522 replies to this topic

[Nparker]

...these homes will sell for what people are willing to pay for them and the developer will sell them for as high a price as he can...

Of course the developer will do that, but purchasers are bound to look at nearby properties and question what exactly they are getting for close to $1.8 million (once GST is added), that can't be found next door or across the street. I certainly would "comparison shop" before laying out this kind of money.

[VicHockeyFan]

Not a very good comparable, a 1939 house.  Folks, these homes will sell for what people are willing to pay for them and the developer will sell them for as high a price as he can.  That's how things work.

 

Apartment condos not listed, but other homes are:

 

[lanforod]

You could buy one of those old houses, rip it down and build a brand new one for less than 2 million though. So why would you buy a townhouse for 1.7?

Edited by lanforod, 07 May 2018 - 09:52 AM.

[TallGuy]

You do wonder. I will admit that it's 3rd hand knowledge to me.

 

I don't think that you could purchase a nearby house, tear it down, and build something of the same quality as these townhomes for $1.7 million.

 

The Customs House starts at $1.2 million for condos. Ignoring location and juxtaposing it with Bellwood, $1.7 million doesn't seem so outrageous.

 

If that is indeed the starting price, it's pretty clear that these aren't going to be marketed towards the locals.

[Torrontes]

You could buy one of those old houses, rip it down and build a brand new one for less than 2 million though. So why would you buy a townhouse for 1.7?

 

Because you don't want to deal with a contractor and take construction risk; you don't want to build something quirky that you can't resell; you like the fact that you have your own parking garage within a secure underground parkade; you like being located adjacent to a condo building where prices are in the $1,000/sq. ft. region and the penthouses are in the $2.5-$3.5M range.

 

Capiche?

[grantpalin]

If that is indeed the starting price, it's pretty clear that these aren't going to be marketed towards the locals.

 

Certainly not towards those that supported the project because of the hope of being able to live close to work and downtown.

Edited by grantpalin, 07 May 2018 - 10:28 AM.

[VicHockeyFan]

Because you don't want to deal with a contractor and take construction risk; you don't want to build something quirky that you can't resell; you like the fact that you have your own parking garage within a secure underground parkade; you like being located adjacent to a condo building where prices are in the $1,000/sq. ft. region and the penthouses are in the $2.5-$3.5M range.

 

Capiche?

 

And you like the maintenance and gardening to be taken are of.  

[VicHockeyFan]

Certainly not towards those that supported the project because of the hope of being able to live close to work and downtown.

 

Not afterward the neighbourhood opposition reduced the number of units, I guess.   

[Mike K.]

If that is indeed the starting price, it's pretty clear that these aren't going to be marketed towards the locals.

For sure they will be marketed to locals.

There are many wealthy folks here who are in the market for such units.

[VicHockeyFan]

Right now in the core, south of Royal Oak and east of Wilkinson there are only 46 townhouses for sale.

 

11 of them are over $1M.

 

THIS is the only one over $1.7M.   3300 sq. ft. at Laurel Point. for $1.888M

Edited by VicHockeyFan, 07 May 2018 - 10:35 AM.

[Torrontes]

Certainly not towards those that supported the project because of the hope of being able to live close to work and downtown.

 

Lots of different size units in this project at different price points. Did anyone really think the townhouses and penthouses would not be high end, i.e. luxury? I don't know what the square footage on the townhouses ended up at, but probably 1800+ square feet.

[Torrontes]

Right now in the core, south of Royal Oak and east of Wilkinson there are only 46 townhouses for sale.

 

11 of them are over $1M.

 

THIS is the only one over $1.7M.   3300 sq. ft. at Laurel Point. for $1.888M

 

They certainly need to consider that property. Although it's only one unit, it has a great location and view. There have been some older townhouses, or patio homes, sold in Rockland over the past year or so in the $1.1-$1.3M range (Marko?). Personally, I think older buyers with some wealth who want to move to a condo prefer one level living, rather than dealing with a lot of stairs as they age in place.

[Mike K.]

There are 13 townhomes in this region currently for sale at or above $1 million. They range up to $1.079 to $1.885M

[Nparker]

Received the following email from Abstract:

 

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Offering 1 and 2 Bedroom Premium Residences, P enthouses and Townhomes, Bellewood Park is thoughtfully-oriented in a truly natural setting and nestled amongst large heritage Garry oaks on nearly two acres of park land. In the historic Rockland neighbourhood, this community provides a unique opportunity to experience the best of Victoria, all just steps outside your front door.

 

Bellewood Park also features the first concrete and steel condominium building for Abstract Developments. With an award winning reputation for high quality design and construction, and a commitment to excellence, this expanded range of offerings ensures we have a collection of contemporary, luxury homes fitting for even the most discerning homebuyer. 

 

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We’ve included the Preview Package below for a first look at highlights of the development, a selection of our thoughtfully-designed floorplans and more

https://abstractdeve...uK5t0RbZPgQDQ==

[Kapten Kapsell]

I’m not sure if this has been mentioned, but the church building is partially demolished now and the entire demolition will likely be completed this week.

[punk cannonballer]

For sure they will be marketed to locals.

There are many wealthy folks here who are in the market for such units.

 

Yup. There are a lot of couples in their 40s and 50s in Victoria that own a home that's $1m+ and each have aging parents in places that are at least that much. Downsizing to a new build townhouse within walking distance of sushi and the Royal Theatre, after living in a 100 year old house with endless repairs while their kids grew up, is probably a pretty attractive prospect for a lot of urban, professional people approaching retirement. I know it is for me - I'm on the young end of that scenario but very much have it in the plan in the future.

[Kapten Kapsell]

The first Oaks at Bellewood Park MLS listing is live now - unit 407 (1298 square feet plus a balcony of 129 square feet is for sale at $1,275,000 +GST.  Excluding GST the per-foot price is just shy of $1,000.

 

I have to assume that the next building (Cypress) will have a higher price point as it offers concrete construction, even though it is just 4 storeys.

Edited by Kapten Kapsell, 23 May 2018 - 12:25 PM.

[Torrontes]

It is the reverse: Oaks (6 story building) is steel and concrete; and Cypress (4 story building) is wood and concrete.

 

Oaks will utilize a Central HVAC System;  Cypress units, other than the four penthouse units, will be electric baseboard heaters. The heating system for the Cypress penthouse units will be multi-zoned forced air.

 

As a result, Cypress units, other than the penthouses, will be generally priced lower per square foot.

 

The info is in the DS.

[Kapten Kapsell]

 

It is the reverse: Oaks (6 story building) is steel and concrete; and Cypress (4 story building) is wood and concrete.

 

Oaks will utilize a Central HVAC System;  Cypress units, other than the four penthouse units, will be electric baseboard heaters. The heating system for the Cypress penthouse units will be multi-zoned forced air.

 

As a result, Cypress units, other than the penthouses, will be generally priced lower per square foot.

 

The info is in the DS.

 

Ah thanks for that-  I was going by the info in the Citified listing (mods: should this be updated to state that the 6-storey building is concrete)?

[Mike K.]

Yup, that’s what we’ve got. Oaks is concrete and Cypress is woodrame.