522 replies to this topic

[Torrontes]

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

 

Yes in the body, but the lead-in description under the photo on the Oaks page is incorrect.

[Kapten Kapsell]

So now we have the first listing from Cypress.  Unit 202 (722 sq ft + 97 sq ft balcony) is for sale at $625,000 + GST.  This is indeed a discount on a per-square foot basis vs. the Oaks; excluding the GST, it comes out to about $865/square foot.

[Mike K.]

Indeed we did! Thank you for catching that.

[Torrontes]

From Abstract's Facebook page: "Grand Opening this Saturday. We invite you to join us for the Grand Opening of Bellewood Park taking place this Saturday from Noon – 5pm at the Presentation Centre, located at 1010 Fort Street."

[Mike K.]

Yes, fantastic. It’s a wonderful project and if the reception to Black and White was any indicator of demand Bellewood will be very well received. It’s a fantastic location.

[Glen]

Couldn't agree more about location.

 

This Abstract project is very interesting as it will have all three building types, town homes, wood frame condo and steel/concrete.  The visual interest will be one of a kind, all set on several acres of land with mature trees. Sales should be brisk even at the current price per sf

[Torrontes]

Abstract is reporting on Facebook that they reached the 25% sold level within one week of the official launch date. That's roughly 18 units out of 74 (the townhomes had a later launch date). It's the larger units which appear to be selling early, which is not the norm.

[Glen]

Someone that needs to downsize from a large mutilevel home in Rockland would likely find Bellewood to be a perfect fit.  Sell the old multi million dollar home and stay within community living in a new modern space all on one level.

[Casual Kev]

Interesting, I expected at least 700K for a unit like that. It's in the Island's toniest neighborhood after all.

Edited by Casual Kev, 07 June 2018 - 05:04 PM.

[MarkoJ]

Photos from August 9th

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[Glen]

Abstract said they hit 25% sold before closing for the summer break.  How do you think sales will unfold for the fall/winter Marko?  Many indicators show major slowing of the markets, even the Golden Condo Market. 

[Kapten Kapsell]

What’s the Golden Condo market?

[Nparker]

What’s the Golden Condo market?

The units in the Jukebox? 

[MarkoJ]

They just sold a townhome for $1.875 million in this development!! So I think they will be fine. They seem to have a niche market that probably doesn't flow in parallel to the overall market.

[aastra]

 

What’s the Golden Condo market?

 

The condo market in Golden, BC. Real estate market analysts like to use it as a bellwether.

[Torrontes]

Abstract said they hit 25% sold before closing for the summer break.  How do you think sales will unfold for the fall/winter Marko?  Many indicators show major slowing of the markets, even the Golden Condo Market. 

 

Correction. They reached 25% sold within the first week of launch. They are still targeting issuance of the building permit and construction start this fall, which means they must be at the 50% level or greater per the DS. I understand that the Bellewood sales center will not reopen until around October time frame so that they concentrate on launch of another project in September. That means that they must be very confident of reaching high sales numbers by year end.

[Glen]

Golden Condo Market?

 

Just the fact the condo market has defied all the other trends in the market................so far.  In Victoria it would appear reductions are becoming more the norm.  As an example the Chelsea Condo was selling very quickly several months ago, not so much now.  The Toronto condo market remains hot even with homes leveling off or having some reductions.

Hopefully the BC government will back away from the passing of the speculation tax this fall. 

[Nparker]

... In Victoria it would appear reductions are becoming more the norm. As an example the Chelsea Condo was selling very quickly several months ago, not so much now...

Two condos recently sold in my building for record high prices and one in record time: less than a day.

[Mike K.]

The late spring and summer months are notorious for a slower pace of sales.

That being said, a local pre-sale just shot through half of its inventory in a matter of days. Dozens of units were snatched up and none will enter the VREB or MLS sales stats equation. It’s like those transactions never occurred as far as the VREB’s statistics are concerned.

[MarkoJ]

Golden Condo Market?

 

Just the fact the condo market has defied all the other trends in the market................so far.  In Victoria it would appear reductions are becoming more the norm.  As an example the Chelsea Condo was selling very quickly several months ago, not so much now.  The Toronto condo market remains hot even with homes leveling off or having some reductions.

Hopefully the BC government will back away from the passing of the speculation tax this fall. 

 

One Chelsea listing the sellers purchased 1.5 years ago for $910,000....now 1.25 million.

 

The other Chelsea listing purchase for $555k in 2014 - now 799k.

 

Not sure if a function of market or pricing.