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Bayview Place, tower 4
Uses: condo, commercial
Address: Kimta Road at Sitkum Road
Municipality: Victoria
Region: Urban core
Storeys: 25
Condo units: 181 (studio/bachelor, 1BR, 2BR, 3BR, penthouse, townhome, 1BR + den, 2BR + den, 3BR + den)
Sales status: in planning
Rising to 25-storeys with 183-units and ground and second floor commercial space, the tallest tower at Focus E... (view full profile)
Learn more about Bayview Place, tower 4 on Citified.ca
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[Vic West] Bayview Place, tower 4 (Roundhouse) | Condos | 25-storeys | Approved


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229 replies to this topic

#221 songheesguy

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Posted 01 January 2019 - 10:51 AM

I don't know if prices presented last year at sales center would even cover construction costs. The Promontory (5 yrs old) sells $800 to $900 a foot so can't expect it to be lower than that.

 

That all being said the pre-sale market is being flooded at a time when the market is slowing down. Will be interesting times in 2019 for pre-sales.

The Bayview is selling at $640/sqft and is higher end and Promontory has been getting around $800/sqft in the past but not much selling in there at that price lately but I agree construction cost have gone up since last year but will they be able to charge the same rates with a slowing market and lots of current projects completing in 2019 or sharpen their pencils. 2019 will IMO be one of the most volatile for the real estate market in Victoria since 2007. Whatever happened to the days of pre sales coming on market at less than current market value?


Edited by songheesguy, 01 January 2019 - 10:52 AM.


#222 tjv

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Posted 01 January 2019 - 12:05 PM

^construction costs are still rising, but not as much as you think



#223 Mike K.

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Posted 02 January 2019 - 02:45 PM

Bayview needs to charge a price that reflects the cost realities of the market in 2019 and 2023 when the tower completes. Construction costs are going to keep rising and regardless of what re-sales go for pre-sales reflect the now and only the now.

That being said, Bayview One is ten years old and no longer a premium product in the eyes of the market. If it was it wouldn’t be priced at below $700 per foot.

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#224 lanforod

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Posted 02 January 2019 - 03:08 PM

One thing that stands out to me when looking at Bayview One listings is the maintenance fees. Ouch.


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#225 spanky123

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Posted 02 January 2019 - 03:16 PM

One thing that stands out to me when looking at Bayview One listings is the maintenance fees. Ouch.

 

You always run that risk with a strata. You get a few wealthy folks on the board who want to maintain the building at a very high standard and voila.



#226 songheesguy

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Posted 02 January 2019 - 06:01 PM

One thing that stands out to me when looking at Bayview One listings is the maintenance fees. Ouch.

The contingency reserve is large plus the strata owns the guest suite so at least owners won't get hit with an assessment/ levy. As an owner of a unit in Bayview I can agree the strata fees are on the high side but damn I get a lot for my fees. They even change my heat pump filter yearly and clean my dryer ducts where at my other 2 buildings I own at I pay and have to coordinate it myself. The falls strata fees are higher than Bayview One and last I heard Shoal Point was up there as well. Luxury isn't cheap but it sure is worth it to see my 10 year old building look like it was just built.



#227 Kapten Kapsell

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Posted 02 January 2019 - 08:22 PM

The contingency reserve is large plus the strata owns the guest suite so at least owners won't get hit with an assessment/ levy. As an owner of a unit in Bayview I can agree the strata fees are on the high side but damn I get a lot for my fees. They even change my heat pump filter yearly and clean my dryer ducts where at my other 2 buildings I own at I pay and have to coordinate it myself. The falls strata fees are higher than Bayview One and last I heard Shoal Point was up there as well. Luxury isn't cheap but it sure is worth it to see my 10 year old building look like it was just built.


The fees at the Sovereign might be even higher on a per square foot basis, and that building is roughly half the age of Bayview One (I also think it has fewer amenities for the owners).

#228 MarkoJ

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Posted 03 January 2019 - 09:57 AM

Bayview One is not outrageous at 44 cents a foot but the units are large so the absolute amounts end up being large sums. Sovereign is 62 cents a foot. That is what happens when you only have 36 units but two passenger elevators, car elevator, etc.

 

Bayview One is really well run in my opinion but they do make some really poor decisions like every other strata corporation. Recently, they restricted rentals to a one year minimum which will further supress re-sale value and almost impossible to enforce. 

 

They tried a smiliar thing at the Promontory but we managed to vote it down.


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#229 songheesguy

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Posted 08 January 2019 - 09:07 PM

I saw an excavator digging here yesterday on my way home. I wonder if it was for full out front of Encore tower or is something happening on tower 4?



#230 laconic

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Posted 09 January 2019 - 02:10 AM

There is a very large depression that filled with water during the recent rain. They might have been trying to deal with that.

 

Surveyors were there a few days ago.


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