1107 replies to this topic

[songheesguy]

Thanks for trying. I don't seem to know where my inbox is, though. Can't find it. LOL!

@Brownhorsey123they are full steam working on the landscaping today as well as trades people working on the tower.

[Brownhorsey123]

@Brownhorsey123they are full steam working on the landscaping today as well as trades people working on the tower.

Thanks sounds great. Are you moving into the tower when it is done?

[songheesguy]

Thanks sounds great. Are you moving into the tower when it is done?

 

[songheesguy]

20181119_155642.jpg

I think my daughter is going to buy it out. After doing the walk through I think I would have a hard time leaving my place in Bayview 1 for the Encore. The Encore is good value for the money but the quality and luxury of Bayview 1 is superior. The pool is quite small too which was a bit disappointing but the Encore is still a great building too.

[G-Man]

That driveway looks pretty dangerous!!!

[songheesguy]

That driveway looks pretty dangerous!!!

lol that's just the round n bout. 

[MarkoJ]

quality and luxury of Bayview 1 is superior. 

 

Having lived at the Bayview 1 for three years, owner at Promontory and 2x owner at Encore, I completely agree. Problem is it is near damn impossible to sell quality and luxury in Victoria. 

 

Over the years I've made short videos on it when I've had to sell units at Bayview 1 -> https://youtu.be/9xZNZLugq0Q

 

If I was a developer personally I would pretty much build as cheap as I could get away with. Any quality upgrades you do like solid core interior doors, for example, you might as well take the cash difference in cost and set it on fire. 

Edited by MarkoJ, 20 November 2018 - 01:04 PM.

[Casual Kev]

Having lived at the Bayview 1 for three years, owner at Promontory and 2x owner at Encore, I completely agree. Problem is it is near damn impossible to sell quality and luxury in Victoria. 

 

Over the years I've made short videos on it when I've had to sell units at Bayview 1

 

If I was a developer personally I would pretty much build as cheap as I could get away with. Any quality upgrades you do like solid core interior doors, for example, you might as well take the cash difference in cost and set it on fire. 

 

Why is that? Little price difference between minimal standards and luxury? Hard to get people to do a good job? etc.

[MarkoJ]

Why is that? Little price difference between minimal standards and luxury? Hard to get people to do a good job? etc.

 

Problem is for the little difference you get zero back from the buyer.

 

The biggest thing by far is price point. It isn't quality, luxury, or price per square foot. The Promontory is inferior quality to the Bayview and it sells for $150 to $200 more per square foot. The units are simply smaller.

[MarkoJ]

Drove by this morning and half the tower is still missing balcony railings. I am not sure if a building can receive occupancy missing railings? With the notice required for completions, I really can't see anyone moving in before the new year.

Edited by MarkoJ, 21 November 2018 - 08:20 AM.

[jonny]

Why is that? Little price difference between minimal standards and luxury? Hard to get people to do a good job? etc.

 

Lack of inventory means builders have all the leverage.

 

Sellers right now can basically get asking price whenever they offer up new-build units. What's the point in investing more if it's unlikely to increase your sales? Your building is going to sell out anyway.

 

Buyers typically don't have many options. If you want to buy a two bedroom condo in a new-build concrete high rise, you at best have maybe a handful of options at any given time. 

[MarkoJ]

Lack of inventory means builders have all the leverage.

 

Sellers right now can basically get asking price whenever they offer up new-build units. What's the point in investing more if it's unlikely to increase your sales? Your building is going to sell out anyway.

 

Buyers typically don't have many options. If you want to buy a two bedroom condo in a new-build concrete high rise, you at best have maybe a handful of options at any given time. 

 

Bayview (one of the best buildings in Victoria in my opinion) was also an extreme difficult sell in pre-sales and re-sales when the market was slow. It now sells okay but still at a huge discount (on a per square foot basis) compared to other newer buildings.

 

Problem is the one bedroom are too big (700-800 sq/ft) and so are the two bedrooms (on average around 1,350 sq/ft). Much easier to sell a lower quality 525 sq/ft one bed than a premium 700 sq/ft one bedroom.

[Mike K.]

True luxury represents about 5% of the overall market. Bayview is nicely finished and all, but it's only a luxury offering in comparison to standard offerings. Compared to Customs House Bayview is not luxury.

[Brownhorsey123]

 

Bayview (one of the best buildings in Victoria in my opinion) was also an extreme difficult sell in pre-sales and re-sales when the market was slow. It now sells okay but still at a huge discount (on a per square foot basis) compared to other newer buildings.

 

 

 

Problem is the one bedroom are too big (700-800 sq/ft) and so are the two bedrooms (on average around 1,350 sq/ft). Much easier to sell a lower quality 525 sq/ft one bed than a premium 700 sq/ft one bedroom.

 

Well this is interesting. We think we'll find our 2 bedroom condo in the Encore too small at 1150 sq ft, roughly. In any case, the master bedroom is definitely too small. No real space on either side of our king bed. Who wants that? With the information you just provided, perhaps we'll look at the 2 bedrooms in the Bayview in the future, especially if the units there are selling at a discount. Do you know if any 2 bedrooms in the Bayview are for sale right now?

[Mattjvd]

Well this is interesting. We think we'll find our 2 bedroom condo in the Encore too small at 1150 sq ft, roughly. In any case, the master bedroom is definitely too small. No real space on either side of our king bed. Who wants that? With the information you just provided, perhaps we'll look at the 2 bedrooms in the Bayview in the future, especially if the units there are selling at a discount. Do you know if any 2 bedrooms in the Bayview are for sale right now?

There is one listed now for just under 1 million. https://www.remax.ca...id221164104-lst

 

$678 per square foot is a pretty low price, considering the finishings

[Mike K.]

Now, mind you, some people will find the interiors a little dated compared to the most modern stock of mid-to-high range condos (not luxury, but higher-end).

 

Bayview One's interior design is pushing 15-years-old. The building started construction in 2006 and was competed in 2009. Marketing would have begun circa 2004/2005 and the interiors reflect that.

[MarkoJ]

There is one listed now for just under 1 million. https://www.remax.ca...id221164104-lst

 

$678 per square foot is a pretty low price, considering the finishings

 

There was a two bedroom unit that sold in August for $594 a foot....bargin compared to some of these new pre-sales at $1,000/foot.

[MarkoJ]

True luxury represents about 5% of the overall market. Bayview is nicely finished and all, but it's only a luxury offering in comparison to standard offerings. Compared to Customs House Bayview is not luxury.

 

Customs House is a really a one of a kind location/project. I feel like it has no comparables.

[MarkoJ]

Now, mind you, some people will find the interiors a little dated compared to the most modern stock of mid-to-high range condos (not luxury, but higher-end).

 

Bayview One's interior design is pushing 15-years-old. The building started construction in 2006 and was competed in 2009. Marketing would have begun circa 2004/2005 and the interiors reflect that.

 

I've seen some great simple modernizations at the Bayview. Check out this kitchen counter upgrade -

 

> https://www.usedvict...position=2&hb=3

[Mike K.]

Customs House is a really a one of a kind location/project. I feel like it has no comparables.

 

The Sovereign would be the most direct comparison albeit with newer with more modern amenities, and Shoal Point would be a straight comparison in terms of views, if not further ahead in that regard (but Shoal Point's interiors are still late 90's sheik with some early 00's influences thrown in). But as you say, interior renos can change that up right quick.