101 replies to this topic

[Mike K.]

Back in March we ran a piece (http://victoria.citi...s-to-skyrocket/) that hypothesized that "the next 18 months are expected to yield average luxury new-build real-estate rates in the $1,000 per square foot range, a significant departure from inventory currently priced at $650-to-$700 per square foot."

And it only took two months to see inventory touch that range. By mid-2018 I wouldn't be surprised to see a $1,200 average.

[Kapten Kapsell]

The Grand Opening was held over the weekend (Saturday) and several units are now on the MLS.

 

Does anyone know what percentage of the suites were *sold* over the weekend?

[Mike K.]

The project is now 50% sold-out.

[Citified.ca]

Mike Miller (right), head of Abstract Development, together with project architect Gregory Damant of Cascadia Architecture look on as crews remove a building on Bowker Avenue at Cadboro Bay Road to make way for Abstract's Bowker Collection condominiums. Construction officially kicked off today during a groundbreaking ceremony held at the site

 

Bowker Collection construction start marks Oak Bay's third condo development in two decades

https://victoria.cit...in-two-decades/

 

Construction has begun on Oak Bay’s Bowker Collection mixed-use residential and ground floor commercial development at the nexus of Bowker Avenue and Cadboro Bay Road.

 

The 43-unit luxury condominium project – comprised of one and two bedroom suites plus a collection of exclusive top-floor penthouse residences – was so well received that nearly every unit sold within months of Bowker’s summer 2017 sales launch.

 

Developer Mike Miller of Abstract Developments says the response to the project’s up-market offerings was impressive, but not entirely surprising considering Oak Bay’s limited inventory of new-build condominiums.

 

“Opportunities to secure a new condominium in Oak Bay are extremely rare,” Miller said. “We knew from the turnout at Bowker’s public hearing that demand would be high, but we did not expect the speed with which these luxury homes would be absorbed by the market.” [Full article]

[nagel]

What a stupid name.  Condos aren't stamps or hockey cards.

[Nparker]

At what point did Oak Bay decide to pretty much forego any increases in residential density?

[Mike K.]

I think the stock we see today is from the 60's, 70's and 80's.

[aastra]

 

Condos aren't stamps or hockey cards.

 

Stamps and trading cards are all about speculative bubbles.

[Kapten Kapsell]

Penthouse 7, which has 1559 square feet of finished space, was just listed at $1.9 million.  That works out to $1218.73 per square foot (not including GST).

[Torrontes]

Abstract Developments announced Tuesday (Oct.2) that it will contribute all funds necessary to complete the re-construction of the Cadboro Bay Road and Bowker Avenue intersection, adjacent to this development site.

 

“We were already committed to doing an extensive off-site program on our Bowker frontage which is about $275,000 worth of improvements but the other component is that we are seeing through the increased cost of the intersection, which right now, Oak Bay estimates at $180,000. We are nearly doubling our contribution to see this intersection completed,” said Mike Miller, CEO, Abstract Developments.

 

https://www.vicnews.com/news/local-developer-funds-re-construction-of-oak-bay-intersection/?utm_source=dlvr.it&utm_medium=twitter

 

Also revealed Tuesday, a 50-seat restaurant called Sedona Café and Lounge, owned and operated by Yvonne Janzen, will be going into the ground floor commercial space in the new Bowker development.

[Mike K.]

Very good!

Thanks for that.

[grantpalin]

Interesting location for a restaurant. I feel like it would have to be a neighbourhood feature as, if I recall right, there won't be much onsite guest parking in this development.

[Glen]

Hello,

 

Parking????? 

 

Just my thought.  This project is set within a community that walks and rides bikes ,how much parking would or should be be included? Exercise for as long as you can!

I think it will add so much to the Bowker project and the community as a whole.  I can see lots of people walking and dropping in for a coffee or a meal. I'm sure Abstract is very satisfied to see the commercial space spoken for so early in the development.  Same can't be said over at B&W

[aastra]

....

 

 

 

[todd]

Looks better than this:

 

[Nparker]

This project has a nice urban vibe.

[todd]

This project has a nice urban vibe.

hipster..

[Mixed365]

I feel construction was faster than usual on this one.

[Glen]

No resales?

[aastra]

Realtor pic: