1225 replies to this topic

[Glen]

Same here.............haven't received any replies to message to the developer.

I guess we won't see any sales info until the build gets closer to completion.  That's one way to make sure purchasers don't realize any gains!

[Torrontes]

If the developer has construction financing without the need for pre-sales, why go through the hassle of dealing with tire kickers. Once a substantial completion date can reasonably be determined, then you start selling, with pricing more current to the market and buyers faced with the imminent prospect of having to cough up the cash to close, rather than simply speculating and quickly flipping their position. 

 

The original SC date was late 2018 and that doesn't appear to be out of the question. My guess is don't expect sales to start until late summer.

[Sparky]

^ Yes but your theory does not explain this bait and switch.  http://cookstvillage.com/

[Torrontes]

Those web pages were originally posted in August 2015 to generate interest in the project. Yes, some pages were subsequently updated through the end of 2016 to reflect the approval process, but nothing since then. Once approval was obtained, then they could arrange financing. Facts changed. Not all developers are forced to go the pre-sale route.

[Mike K.]

What's more likely is the financier, the developer and potentially other parties have acquired all units and will make them available as rentals, then potentially sell them once the rental market has cooled. Condos in that location will sell in any market.

[VicHockeyFan]

Desriable project in a perfect location, at a high demand time.  Maybe he found a financier that was cool with no pre-sales.

Edited by VicHockeyFan, 09 January 2018 - 12:52 PM.

[jonny]

Good point VHF. CSV is a top 10, maybe top 5, development location in Greater Vic. 

[Torrontes]

Developers develop, they don't typically hang on to units as an investment. They cash out and are on to the next project. That being said, 17 of the 53 units are designated (and designed) as being rentals, so the developer sells them as investment opportunities. Nothing new about that. It may very well be that a group of investors has picked up all the rental units. The developer just needs to keep in mind does the fact of 17 units of ~420 square feet impact what they get for their larger units, like the 1200 square foot units on floors 4 and 5. Probably not much in this location.

[Mike K.]

Sure they do, that's how rental buildings are developed. In the case of Urban Core Ventures they've made big moves on the rental front with a purpose-built complex in Esquimalt near the police station, the purchase and restoration of an apartment on Southgate and they've recently acquired another building in Fairfield that will be modernized.

 

The return on 200 Cook Street with 53-units would be in the order of $80-$100k per month, plus the commercial units down below.

[Torrontes]

The 17 rental units were a carrot to obtain development approval. This project was designed to be sold, not as a rental building to be held and managed.

[Sparky]

First of all Torrontes I would like to welcome you to VibrantVictoria. It would appear that our manners have been remiss in welcoming you. 

 

There has been a tremendous amount of interest in this project and I for one jumped in with both feet yesterday....I think out of frustration....because the developer seems to be in hiding on this project because of a lack of information.

 

This is a popular project. This is a project that fills a lifestyle market as opposed to a housing market. Enquiring minds want to know why they can't get their hands on it. 

 

You seem to know a little about this project.....perhaps a little more than most. 

 

Care to enlighten us ?

[Torrontes]

Thanks for the welcome. Sorry, I have no inside information on this project. Simply my observations based upon industry experience, and that experience is on large projects.

 

Not clear to me what a "lifestyle market" is versus a "housing market". Surely access to amenities and neighborhood feel is a factor in most peoples' housing decisions and impacts market value.

[Nparker]

...Not clear to me what a "lifestyle market" is versus a "housing market"...

A sales gimmick.

[Kapten Kapsell]

19 February: most of the parkade work is likely complete now.

[Sparky]

Thanks for the welcome. Sorry, I have no inside information on this project. Simply my observations based upon industry experience, and that experience is on large projects.

 

Not clear to me what a "lifestyle market" is versus a "housing market". Surely access to amenities and neighborhood feel is a factor in most peoples' housing decisions and impacts market value.

 

That was a term that I used to differentiate between a desire and a necessity.

 

It was not meant to be a "sales gimmick". I am not in sales. 

 

It was meant to describe a building that perhaps might be constructed a particular way or in a particular area that would appeal to a particular demographic, as opposed to a box on a lot that met municipal and provincial minimums.  

[Torrontes]

That was a term that I used to differentiate between a desire and a necessity.

 

It was not meant to be a "sales gimmick". I am not in sales. 

 

It was meant to describe a building that perhaps might be constructed a particular way or in a particular area that would appeal to a particular demographic, as opposed to a box on a lot that met municipal and provincial minimums.  

 

One of the attractions of this project is that it is NOT targeted at a particular demographic, and that is probably reflective of CSV. The range of unit sizes is very large, from small rental units at below market rates to large three bedroom penthouses. Add to that live/work units, townhouses and commercial space. Yes, it has a high "Walk Score", but I don't consider that a "demographic".

 

Of course, there are the six scooter stalls with charging stations that does infer a particular demographic...

[GRT]

It seems to be taking a very long time to build ...

[tjv]

^my guess is the developer is also the contractor and probably prepared to wait for the best prices over speed.  He would rather take the cheapest price and not worry about speed.  Unfortunately he is forgetting about his carrying costs, construction general expenses, etc by going slow.  We also know labour is in very short supply and prices are high because of it

 

On the other hand he could also see housing prices continuing to rise at 1+% a month and think "what's the rush?"

[VicHockeyFan]

I bet his main financier is not a traditional bank and has more in it than just some interest payments. So they are deciding on this course together.

[Kungsberg]

Some photos from this past Sunday - 

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