247 replies to this topic

[MarkoJ]

Aside from the design interesting time to be launching a luxury project. Spec tax, foreign buyer tax, interest rates creeping up, construction still crazy expensive.

 

Really curious to see how the marketing/sales/construction of this project unfold. 

[Mike K.]

I’m really curious to learn who Bayview will partner with for this project. Bosa is not presently involved.

[MarkoJ]

I’m really curious to learn who Bayview will partner with for this project. Bosa is not presently involved.

 

Do they have to partner with someone?

[songheesguy]

Aside from the design interesting time to be launching a luxury project. Spec tax, foreign buyer tax, interest rates creeping up, construction still crazy expensive.

 

Really curious to see how the marketing/sales/construction of this project unfold. 

Totally agree with you Marko! I am also wondering if they will keep the pricing similar to the price per sqft they presented a year ago, increase pricing or what. Looking at the slow sales on Hudson Place One and Capital Park I'm sure they don't want to be slow out the gate and stuck with a bunch of units like Bayview One. Last time I was at the sales center Focus was not getting a partner besides their private investors through Focus. This will likely be timed to start when Encore completes so they have the start up funds on their own.

Edited by songheesguy, 08 October 2018 - 04:47 AM.

[Mike K.]

They are actively seeking a partner, or up until very recently sought a partnership with at least one major player.

[MarkoJ]

This will likely be timed to start when Encore completes so they have the start up funds on their own.

 

Encore is built by Bosa.

[MarkoJ]

They are actively seeking a partner, or up until very recently sought a partnership with at least one major player.

 

Does Bosa ever partner?

[Mike K.]

Focus is looking for a partner for Tower 4, which Bosa was on Promontory and Encore.

[spanky123]

They are actively seeking a partner, or up until very recently sought a partnership with at least one major player.

 

Isn't Mariash trying to sell the whole project?

[Mike K.]

Sell the whole project, as in Bayview+Roundhouse?

 

That would be the first I'd have heard of that. But up until very recently Focus/Mariash had approached at least one major player to partner with them on Tower 4 and it was not Bosa (but that's not to say Bosa isn't also interested).

[spanky123]

Sell the whole project, as in Bayview+Roundhouse?

 

That would be the first I'd have heard of that. But up until very recently Focus/Mariash had approached at least one major player to partner with them on Tower 4 and it was not Bosa (but that's not to say Bosa isn't also interested).

 

The undeveloped projects. Heard that he was so frustrated with council that he wanted out. That could have changed last week though.

Edited by spanky123, 08 October 2018 - 10:34 AM.

[m3m]

Totally agree with you Marko! I am also wondering if they will keep the pricing similar to the price per sqft they presented a year ago, increase pricing or what. Looking at the slow sales on Hudson Place One and Capital Park I'm sure they don't want to be slow out the gate and stuck with a bunch of units like Bayview One. Last time I was at the sales center Focus was not getting a partner besides their private investors through Focus. This will likely be timed to start when Encore completes so they have the start up funds on their own.

 

I wouldn't be surprised if the prices were competitive.  Encore and Promontory were downright reasonable. Especially compared to the similar Chard projects of the time.  When they had their presentation last year, I had a long chat with one of the Focus representatives.  He made it seem pretty clear that prices would be attractive.  After Bayview One, Mariash apparently does not enjoy enduring market fluctuations which can cause inventory to linger.  He'd rather sell all the units and clean his hands in a matter of months, even if it means losing some profit.  There's still plenty of profit to be made in this building.  

 

That being said, at the sales presentation last year, I was quoted $500,000 for the 2-bed, 2-bath, 1000~ sqft units on the lower floors without a water view.  I'm not sure it's possible he can turn any profit at $500/sqft.  So expect them to go up. 

[MarkoJ]

That being said, at the sales presentation last year, I was quoted $500,000 for the 2-bed, 2-bath, 1000~ sqft units on the lower floors without a water view.  I'm not sure it's possible he can turn any profit at $500/sqft.  So expect them to go up. 

 

I don't think that would cover construction costs right now.

 

Hudson Place, Bellewood and Capital Park are all selling, not quickly but selling, between $850 and $1,500 a square foot. The average at Capital Park and Bellewood must be hovering around $1,000. 

 

Bayview Place is not going in at half the price. Wishful thinking.

[Mike K.]

For very expensive inventory Hudson Place One is selling very, very well. They’re not worried about the progress as they head towards 50% sold.

[songheesguy]

Encore is built by Bosa.

I am quite sure Focus was a partner in Encore and Promontory

[songheesguy]

For very expensive inventory Hudson Place One is selling very, very well. They’re not worried about the progress as they head towards 50% sold.

As of my visit a week and a half ago all the floor plans I enquired on were available on pretty much every floor except the 8th and a couple others and all the estate collection units were still available so glad to hear it's picked up. They did say 2 years strata could be thrown in still and open to offers. I got the impression they were worried because I got a call this week asking my interest and if I had any feedback. 

[Mike K.]

When you consider that they’ve moved some 80-units, you go “whoa.” It’s a 176-unit tower at the top end of the price scale. 989 is at 75% sold but they’ve also moved 150-units, so sometimes the pace of sales as a percentage doesn’t necessarily relate to overall interest in a project and its actual sales performance when you consider the sheer movement of units.

[tjv]

I don't think that would cover construction costs right now.

 

Hudson Place, Bellewood and Capital Park are all selling, not quickly but selling, between $850 and $1,500 a square foot. The average at Capital Park and Bellewood must be hovering around $1,000. 

 

Bayview Place is not going in at half the price. Wishful thinking.

That would cover the construction costs, but there is more to it than just construction - design, city fees, carrying costs, project management, contingencies, land, advertising, realtor fees, etc, etc

 

Regardless there is no way this is selling for $500 per sf

 

Its interesting that Bosa is backing out, there is a cautionary mood in development and construction at the moment.  Has anyone heard any rumors as to why Bosa is out?

[laconic]

Focus has said for the last couple of years that they expected to handle tower 4 themselves.

[MarkoJ]

I am quite sure Focus was a partner in Encore and Promontory

 

From what I've heard Focus sold Bosa the building lots. Promontory lot went for $6 million according to tax records. Don't know about Encore.