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Selling downtown condos


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#1 CarinaTaz

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Posted 25 August 2016 - 07:41 AM

Hi all,
I'm living at 935 Johnson, basically next door to the new construction of 989 Johnson. I bought here about 2 years ago not knowing McCalls would be selling their land. Anyway, I've decided to buy outside of downtown due to this reason(and because I'd like to sleep again). Question is, how are sales going around downtown for upper end larger condos who are near construction of all these towers going up? My building is a very well run, remediated and healthy strata etc. Also with two homeless shelters within a block radius. I'm hoping with all the changes to downtown in recent years that it's not hurt the bottom line.
Thanks!

#2 AllseeingEye

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Posted 25 August 2016 - 03:33 PM

Not quite "downtown" but my old unit on Fairfield/Cook near CSV went in a month after I changed realtor's and got someone on the stick who was really motivated to actually do the job. You would think a 1250+ s/f unit 3 blocks from CSV would sell quickly but the first realtor had it listed for 6 months and the result was nada in spite of (supposedly) a lot of showings. Lesson here above all is get yourself a good realtor, one you not only trust but one who is actually good at their job. 

 

Not sure about inventory now but the other consideration, at least then, was there was a lot of condos on the market and available - not sure what the situation is now 6 months later. I'm sure MarkoJ can wade in here and advise; do remember though that all the talk about a red hot market really revolves around detached SFH's in the $5-700K range. Condos, unless they are *really* high end or inventory is now really tight, generally require the seller/realtor to be a bit more creative in order to off load them for a price everyone can be happy and live with.....



#3 Nparker

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Posted 25 August 2016 - 03:54 PM

A 2 bedroom condo sold in my building this week after less than 3 weeks on the market, which is about the quickest I have seen in some time. Its list price was somewhat higher than any in the past couple of years. I don't know how close to asking price the sale was.



#4 Mixed365

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Posted 25 August 2016 - 03:59 PM

I would recommend selling now, so you are not in competition.

Or, wait until all the buildings are finished. I would argue that once Legato and 989 are completed, it will add serious attraction to the area as they all have ground floor commercial. 


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#5 Mike K.

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Posted 25 August 2016 - 04:01 PM

Agree with mixed, upon completion of the three projects the value will rise, for sure.

Which way are you facing and will you be losing a view with the three towers?

Oh, and make sure you refer to Citified to make sure wherever you're moving to won't have a construction site of its own after you move in.


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#6 Sparky

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Posted 25 August 2016 - 04:11 PM

Welcome to vibrantvictoria Carina Taz.

#7 VicHockeyFan

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Posted 25 August 2016 - 07:01 PM

(and because I'd like to sleep again). 

 

These are quite effective.

 

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#8 Nparker

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Posted 25 August 2016 - 07:07 PM

Creamsicles?


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#9 MarkoJ

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Posted 26 August 2016 - 08:30 AM

Hi all,
I'm living at 935 Johnson, basically next door to the new construction of 989 Johnson. I bought here about 2 years ago not knowing McCalls would be selling their land. Anyway, I've decided to buy outside of downtown due to this reason(and because I'd like to sleep again). Question is, how are sales going around downtown for upper end larger condos who are near construction of all these towers going up? My building is a very well run, remediated and healthy strata etc. Also with two homeless shelters within a block radius. I'm hoping with all the changes to downtown in recent years that it's not hurt the bottom line.
Thanks!

 

I wouldn't worry about the tower next door too much unless you specifically stare into it. The street block will actually improve with the new tower so overall I think it is a positive.  The homeless shelter has affected sales at 834 Johnson maybe a bit, but not significantly at all but than again it is right next to the 834.  Being up the block I think you are fine in regards to the homeless shelter.

 

There have been no listings or sales in your building in the last year so difficult to say how your unit would sell when a market run up premium is applied to your unit.

 

While prices have been going up they haven't been going up at the same pace in all buildings for various reasons including transient zoning.

 

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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#10 Nparker

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Posted 26 August 2016 - 08:43 AM

...There have been no listings or sales in your building in the last year so difficult to say how your unit would sell when a market run up premium is applied to your unit. While prices have been going up they haven't been going up at the same pace in all buildings for various reasons including transient zoning...

Hi Marko. Any idea what the condo that recently sold in my building (930 North Park) went for?



#11 MarkoJ

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Posted 26 August 2016 - 08:59 AM

Hi Marko. Any idea what the condo that recently sold in my building (930 North Park) went for?

 

Sold for $310,000.  Your building has been undervalued in the past in my opinion. 


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2018 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#12 Nparker

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Posted 26 August 2016 - 09:13 AM

Sold for $310,000.  Your building has been undervalued in the past in my opinion. 

Thank you Marko. :) That's my feeling as well.



 



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