584 replies to this topic

[Nparker]

...Once Vivid and this are done. I think that there will be a lot of locals that will not be so positive about how the facility there is being run...

But what power do locals have to challenge the SJWs who champion the success of places like 844 Johnson? Nearby residents certainly aren't going to have a sympathetic ear from anyone at the council table (except perhaps for Geoff Young).

[Mike K.]

Keep in mind that all of these buildings will be completed prior to the 2022 election, together with 1008 Pandora, 989, The Wade, maybe even one of the buildings along the actual 900-block of Pandora.

 

Those are going to be full of constituents acutely aware of their surroundings and more aware of what's happening out their front doors than the average bear.

[zoomer]

/\ absolutely - and I’m sure the powers that be are already planning to phase it out. This building is slowly being eaten alive from the inside out, there’s no way they’d pour more money to renovate it. I’d say in another 2-3 years they’ll be out or announce plans to move. This way they can sell the land for condos and use the proceeds towards a new build more suited for this use (better courtyard or enclosed rec facilities) in a less expensive part of Victoria. Plus it’ll give them the excuse to break up the current criminal cohort that has been part of this from day one. Not to mention it’ll be viewed positively by residents of downtown. Just being positive/hopeful.. lol

[Nparker]

I'll believe in the demise of 844 Johnson when it happens and not a second before.

[aastra]

So nobody thinks they might eventually plan for a righteous and respectable 20-story facility on this site? Victoria's first altogether good highrise building?

[Promontory Kingpin]

Just an fyi, I own multiple units in the city and one outside of the province. Out of all my units my one bedroom in the 834 pays the most at north of 2k each month since day one. Oh and I bought in 834 after 844 was designated as low barrier housing...

Because of the current ongoing construction and the situation next door you can buy a steel/concrete new build unit with parking for the low 4’s. The finishings in 834 are far superior to Era which would be the buildings closest comparison in my opinion (Juliet is too dated). We have real wood flooring, bigger windows, thicker quartz countertops, and better appliances.

I do not regret this purchase at all. Like I said I get the most rent here, it kicks the socks off my unit at the Promontory. Once Vivid, Yates, 1400 quadra, and even sooner but one block down - 989 are all built this place will be booming!!

I recommend to buy now and ride out the storm. One bedrooms with parking and any sort of a view, even partial, will be in the 500-550k range within 3 years. There’s not a doubt in my mind.

Edited by Promontory Kingpin, 25 February 2019 - 09:11 PM.

[Brantastic]

So nobody thinks they might eventually plan for a righteous and respectable 20-story facility on this site? Victoria's first altogether good highrise building?

 

At 844 Johnson? I'm not sure 20 stories would be the best option, considering it's almost perfectly centred with Vivid and the Yates on Yates, both 20 stories. Not enough height variation.

[zoomer]

I’m sure Aastra meant 30 storeys...

[Nparker]

I’m sure Aastra meant 30 storeys...

And I am sure aastra was suggesting that 844's site could become the city's first highrise supportive housing - with tongue firmly planted in cheek of course. 

[Rulon]

Just an fyi, I own multiple units in the city and one outside of the province. Out of all my units my one bedroom in the 834 pays the most at north of 2k each month since day one. Oh and I bought in 834 after 844 was designated as low barrier housing...

Because of the current ongoing construction and the situation next door you can buy a steel/concrete new build unit with parking for the low 4’s. The finishings in 834 are far superior to Era which would be the buildings closest comparison in my opinion (Juliet is too dated). We have real wood flooring, bigger windows, thicker quartz countertops, and better appliances.

I do not regret this purchase at all. Like I said I get the most rent here, it kicks the socks off my unit at the Promontory. Once Vivid, Yates, 1400 quadra, and even sooner but one block down - 989 are all built this place will be booming!!

I recommend to buy now and ride out the storm. One bedrooms with parking and any sort of a view, even partial, will be in the 500-550k range within 3 years. There’s not a doubt in my mind.

 

Ya fair enough, I can't comment on your personal experience, sounds like it is working out well.

I would think someone who bought in the Era would have a much better return on investment if they sold today.. Yates is a significantly nicer street, the continued level of maintenance in lobby/common areas (either due to live in caretaker or pride of ownership, most likely the former), and, something that would have been hard to know value back in presales, is the vacation rental aspect. 

Who knows maybe Johnson street will clean up and really boost 834 values comparable to Era, but that will be once this project, 989, and Vivid are complete.. by then maybe the residences of 834 will have started a building trend in City of Victoria centered around the health benefits of taking stairs 

[Mike K.]

Era is also a five or six year follow-up to 834 and built to a higher level of finishing (834 was an entry level offering), so there’s more value right there, and the AirBnB grandfathered zoning makes a huge difference for resales. The better comparison would be Juliet, although it too is an older building.

[Rulon]

Era is also a five or six year follow-up to 834 and built to a higher level of finishing (834 was an entry level offering), so there’s more value right there, and the AirBnB grandfathered zoning makes a huge difference for resales. The better comparison would be Juliet, although it too is an older building.

 

Not sure how a higher level finish necessarily means a better value from investment standpoint.  But the comparison Kingpin made was 834 to Era, which I believe is probably a fair comparison overall. Only aspect that makes it a little less black and white is the Vacation rentals, like I said before nobody was totally aware of the future impacts/upside at the time of presales.  

 

Because of the current ongoing construction and the situation next door you can buy a steel/concrete new build unit with parking for the low 4’s. The finishings in 834 are far superior to Era which would be the buildings closest comparison in my opinion (Juliet is too dated). We have real wood flooring, bigger windows, thicker quartz countertops, and better appliances.

 

 

 

[Mike K.]

Era is a different product entirely, with the only commonality being that it and 834 are concrete towers.

From an investment perspective the easier sell will be 834 based on price alone. To sell at the Era the buyer has no choice but to pay into the AirBnB premium, so while that’s great if you can get it as a seller, for a buyer who has no interest in short term rentals of their unit the added price will be an obstacle and not a deal maker.

[Rulon]

I'm not sure how they are entirely different? "Different product entirely" seems a little extreme..

 

The Era had very little mark-up in presale for the vacation rental aspect (if I remember correctly). Sure price point could matter, but you are in a sense saying that Era was the better investment if prices elevated by a higher percentage beyond comparable buildings (even if that is due to COV restrictions). Price will always be an obstacle, that is why a wood frame tower is being built in Esquimalt.

Edited by Rulon, 26 February 2019 - 07:49 AM.

[MarkoJ]

One of the huge differences, imo, between the Era and the 834 is the Era has a live-in caretaker (unit own by strata corp). When you get into 100+ unit buildings having someone working 8 hrs a day monitoring move-ins/move-out, cleaning the lobby, etc., makes a huge difference. 

 

Juliet like the Era also had vacation zoning.

[Mike K.]

834 is an entry-level tower finished in 2011, with no transient zoning. Era is a true mid-market tower finished in 2015 with transient zoning. You wouldn’t have paid more for the zoning when buying, but on the re-sale market Era will command a higher price on a square foot by square foot basis due to a variety of factors and 844 notwithstanding.

[MarkoJ]

The one thing I do really like about the 834 unlike some of the other buildings is none of the appliances are built in. Super convenient as a landlord when something craps out you just slide in a new appliance versus having to deal with built-ins.

[Promontory Kingpin]

834 is an entry-level tower finished in 2011, with no transient zoning. Era is a true mid-market tower finished in 2015 with transient zoning. You wouldn’t have paid more for the zoning when buying, but on the re-sale market Era will command a higher price on a square foot by square foot basis due to a variety of factors and 844 notwithstanding.

You don’t see this at Era...

No “entry level building” has wraparound glass corners like this. At Era you’d see much smaller windows, no glass corners, and laminate flooring.

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Edited by Promontory Kingpin, 01 March 2019 - 08:55 PM.

[MarkoJ]

March 16, 2019

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[MarkoJ]

March 31st, 2019

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