983 replies to this topic

[ovovov]

This building is far and away better than anyone should have ever expected for this site.

 

 

Developer reported about 80% sold, still quite bit inventory. That to me, tells about the quality....

I wonder if the new listings on MLS will be able to compete..

developer has about 80% sold, still quite bit inventory.

I wonder if the new listings on MLS will be able to compete? --lol

[Kev]

Not sure if it's occupancy or just a show-suite, but one of the podium units under the east tower had furniture (including patio furniture) moved into it last night/this morning.

The unit with the patio furniture is ours and the resident is our tenant. It is not a show suite.

Our closing date was supposed to be September 23 (Monday) and get possession on Tuesday. There were slight delays with the permission to occupy. The developer got the paperwork from the city late in the afternoon on Tuesday.

We closed, got possession (processed payment/got keys) and our tenant moved in on Wednesday (September 25). It was a bit hectic, but handled very well by Cox Developments.

I met 3 others moving in that evening.

As I understand, only units in the podium have done walk throughs so far.

[cathawk]

Developer reported about 80% sold, still quite bit inventory. That to me, tells about the quality....

I wonder if the new listings on MLS will be able to compete..

developer has about 80% sold, still quite bit inventory.

I wonder if the new listings on MLS will be able to compete? --lol

I've noticed you've been really negative about this development over the last while. Can I ask why and where you are getting your information from? I'm curious.

[LetsGetIt]

Developer reported about 80% sold, still quite bit inventory. That to me, tells about the quality....
I wonder if the new listings on MLS will be able to compete..
developer has about 80% sold, still quite bit inventory.
I wonder if the new listings on MLS will be able to compete? --lol

I think it has less to do with quality and more to do with pricing / general market sentiment and possibly location (Our Place).

It is definitely one of the most attractive builds in Victoria to date, that cannot be denied.

[Mike K.]

The unit with the patio furniture is ours and the resident is our tenant. It is not a show suite.
Our closing date was supposed to be September 23 (Monday) and get possession on Tuesday. There were slight delays with the permission to occupy. The developer got the paperwork from the city late in the afternoon on Tuesday.
We closed, got possession (processed payment/got keys) and our tenant moved in on Wednesday (September 25). It was a bit hectic, but handled very well by Cox Developments.
I met 3 others moving in that evening.
As I understand, only units in the podium have done walk throughs so far.

Nice. Thanks for the heads-up!

[ovovov]

I've noticed you've been really negative about this development over the last while. Can I ask why and where you are getting your information from? I'm curious.

 

Depends on your perspective, I might be overly negative about quite a few....

-sometimes I am one overly opinionated individual who happen to know enough to get myself into trouble. Where I get the info from? Ppl talks just pay attention to the insiders.

-congrats to the owner(s) who brought the pre-sale within the first 6 to 8 months- It was cheap, the one bed room was like in the 290k-310k range, now it is selling for 440k-460k per MLS.

the two beds owners made much more after 3 years waiting. I guess the time for harvest is coming soon. WATCHING MLS... there are still opportunities.

[Mike K.]

There is definitely a risk-reward with buying a presale, with the reward being higher prices upon completion (even if the market hasn’t moved as a move-in ready unit is more valuable than a pre-sale unit several years from completion).

There is also a risk of the value of a unit being lower upon completion. That is not typically an issue of concern in Victoria but it certainly can be in other markets. But if a major macro event occurs (ie 2008) where presale prices can end up under water then that is likely to extend to all markets, including ours.

[MarkoJ]

-congrats to the owner(s) who brought the pre-sale within the first 6 to 8 months- It was cheap, the one bed room was like in the 290k-310k range, now it is selling for 440k-460k per MLS.

 

 

I had 3 clients buy the 290-315k units and I am thinking more like 400k +/-. You can list on MLS at whatever you want but whether it actually sells or not is a different question.

[ovovov]

I had 3 clients buy the 290-315k units and I am thinking more like 400k +/-. You can list on MLS at whatever you want but whether it actually sells or not is a different question.

 

I agree. Buyers buy. 

does the 290-315k comes with parking? And are those on lower unit? facing south? Just curious. 

 

a going rate is about 25-40k in downtown.  

[Mike K.]

989 included parking for all suites.

There are 220 stalls and 206-units.

[Kev]

-congrats to the owner(s) who brought the pre-sale within the first 6 to 8 months- It was cheap, the one bed room was like in the 290k-310k range, now it is selling for 440k-460k per MLS.

 

Thank you for the congratulations, however, your statement/figures is/are a bit misleading. The values have increased but it is not as lucrative as you indicate.

 

My parents and I each bought units in the complex (we were part of the first 12-15 sold) and I believe they were some of, if not, the least expensive. We paid $310K and 325K + GST, making the units $325K and 340K, respectively. I think we could sell them for around $380K (although I use the buy and hold strategy, so not interested in selling).

The ones listed at $440K+ are SIGNIFICANTLY (100-250 sqft) larger than the units we purchased and the more expensive units are not facing Johnson Street and/or are on higher floors.

[Kev]

I agree. Buyers buy. 

does the 290-315k comes with parking? And are those on lower unit? facing south? Just curious. 

 

a going rate is about 25-40k in downtown.  

 

All units were initially being sold with parking, however, when prices started to really climb and the new regulations/stress tests were introduced, they offered a discounted price if the purchaser did not want parking (I think they knocked off $25K or something like that), to help people qualify for the mortgage - I do not know how many units they ended up selling without parking.

 

So, yes, the units we purchased each have a parking spot (albeit DEEP in the bowels of the building on P4), the units are on the second floor and face Johnson Street (likely least desirable).

[Kapten Kapsell]

There is definitely a risk-reward with buying a presale, with the reward being higher prices upon completion (even if the market hasn’t moved as a move-in ready unit is more valuable than a pre-sale unit several years from completion).

There is also a risk of the value of a unit being lower upon completion. That is not typically an issue of concern in Victoria but it certainly can be in other markets. But if a major macro event occurs (ie 2008) where presale prices can end up under water then that is likely to extend to all markets, including ours.

This risk is ultimately what happened to The Falls on Douglas.  A large number of pre-sale buyers chose not to complete and forfeited their deposits.  The developer (Westbank) then had to sell all those units after construction finished, and that resulted in price decreases of up to 50% vs pre-sale prices, resulting in lost equity for the other buyers.  

 

Something similar happened at the original Bayview tower, though I'm not sure how many cancelled contracts they had (I sense that the developer simply had a lot of unsold inventory)...

[MarkoJ]

Something similar happened at the original Bayview tower, though I'm not sure how many cancelled contracts they had (I sense that the developer simply had a lot of unsold inventory)...

 

I think Bayview just had a bunch unsold that they eventually cleared out at deep discounts.

[Mike K.]

That was also the case for Dockside and The Hudson. Weren’t all of those projects impacted by a post-2008 market, as in the real-estate market incurred a major correction for several years?

That being said, those that completed on 2008 were up huge by 2012-2013 and then we all know what happened from there.

[magmazing]

989 included parking for all suites.

There are 220 stalls and 206-units.

I wonder if there's any chance that there's any unsold parking spots and if they'd be available for purchase on their own? Or do they have to be tied to a unit in 989? As someone who won't have a parking spot in a tower going up down the street, I'd be interested...

[Mike K.]

I sent you a PM, Mag.

That’s a good question and I’m sure others would like to know how that pans out for you.

[MarkoJ]

I haven't come across a residential building in my 10 years in real estate where you can individually own a parking spot without owning a unit.

[zoomer]

Basking in the early morning sun between light showers.  

 

Also, here's a pic of 989 Johnson.  

 

Yates Street by JohnnyJayEh, on Flickr

[ovovov]

5th fl, 510 sqft asking for 419k-( looks like a podium plan )