2514 replies to this topic

[CitoyenduMonde]

Does anyone remember the outside completion date in the statement?

 

Edited by CitoyenduMonde, 08 June 2019 - 12:43 PM.

[Moxuz]

I see some discussion around assignments, I bought a jr 1-bdrm when the sales started but since then have moved into a bigger place from where I was previously and no longer want to move into a small unit.

Does anyone thing it would be possible to assign a small unit like that in this building? If so do you need a real estate agent to do this?

The purchase price is $270k on the top floor so I was hoping ~$300 might be doable? Never done an assignment before.

Sorry if this is off-topic.

[zoomer]

June 12th

This was the Jukebox one year ago... well ahead of where The Wade is. Which is why October 2020 would actually be impressive.

[Rulon]

What happens with these extensions is because they can be a complicated undertaking (in Wade’s case over 100-units) the volume of work required when changing statements, if necessary, is huge. At least here the uptick in value was so high for so many purchasers that hardly anybody minds.

Your optimism with this project never fails, I think anyone who purchased any other property during presale time for this project has seen approximately equal gain in value.. only difference is they could potentially realize that gain rather than just watch equity gain

[Mike K.]

Most projects are delayed and developers all over the region are facing the same pressures as their competitors. You can get worked up about it, or you can accept the situation for what it is. Buyers have also had at least one (maybe two?) oppprtunities to back out due to changes to scheduling.

I was speaking with a project rep for another developer last week and he said they’ve lost lots of potential sales as their ground infrastructure has been heavily delayed (it’s a subdivision) and they’ve kept pushing back completion timelines for interested buyers. They’re looking at another push back now, and it’s stressful for all involved but unfortunately that’s the sign of the times.

At the end of the day, there is always a reward:risk ratio with presales, and it has always been that way. If an investor wants instant returns they pursue move-in ready inventory.

[Victoria Watcher]

4848 square foot commercial space at the wade for just under $3m

 

https://www.realtor....ctoria-downtown

Edited by Victoria Watcher, 09 June 2019 - 07:09 AM.

[MarkoJ]

June 9th, 2019

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[Holmes]

Thanks Marco.

Looks like they can finally start the new north section.

No windows - shouldn’t be surprised.

This building has a year left at min. A 10 year old would be able to tell you this won’t be done in 4 months. The developers are experienced enough to know they won’t be done, yet they continue to knowingly lie for what reason? Why are they hurting there brand. For the life of me I don’t know why they won’t tell buyers the truth.

[Promontory Kingpin]

Mike K, Please put pressure on the developer to come clean with the honest and accurate completion deadline. Buyer’s aren’t going to walk away. We just want to hear the truth from the lion’s mouth. I have no regret buying here, trust me. It just seems a bit childish that we are being obviously mislead for something that’s not going to affect the decision that we’ve already made.

People have lives, and they need to plan accordingly based on when their homes will be complete.

[CitoyenduMonde]

People have lives, and they need to plan accordingly based on when their homes will be complete.

 

Indeed! We are moving from the US and to be able to do so, we had to apply for permanent Resident status for my wife. We applied based upon the time frame indicated on the government web site, where they indicated 10-12 months processing time (after which you are allowed 12 months to make the actual move). We therefore expected to get approval in September/December 2019 to be able to move in as had been indicated to us. Well, as chance would have it, they processed her application in 4 1/2 months and we now only have until early March of 2020 to establish ourselves in Canada or lose the PR status. A delay beyond March would have a disastrous and costly effect on us.

[lanforod]

Indeed! We are moving from the US and to be able to do so, we had to apply for permanent Resident status for my wife. We applied based upon the time frame indicated on the government web site, where they indicated 10-12 months processing time (after which you are allowed 12 months to make the actual move). We therefore expected to get approval in September/December 2019 to be able to move in as had been indicated to us. Well, as chance would have it, they processed her application in 4 1/2 months and we now only have until early March of 2020 to establish ourselves in Canada or lose the PR status. A delay beyond March would have a disastrous and costly effect on us.

Most likely you should make plans to rent for 6 months or so. Unfortunate...

 

Assuming the delay is beyond that; but you should likely start thinking about a short term plan if there is an occupancy delay beyond March.

Edited by lanforod, 11 June 2019 - 07:30 AM.

[Mike K.]

Thanks Marco.

Looks like they can finally start the new north section.

No windows - shouldn’t be surprised.

This building has a year left at min. A 10 year old would be able to tell you this won’t be done in 4 months. The developers are experienced enough to know they won’t be done, yet they continue to knowingly lie for what reason? Why are they hurting there brand. For the life of me I don’t know why they won’t tell buyers the truth.

No, it does not have "a year left at min." I think many of the individuals reading this thread would appreciate it if you would refrain from posting personal opinions or conjecture, or things you think you overheard while walking past on the sidewalk, as fact.

A few weeks ago you said the building wouldn't top out until August. Then you said the northern extension wouldn't start until after that occurs. Today the building is awaiting a roof pour; the north extension is already under construction.

You also said the developers are not permitting assignments, but other purchasers have long-ago listed their units as assignments.

The Wade is taking much longer to complete than initially estimated and the developers will issue updates on the progress in due course. In the meantime hyperbole and wild guesses dressed up like inside knowledge or a professional estimate are not helping.

@PK, I'll try to ask for an update next time I run into the developers but I'm just like you or anybody else in that regard, to be honest, waiting for official word from the project team on their update schedule.

[Mike K.]

This was the Jukebox one year ago... well ahead of where The Wade is. Which is why October 2020 would actually be impressive.

 

Jukebox has more than twice the number of units (215 vs. 102) and stands more than twice as tall with a much larger external surface area. It's one of the largest/densest concrete residential buildings to be built in downtown Victoria in many years (if not decades), and the pace of construction reflects that for sure.

[Holmes]

No, it does not have "a year left at min." I think many of the individuals reading this thread would appreciate it if you would refrain from posting personal opinions or conjecture, or things you think you overheard while walking past on the sidewalk, as fact.
A few weeks ago you said the building wouldn't top out until August. Then you said the northern extension wouldn't start until after that occurs. Today the building is awaiting a roof pour; the north extension is already under construction.
You also said the developers are not permitting assignments, but other purchasers have long-ago listed their units as assignments.
The Wade is taking much longer to complete than initially estimated and the developers will issue updates on the progress in due course. In the meantime hyperbole and wild guesses dressed up like inside knowledge or a professional estimate are not helping.
@PK, I'll try to ask for an update next time I run into the developers but I'm just like you or anybody else in that regard, to be honest, waiting for official word from the project team on their update schedule.

Haha no personal opinions on a forum?

My original post about aug completion was based on the last photos (I am from van). That was assuming windows would have been up to get to lock up stage by end of summer. Now that doesn’t look realistic hence me pushing back my THOUGHTS for completion.

You are clearly either working with the developer (advertising) or have never bought pre sale before to even suggest this will be complete this year.

And yes they have denied me ability to assign because they can and I demanded my realtor commission. Lol

[Mike K.]

I work with many developers on the south Island, if not most, which gives me insight into the industry that I believe to be quite unique.

I welcome and encourage informed opinion on this forum, but you’ve shown me that you may not be as equipped to assess construction timelines as you may believe you are.

Look, I don’t care to get into bait-filled exchanges on the Internet with anonymous posters. But in all the years that I’ve been doing this, never has a project elicited as much conspiratorial and mis-informed punditry as this one has. So pardon my demeanour, but something about the nature with which yourself and several other accounts have chosen to engage (anonymously) here is a lil’ off.

Anyways, I look forward to seeing the roof poured this month. That’ll be a big milestone.

[Banksy]

Do we have any leads on retail tenants?

[Mike K.]

Nope, no news yet.

[MarkoJ]

I see some discussion around assignments, I bought a jr 1-bdrm when the sales started but since then have moved into a bigger place from where I was previously and no longer want to move into a small unit.

Does anyone thing it would be possible to assign a small unit like that in this building? If so do you need a real estate agent to do this?

The purchase price is $270k on the top floor so I was hoping ~$300 might be doable? Never done an assignment before.

Sorry if this is off-topic.

 

How big your unit in terms of sq/ft?

[Citified.ca]

This morning crews are filling in the sidewalk area with soil.

 

All photos are June 21.

 

 

 

 

[Nparker]

The Wade would have made an even cooler urban transformation if it had gone maybe 2 floors higher.