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APPROVED
Oaks at Bellewood Park
Use: condo
Address: 1201 Fort Street
Municipality: Victoria
Region: Urban core
Storeys: 6
Condo units: 51 (sub-penthouse, penthouse, 1BR + den, 2BR + den, junior 2BR)
Sales status: pre-sales
Bellewood Park offers a unique opportunity to experience nature – a place from which one can engage with the... (view full profile)
Learn more about Oaks at Bellewood Park on Citified.ca      Official website: https://goo.gl/ZzVyg4
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[Rockland] Oaks, Cypress and Townhomes at Bellewood Park | Condos, townhomes | 6 and 4-storeys | Approved


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242 replies to this topic

#241 Glen

Glen
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  • 147 posts

Posted 22 October 2018 - 05:26 PM

The Tax is here now.

How will the fallout affect projects on the $ high end $

There are so many predictions of another market downturn with some experts predicting it will last until 2021/2.  Who is going to commit to a high end purchase now and not wait out for the free fall?

In the case of Bellewoods, ground has not been broken. Will the developer or project financier look to push back construction timing if sales fall flat?



#242 Torrontes

Torrontes
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  • 101 posts

Posted 23 October 2018 - 10:27 AM

The Tax is here now.

How will the fallout affect projects on the $ high end $

There are so many predictions of another market downturn with some experts predicting it will last until 2021/2.  Who is going to commit to a high end purchase now and not wait out for the free fall?

In the case of Bellewoods, ground has not been broken. Will the developer or project financier look to push back construction timing if sales fall flat?

 

Isn't this the third time you have asked essentially the same question?

 

Excavation was never scheduled to start until later in 2018, with completion in late 2021. Yes, the schedule has now been pushed out a few months, but that's not unusual (construction start in Dec/Jan). Abstract has been launching Fifteen88 and working on Black & White and its' Bowker Collection projects.

 

Yes, pre-sales have some risk attached, but that is driven by what your ownership horizon is. If the schedule gets shifted materially it will impact sales, but they are no where near that at this point.

 

Smaller, high-end buildings are a niche market, and are generally less impacted by interest rates. Also, I don't believe foreign buyers are a factor on this project. They would be more inclined to larger projects on the harbour with an ocean view.



#243 aastra

aastra
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  • 13,735 posts

Posted 23 October 2018 - 11:00 AM

Methinks nobody should be bothering to worry about this one. It's a small project and the site was null before. It's not even on a corner. If it happens as planned, great. If it doesn't, we wait a bit longer.



 



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