522 replies to this topic

[Mike K.]

At the end of the day Victoria remains a government town and there is absolutely a function of price that’s killing sales.

Throw in the speculation tax and you also have folks searching out lower priced inventory in order to avoid the tax entirely ($400,000 threshold for British Columbians) or pay less tax.

[Glen]

Have there been projects in the past in Victoria that failed to met sales targets and been withdrawn? 

Many resale listings are now showing price reductions becoming more frequent.

[Nparker]

Have there been projects in the past in Victoria that failed to met sales targets and been withdrawn? ..

The project that preceded "The Union" in Chinatown?

[Mike K.]

Word on the street is a unit just sold at Bellewood Park for $1,400 a square foot!!!

 

Marko will have more info.

[tiger11]

The sales listed on MLS range from roughly $800 psf with the highest almost achieving $1,600 PSF for an almost 2000 sf penthouse. Ive heard from the developer they have had very high levels of interest. 

[Glen]

Interesting to see the mix of buyers.  Would a big portion be down sizers from large Rockland homes?

[Torrontes]

Have there been projects in the past in Victoria that failed to met sales targets and been withdrawn? 

Many resale listings are now showing price reductions becoming more frequent.

 

If you are inferring that there may be a lack of interest in this project, think again. Abstract has sold enough units and has such a level of confidence that they are not fully reopening the sales center until November. They will concentrate on launching and selling their Fifteen88 project in the interim. By the time November rolls around they will have started excavation and have a building permit, which will help accelerate sales. They have sold out much of the larger units already, including at least two of the nine townhouses. I understand a lot of buyers are locals, whether from Rockland or elsewhere in the CRD. This is definitely more of a an owner-occupier project, rather than an investor-rental project.

[Mike K.]

Yes, it has sold really, really well.

[johnk]

Yes, it has sold really, really well.

Location, location, location. Something the NIMBYs knew very well.

[MarkoJ]

The townhomes are going for $1.875 million and a 1,600 sq/ft penhouse sold for $2.2 million a few days ago. Certainly no lack of interest.

[Torrontes]

The townhomes are going for $1.875 million and a 1,600 sq/ft penhouse sold for $2.2 million a few days ago. Certainly no lack of interest.

 

The availability of the 1,600 sq. ft. penthouse in the Cypress building was because the original purchasers acquired a larger unit in the Oaks building. Clearly no lack of interest for the larger condos!

[G-Man]

Seems a bit steep for that location. I mean there are some real dumps just a bit up Fort Street. Why would someone think these are better than the ones down by the Empress?

[tjv]

seems very expensive, oh well, better bump the value of my house up another $1 million maybe more

[Mike K.]

All of the older buildings have limited shelf lives. They’ll be replaced in due course and Bellewood will feel like getting in at the right time.

[tjv]

To me if a penthouse is selling for $1600/sf in a low rise building and maybe it has views, that is until the next lot is developed, then a similar quality house should be selling for say $800/sf, but there is no chance of that.  I am thinking a high quality house is maybe $400/sf plus land?

[G-Man]

It would take an inordinate amount of development in the area between Central Junior Middle School and Oak Bay Junction to turn that into a cohesive area that justifies the well above $1000 sqft asking price there. Waterfront in Oak Bay or on the harbour I could see but a low rise in a transition area of the city? Not seeing it at all.

[Glen]

I've been told sales has hit almost 40%

[Torrontes]

The sales effort is being ramped-up again commencing Saturday, October 20th, after a temporary hiatus to allow Abstract's sales team to focus on their Fifteen88 project. The sales centre at 1010 Fort is being re-opened then on a regular schedule.

 

They will be pushing to get over 60% sold prior to the end of November, in accordance with the Disclosure Statement, and get a shovel in the ground.

 

I see the excavation permit was issued back in mid-August, but no construction permit at this point.

[Glen]

The speculation tax has now passed.

As there are some realtors on this site, what's the possible fallout for higher end projects in Victoria? Bellewoods, Customs House and the project behind the legislature. 

[MarkoJ]

The speculation tax has now passed.

As there are some realtors on this site, what's the possible fallout for higher end projects in Victoria? Bellewoods, Customs House and the project behind the legislature. 

 

I don't know the exact stats but my on the ground impression in Victoria has never been that there is any serious quantity of units sold that the owners keep vacant.