Casual Kev

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Posted 12 June 2018 - 11:46 AM

View Tower is charging around $1,000 for a bachelor so that puts into perspective what a "dump" goes for nowadays.
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#635 Mike K.

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Posted 12 June 2018 - 12:14 PM

Well, it's good to see View Towers renting units again. Aren't they renovated now?


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#636 Casual Kev

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Posted 12 June 2018 - 12:21 PM

I didn't notice any construction work when I passed by earlier today and they have an ad up on Craigslist so they seen to be fully operational

#637 Mike K.

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Posted 12 June 2018 - 02:03 PM

The renos would have been inside, no work would be visible outside. I suspect they’re working hard to clean that building up.

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#638 tjv

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Posted 12 June 2018 - 02:20 PM

^ballpark only about 25% of the units were "renovated"



#639 Promontory Kingpin

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Posted 14 June 2018 - 02:34 PM

Maybe its just that customer service disappears with anonymity? Or promontory kingpin doesn't care about such modern ideas

For the record RFS I have Never NEVER raised the rent of a tenant - regardless of the annual allowable amount set out by the government. I treat good tenants with more respect then any landlord that you have known. I even let a tenant pull out of a one year lease 4 months into it without penalty. And I would never try to motivate a good tenant to move out just so I can get someone new in at a higher rate. So don't jump to a conclusion like a stereotypical millennial!

 

As for Mike K and that other bonehead talking about how I had to lower my rates because of Yellow's pricing scheme - I did not!! :)

 

You guys refer to market rates, but what you don't seem to understand is that Realstar doesn't know what the market rates are in Victoria. Those were below market rates. I rent out a similar one bedroom unit (but not nearly as new as theirs) in that neighbourhood for 67% more then they do. I did not have to lower my price because of them, and I had several people who were begging to sign a lease.

 

My prediction is that company and its mass amount of capital fell into the lap of some trust fund baby who doesn't know how to run a business. But that's okay with me. They can continue to leave money on the table that I will end up picking up. And you guys can continue to whine about how business and capitalism works, and how I am respectfully following the rules of the economy :teacher:


Edited by Promontory Kingpin, 14 June 2018 - 02:36 PM.


#640 RFS

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Posted 14 June 2018 - 02:42 PM

For the record RFS I have Never NEVER raised the rent of a tenant - regardless of the annual allowable amount set out by the government. I treat good tenants with more respect then any landlord that you have known. I even let a tenant pull out of a one year lease 4 months into it without penalty. And I would never try to motivate a good tenant to move out just so I can get someone new in at a higher rate. So don't jump to a conclusion like a stereotypical millennial!

As for Mike K and that other bonehead talking about how I had to lower my rates because of Yellow's pricing scheme - I did not!! :)

You guys refer to market rates, but what you don't seem to understand is that Realstar doesn't know what the market rates are in Victoria. Those were below market rates. I rent out a similar one bedroom unit (but not nearly as new as theirs) in that neighbourhood for 67% more then they do. I did not have to lower my price because of them, and I had several people who were begging to sign a lease.

My prediction is that company and its mass amount of capital fell into the lap of some trust fund baby who doesn't know how to run a business. But that's okay with me. They can continue to leave money on the table that I will end up picking up. And you guys can continue to whine about how business and capitalism works, and how I am respectfully following the rules of the economy :teacher:


No one is whining about capitalism (at least I certainly am not) I just doubt you would be knee-slapping about how much you are charging if your customers (tenants) were there in person. Like if you bought a car and the salesmen started hooting and hollering and high fiving over how much money they got out of you
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