348 replies to this topic

[RFS]

Does anyone else think thats a bit expensive? Aren't there 1 bedrooms downtown for less than that?

[Nparker]

Does anyone else think thats a bit expensive? Aren't there 1 bedrooms downtown for less than that?

That's funny, because I was just thinking the prices seemed pretty reasonable. Much depends on the size of the units and the amenities being offered here at Belmont.

[RFS]

That's funny, because I was just thinking the prices seemed pretty reasonable. Much depends on the size of the units and the amenities being offered here at Belmont.

There are 3 bedroom townhouses in happy valley for 470ish. 400+ for a 2 bedroom condo in a shopping centre seems high to me

[jonny]

The going rate for newish wood frame 2 bed + 2 bath in town is like $450-480k right now.

[MarkoJ]

That's funny, because I was just thinking the prices seemed pretty reasonable. Much depends on the size of the units and the amenities being offered here at Belmont.

 

One bedrooms will start at 622 sq/ft and 310k+ GST so starting around $500 a foot for one bedrooms.Two bedrooms tend to be just a tad cheaper per square foot.

[davidN]

$500 per sq ft for a wood frame building sitting in the middle of a large strip mall in Langford seems excessive to me.

[Mike K.]

If you get a unit looking out over the Goose that’d actually be pretty nice.

$500 per square foot is unheard of in this market. The homes are on the trail, next to a major bus route, and adjacent to a shopping complex that will literally have everything you need for your home.

[davidN]

Mike, I assume that you meant that $500 in not unheard of but aside from that I disagree with your optimistic outlook. Maybe 1/2 of the building looks out on the trail side (not sure what is on the other side of the trail) but the rest don't and I wouldn't put much of a value to that view in any case. The rest will look over the vast parking lot. One only has to look at the condos at Eagle Creek to see what I mean. I would expect that as most developers do they advertise the lowest price (per sq ft) which is normally the worst units (size, plan or location/view) so I expect that the $500 per sq ft escalates rapidly as one goes up in the building or swings around to the trail side. All for wood frame.

 

In any case I would never pay that price for wood frame and it is a shame that 99% of the condos in Langford have no views at all. Langford is desperately in need of a concrete & steel "high-rise" with some views!

[Mike K.]

No, I meant that in this market that sort of rate is very rare. You can no longer buy a new-build condo in the core for south of $600 per foot for a one-bedroom. You can still find south of $600 for larger units but the final price is obviously much higher and could be out of reach for many.

Right now in the core you’re looking at $650-$1,000 per square foot for a one-bedroom, and in some cases even higher. There may be outliers with pricing at $575 or whatnot, but they’re the exception.

I can’t speak to the perceived value of living in that location but different strokes for different folks means everyone has their own idea of what’s attractive to them or what’s not. I’m speaking purely about the economics.

[Mike K.]

Consider that Vivid’s lowest priced unit, a one-bedroom, is $579 per square foot, assessed at 8% below-market months ago, which means it’s actually more like 12% below-market today. That means, had it not been assessed and priced lower, that entry level unit would have been priced at $650.

Vivid is such an amazing opportunity if you qualify and can commit to the live-in period...

[davidN]

No, I meant that in this market that sort of rate is very rare. You can no longer buy a new-build condo in the core for south of $600 per foot for a one-bedroom. You can still find south of $600 for larger units but the final price is obviously much higher and could be out of reach for many.

Right now in the core you’re looking at $650-$1,000 per square foot for a one-bedroom, and in some cases even higher. There may be outliers with pricing at $575 or whatnot, but they’re the exception.

I can’t speak to the perceived value of living in that location but different strokes for different folks means everyone has their own idea of what’s attractive to them or what’s not. I’m speaking purely about the economics.

Ok,

 

I misread your reference to pricing.

 

Still, the prices you are quoting for downtown are for concrete & still construction. Not wood frame and many will have some sort of views. So you ar mostly comparing apples to oranges.

I get the "different strokes for different folks" perspective BUT there are many very good looking new rental apartments being built in Langford that rival the quality of a new wood frame condo. Why would I pay that price plus condo fees and taxes  ($700 +/- combined) and higher than recent mortgage costs when I can rent basically the same quality.

 

I would definitely look at buying a concrete and steel condo in Langford but not wood frame for todays prices. Any come to mind?

[RFS]

Lakepoint one is arguably a WAY nicer location and started at $199k. I mean, I am sure they know what they are doing and if they can get these prices then good for them, but it illustrates for me the extent of our price/supply problem in the region.

[Mike K.]

Oh yeah, you don’t have to go out and buy that condo. Only you can decide what is and what isn’t right for you.

Regarding prices, I am also referring to wood frame prices. Black and White, Bowker, Madisson, Le Fevre’s latest phase at The Railyards, etc, are/were all priced in the $650+ range. Horizon’s current pricing is in the $700 range.

[Mike K.]

Lakepoint one is arguably a WAY nicer location and started at $199k. I mean, I am sure they know what they are doing and if they can get these prices then good for them, but it illustrates for me the extent of our price/supply problem in the region.

What a difference three years makes, hey?

[RFS]

We dont build enough, thats all there is to it. In Edmonton 3 bedroom houses with yards can be bought new for ~350k and they build them like crazy. Here a 1 bedroom condo is the same price or more and people complain about sprawl

[Nparker]

We dont build enough, thats all there is to it. In Edmonton 3 bedroom houses with yards can be bought new for ~350k and they build them like crazy...

People are free to move to Edmonton if they want more bang for their buck. No one has to live in the CRD.

[jonny]

$500 per sq ft for a wood frame building sitting in the middle of a large strip mall in Langford seems excessive to me.

Might seem excessive, but we bought our new build wood frame condo in Saanich in 2016 for $472 per square foot. The market has obviously gone up since then. I believe buyers of Olivia, which is essentially Phase 2 of our building, paid around $550.

[lanforod]

Might seem excessive, but we bought our new build wood frame condo in Saanich in 2016 for $472 per square foot. The market has obviously gone up since then. I believe buyers of Olivia, which is essentially Phase 2 of our building, paid around $550.

Saanich >> Langford for real estate value. Location location location...

[jonny]

^ Sure, but I bet the market is nearly there. There is SO little new inventory coming online.

[MarkoJ]

I paid $465 a foot at Lyra