150 replies to this topic

[Victoria Watcher]

is there a strong resale market for multi family residential buildings with no prospects for an occupancy permit?

[marks_28]

Perhaps it could have been sold at a discount? Buyer paying less but has to go through the trouble of remedying the problem?

[Kapten Kapsell]

I suspect that the ultimate owner of the building will be able to get an occupancy permit pending some inspections; it's not in the city's interest for the building to set vacant indefinitely, especially as it's a rental building and demand for space will only tighten post-COVID.

[franticvike]

As far as I can tell this entire building remains vacant, months now after completion.  Anyone hear any rumours about what is going on here?

[Mike K.]

I was checking it out the other day. It is indeed a very peculiar situation.

[Victoria Watcher]

I was checking it out the other day. It is indeed a very peculiar situation.

 

it's too bad nobody on here has connections in the building and commercial real estate industry to find out what is going on.

[dangnaggit]

Word on the street is that the whole building is being sold

[Victoria Watcher]

Word on the street is that the whole building is being sold

 

that is what we suspect but why is it taking so long?

 

it sold last year.

 

SOLD 1154 JOHNSON STREET $20,500,000 $427,083 PER SUITE 48 UNITS IMAGE SOURCE: KANG & GILL

 

https://multifamilyb...eport-Email.pdf

Edited by Victoria Watcher, 23 August 2021 - 03:30 PM.

[Mike K.]

it's too bad nobody on here has connections in the building and commercial real estate industry to find out what is going on.

People aren’t talking, so there’s only so much you can do.

I’ll keep asking, though.

[Citified.ca]

Mystery of Victoria's vacant apartment complex solved as $1,500 to $3,900 suites hit the market

https://victoria.cit...hit-the-market/

[Victoria Watcher]

2018:

 

 

James Bay tenants say landlord has found rent-increase loophole

 

 

 

In B.C., parking and storage fees aren’t legally considered rent. But, the apartment building’s management company says these fee increases aren’t a roundabout rent hike.

 

“The fee increase for the parking areas has been in the works long before there was discussion about changes about the rental rate,” said Jaime Tiampo, director of Itziar Management.

 

“If you take a look, we haven’t changed [parking] rates on those buildings for 15 to 20 years.”

Many of the residents here live on fixed incomes, and they say the changes are unaffordable.

 

“It means less food! Everything that happens means less food, less prescriptions!” said Jeannie Good.

 

But the landlord says, as it is, he can’t afford the cost of doing business.

 

https://www.cheknews...oophole-498934/

Edited by Victoria Watcher, 30 August 2021 - 08:01 AM.