2514 replies to this topic

[Mike K.]

The Falls has no water flowing over it ...any longer. Neither does Shutters. Neither does Parc Residences. All three were built by Laser.

[Victoria Watcher]

somehow those man made water features never work out.

[Zzz]

So on a different topic has anyone considered how much their until will rent for? I have a Jr. 1bd in the north building. Curious to see what they go for.

[Mike K.]

Are you including parking?

[Zzz]

Are you including parking?

No parking

[Mike K.]

You're likely to land in the $1,550-$1,700 range, with the higher range dependant on the unit location.

Keep in mind that there’s a lot of ‘condo rental’ inventory coming online this fall with the completion of Hudson Place One, Ironworks, and Yates on Yates. Not all units will be rented, of course, but I can see 200 of them being rented (out of a total of just under 400-units) not including Wade’s 102.

[Zzz]

You're likely to land in the $1,550-$1,700 range, with the higher range dependant on the unit location.

Keep in mind that there’s a lot of ‘condo rental’ inventory coming online this fall with the completion of Hudson Place One, Ironworks, and Yates on Yates. Not all units will be rented, of course, but I can see 200 of them being rented (out of a total of just under 400-units) not including Wade’s 102.

Ok good to know. Thanks!

Can anyone remember if there is a gym in the building? I could have sworn they said something about it in the presentation center but my brain doesn’t go back that far and I haven’t heard anything about one since.

[lanforod]

I'd expect rental prices may be deflated a little due to lower demand. Lots of students are not in town.

[Mike K.]

Ok good to know. Thanks!

Can anyone remember if there is a gym in the building? I could have sworn they said something about it in the presentation center but my brain doesn’t go back that far and I haven’t heard anything about one since.

 

No fitness gym, but there are some fitness-related things on the roof, I think? A sauna for sure, and maybe a workout space for yoga mats, etc.

[Mike K.]

I'd expect rental prices may be deflated a little due to lower demand. Lots of students are not in town.

 

In older inventory, for sure. But market-leading (by price point) new-build condos in downtown Victoria will maintain a plateau rather than fall, unless there's something unique about a unit that helps drives the price below-asking (like its view is feet away from a wall, etc).

[Brantastic]

The Falls has no water flowing over it ...any longer. Neither does Shutters. Neither does Parc Residences. All three were built by Laser.

The Falls' waterfall was fixed quite awhile back. I just walked past it today and it's flowing fine.

[Mike K.]

All the way from the top?

[Promontory Kingpin]

In older inventory, for sure. But market-leading (by price point) new-build condos in downtown Victoria will maintain a plateau rather than fall, unless there's something unique about a unit that helps drives the price below-asking (like its view is feet away from a wall, etc).

This is an example of what Mike is referring to. Here’s a photo from a new-build unit for sale in 989 with a decent enough layout. The aesthetics of the unit itself are attractive, but with a mood ruining view like that it will continue to remain on the market for months - that is until the price is inevitably drops, or for when someone lowballs the seller who will have no option but to cave and sell for much less then they were initially hoping to get.

Not only do units like this have a problem selling, but renters from out of town (these renters are quite often willing to pay top dollar, as this is the norm for what they would pay in cities like Toronto or Vancouver) will send their dollars elsewhere to something with a more picturesque view.

Attached Images

• 

Edited by Promontory Kingpin, 18 August 2020 - 04:58 PM.

[Victoria Watcher]

The Falls' waterfall was fixed quite awhile back. I just walked past it today and it's flowing fine.

you mean just the moat right? it does not come down the side of the building anymore does it?

[Citified.ca]

Quite a lot of commercial leasing/sales have taken place for the commercial ground floor, in addition to the already announced VIHA space. More on that below.

 

The Wade, a 102 residential suite condominium project nearing completion along Cook Street between Johnson Street and Pandora Avenue, is drawing attention for its high level of finishings, according to developer Tenfold Projects. The north wing of the building includes a repurposed and restored Medical Arts Building that has stood since the 1950s as one of Victoria's limited examples of modernist commercial architecture. The south wing, pictured, is an all-concrete new-build.

 

Transformation of Medical Arts Building into 'Wade' condominiums garners praise from public, developers

https://victoria.cit...garners-praise/

[Brantastic]

All the way from the top?

Yep, it's flowing all the way from the top of the building.

[Mike K.]

Ok that’s good! Now what’s the issue at Parc, I wonder? Also at Shutters last time I was by the water wasn’t running.

[MarkoJ]

You're likely to land in the $1,550-$1,700 range, with the higher range dependant on the unit location.

Keep in mind that there’s a lot of ‘condo rental’ inventory coming online this fall with the completion of Hudson Place One, Ironworks, and Yates on Yates. Not all units will be rented, of course, but I can see 200 of them being rented (out of a total of just under 400-units) not including Wade’s 102.

 

You're likely to land in the $1,550-$1,700 range, with the higher range dependant on the unit location.

Keep in mind that there’s a lot of ‘condo rental’ inventory coming online this fall with the completion of Hudson Place One, Ironworks, and Yates on Yates. Not all units will be rented, of course, but I can see 200 of them being rented (out of a total of just under 400-units) not including Wade’s 102.

 

Multiple nice units (balcony, overlooking courtyard, etc.) at Ironworks for around $1,500 with parking -> https://www.usedvict...nworks_36230564

 

Not sure if a Jr without parking will stretch quite that far....for a crappy tenant probably but if you want a quality tenant there are options out there. You don't see people lining up to rent like they use to. 

[Promontory Kingpin]

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

[Casual Kev]

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

 

I don't think he's wrong. Even downtown condos typically come with parking, which makes up a significant part of the price tag because it's a scarce resource. A new-ish 1-bed, assuming 500-600 finished sqft will typically go for 1700-1850 with parking. You slash 100-150 to account for the lack of parking and it's basically the price range Marko cited.

 

The rental market did drop considerably since COVID-19 restrictions swept the world. Looking at newer rentals where you can rent without parking, the Hudson district has quite a few 1-beds in the 1400-1550 range and they can be as large as 600 sqft. The Yello on Yates has also been charging around 1500-1550 for their 500 sqft units.