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The Wade
Uses: condo, commercial
Address: 1105 Pandora Avenue
Municipality: Victoria
Region: Downtown Victoria
Storeys: 5
Condo units: (studio/bachelor, 1BR, 2BR, 3BR, penthouse, 2BR + den, junior 1BR, junior 2BR)
Sales status: sold out / resales only
The Wade is a two-building, 102-unit mixed-use condominium and ground floor commercial development spanning th... (view full profile)
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The Wade | Condos; commercial | 5 and 4-storeys | Completed - built in 2021


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2514 replies to this topic

#1021 shoeflack

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Posted 22 August 2020 - 08:08 PM

Those prices in the Hudson district and Yellow are in fully rental buildings though. Would The Wade command a bit more as a new condo building? In my experience there is a bit of a jump when it comes to newer condo buildings as the finishes tend to be higher and the buildings are often a bit more “homey” than the constant revolving door of a building that’s 100% rentals.

#1022 Casual Kev

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Posted 22 August 2020 - 08:22 PM

Those prices in the Hudson district and Yellow are in fully rental buildings though. Would The Wade command a bit more as a new condo building? In my experience there is a bit of a jump when it comes to newer condo buildings as the finishes tend to be higher and the buildings are often a bit more “homey” than the constant revolving door of a building that’s 100% rentals.

 

I don't disagree, but if you check ads for recently completed buildings nearby like 989 Johnson and Black and White that's where you will land. Even lower-floor suites in Hudson Place One will be in that range.



#1023 Ru

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Posted 22 August 2020 - 09:01 PM

Marko’s assessment of prospective rental rates might be well intended but is inaccurate. We both know the factual reasoning behind this statement, as such I don’t expect a rebuttal - but I would welcome one should it arise

 

Can someone translate this to English please?

 

Reading Marko's comments over the years, he tends to have a diabolical track record of lies and manipulating facts, the fact he is the only user posting with his real name and business footer are just an attempt to throw off his secret agent to miss guide readers of Vibrant Victoria.. 



#1024 Promontory Kingpin

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Posted 23 August 2020 - 03:05 AM

Can someone translate this to English please?

Reading Marko's comments over the years, he tends to have a diabolical track record of lies and manipulating facts, the fact he is the only user posting with his real name and business footer are just an attempt to throw off his secret agent to miss guide readers of Vibrant Victoria..

Let’s say someone is getting 1500 for a studio in a building. Within that building another individual is getting 1100 for a similar unit. Now apply that same situation to more than one building and a pattern is recognized - one of the individuals may not fully understand the rental rates within the city.

Just because someone is an exceptional salesman does not make them great at all categories in life - this includes the ability to provide accurate rental advice

Edited by Promontory Kingpin, 23 August 2020 - 03:15 AM.


#1025 Victoria Watcher

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Posted 23 August 2020 - 03:20 AM

there are lots of people paying $1100 in say Janion and mermaid just because they’ve been renting for 5+ years and under rent control.

I think new rents align with what marko says.

#1026 Ru

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Posted 23 August 2020 - 08:25 AM

Let’s say someone is getting 1500 for a studio in a building. Within that building another individual is getting 1100 for a similar unit. Now apply that same situation to more than one building and a pattern is recognized - one of the individuals may not fully understand the rental rates within the city.

Just because someone is an exceptional salesman does not make them great at all categories in life - this includes the ability to provide accurate rental advice

 

I feel a large part of his job as a real estate agent relies on his ability to understand the current market conditions for rentals as well. Then again, seeing his youtube videos he definitely sells on sex appeal and not content/knowledge.. 

 

https://www.youtube....h?v=L3CGRH-scH0

 

Then again guessing by your name you have tons of experience running dozens of rentals at the promontory, so maybe I shouldn't assume, but if you could once again explain your post for a lay person I would appreciate that



#1027 Kapten Kapsell

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Posted 23 August 2020 - 08:38 AM

Sex appeal?  What's 'sexual' about talking about the real estate market, unless you mean this metaphorically?



#1028 MarkoJ

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Posted 23 August 2020 - 08:55 AM

Not sure why this is rocket science? So many ads on usedvictoria, craigslist, FB marketplace.

 

Here is a nice 483 sq/ft layout at the Era -> https://www.usedvict...-Condo_31418023

 

As I said, if you are okay with a questionable tenant you will get more. 


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#1029 MarkoJ

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Posted 23 August 2020 - 08:56 AM

Those prices in the Hudson district and Yellow are in fully rental buildings though. Would The Wade command a bit more as a new condo building? In my experience there is a bit of a jump when it comes to newer condo buildings as the finishes tend to be higher and the buildings are often a bit more “homey” than the constant revolving door of a building that’s 100% rentals.

 

Rental buildings do have one massive advantage in that they offer stability which amateur landlords don't. You know you'll never get two months' notice to move in a newer rental building. With an amateur landlord you just don't know.


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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#1030 Mike K.

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Posted 23 August 2020 - 08:58 AM

Circa 2016 studios in new condos were renting for $1,400 with hydro included at the Mondrian without parking, so I'm not sure what to think about $1,500 for a 1BR at Ironworks with parking. Clearly that investor has a much, much lower than average monthly mortgage+cost burden if he or she can make everything work at $1,500. We could also have someone who just wants it rented, ASAP, and paid cash for the unit, and at $1,500 they're making $18,000 in gross profit on a $350,000 cash investment. The bank will give you a pittance for that same investment through a GIC.


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#1031 Casual Kev

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Posted 23 August 2020 - 12:14 PM

Circa 2016 studios in new condos were renting for $1,400 with hydro included at the Mondrian without parking, so I'm not sure what to think about $1,500 for a 1BR at Ironworks with parking. Clearly that investor has a much, much lower than average monthly mortgage+cost burden if he or she can make everything work at $1,500. We could also have someone who just wants it rented, ASAP, and paid cash for the unit, and at $1,500 they're making $18,000 in gross profit on a $350,000 cash investment. The bank will give you a pittance for that same investment through a GIC.

A few weeks ago I saw a studio at the Mondrian go for $1,250, don't recall the parking situation though.

Right now there's also a 2 beds/2 baths in the same building for under $2000, with parking. The unit has been on the market for a month:

 

https://victoria.cra...7165451887.html

 

I did rent a studio at the Railyards for $1,150 last year, with parking. So it's realistic to be in a good building for relatively cheap. 


Edited by Casual Kev, 23 August 2020 - 12:15 PM.


#1032 Mike K.

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Posted 23 August 2020 - 02:52 PM

Yes, for sure. All of these condo-rental scenarios are different.

As for Marko’s expertise in this field, his words are worth gold. Marko is a landlord himself and deals with this issue daily with his clients.
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#1033 Promontory Kingpin

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Posted 30 August 2020 - 07:55 AM

As mentioned before on a separate forum, if anyone has access to a higher floor in the Mondrian or V1488 can they please take an elevated photo of the progress of the rooftop amenities. Many of us would likely appreciate seeing the garden work unfold

Edited by Promontory Kingpin, 30 August 2020 - 07:55 AM.


#1034 kitty surprise

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Posted 30 August 2020 - 11:02 AM

As mentioned before on a separate forum, if anyone has access to a higher floor in the Mondrian or V1488 can they please take an elevated photo of the progress of the rooftop amenities. Many of us would likely appreciate seeing the garden work unfold


Or if anyone has access to, our knows someone with access to a drone, would that work to get images of rooftop progress?
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#1035 Matt R.

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Posted 30 August 2020 - 09:03 PM

Mike, time to fire up the VV executive helicopter!

Matt.

#1036 zoomer

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Posted 08 September 2020 - 09:28 PM

Very slow progress on the ground floor here (pic from Monday night)

 

50321529628_b45d251f97_h.jpgThe Wade - Johnson at Cook by JohnnyJayEh, on Flickr


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#1037 Mike K.

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Posted 09 September 2020 - 06:11 AM

That’s the parking entrance and short term surface parking, no? There’s not much else to do there, I don’t think.

Beautiful photo!

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#1038 CitoyenduMonde

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Posted 09 September 2020 - 06:42 AM

That’s the parking entrance and short term surface parking, no? There’s not much else to do there, I don’t think.

Beautiful photo!

Mike,

 

I think that there is still quite a bit to do if they intend to have occupancy for the north building by month's end as stated. Since the only parking for the whole complex is accessed from Johnson street this access must be fully complete before any occupancy can be possible. This requires what to me seems to be a considerable amount of work. It is clear that the sidewalk is far from complete. There is no way that you can allow access to the parking structure through a mud pit. If they are going to pour concrete, this will require pour time and curing time AFTER the initial prep work is completed (the last time I went by they were prepping the base, but I am not able to see from this photo if they have indeed completed the prep work)


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#1039 Mike K.

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Posted 09 September 2020 - 06:48 AM

It just takes a couple of days for the concrete to cure, no biggie.

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#1040 Victoria Watcher

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Posted 09 September 2020 - 06:52 AM

Mike, time to fire up the VV executive helicopter!

Matt.

 

currently grounded under low ceiling of smoke.



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