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UNDER CONSTRUCTION
Vivid at the Yates
Uses: condo, commercial
Address: 849 Johnson Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 20
Condo units: 135 (1BR, 2BR, 1BR + den)
Sales status: sold out / resales only
Vivid at the Yates is a 20-storey, 135-unit below market condominium tower situated along the 800-block of Joh... (view full profile)
Learn more about Vivid at the Yates on Citified.ca
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[Downtown Victoria] Vivid at the Yates | Attainable condos; market commercial | 20-storeys | Under construction


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#21 Kapten Kapsell

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Posted 27 September 2017 - 04:28 PM

They are now advertising this project... and a site is up and running too. Prices will be 8% below market.

http://vividattheyates.com
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#22 Citified.ca

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Posted 28 September 2017 - 03:37 AM

Byron Chard explains what the requirements are to qualify for Vivid's below-market units.
 
BC Housing helps developer offer 8% below-market condos in downtown Victoria
http://victoria.citi...ntown-victoria/
 
Chard Development has unveiled plans to introduce below-market workforce housing to Victoria’s Harris Green district as part of its upcoming Vivid at the Yates condominium tower.
 
Through a first-of-its-kind financing arrangement with BC Housing, the 20-storey, 135 one and two-bedroom project along the 800-block of Johnson Street will be priced at 8% below market rates to remove barriers to home ownership for a demographic priced out of the housing market.
 
“Our goal with Vivid is to introduce attainable new-build housing to a greater number of the region’s workforce,” said Chard Development’s Chief Financial and Acquisitions Officer, Byron Chard. [Full article]


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#23 VicHockeyFan

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Posted 28 September 2017 - 06:27 AM

I do not want to be a downer here, but what will this bring the prices to?  $350,000?  Are we short on $350,000 condos in Greater Victoria?

 

EDIT:

 

 

Unit prices will range from $275,000 for a 475 square foot one-bedroom suite to $550,000 for a two-bedroom, 1,000 square foot layout.

 

There is currently no barrier to entry in units of this price.  Today there are 132 properties listed for sale at $550,000 or under with 2 bedrooms, and 98% of them include a parking stall, no charge.

 

Your tax dollars at work in a very odd way here.  When you pay your taxes, does it make you feel good that some of your money is going to help finance a brand new home purchase for a household that earns $150,000/yr.?


Edited by VicHockeyFan, 28 September 2017 - 06:40 AM.

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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#24 VicHockeyFan

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Posted 28 September 2017 - 06:50 AM

The $35,000 price for parking is interesting.  It's probably fair market value, but I think it will lead to a perception problem among potential buyers.  What is the parking situation/cost at Yates on Yates?

 

EDIT:  parking included with at least some suites at Yates on Yates.


Edited by VicHockeyFan, 28 September 2017 - 06:56 AM.

<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#25 Mike K.

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Posted 28 September 2017 - 07:13 AM

The $35k cost is actually a losing proposition for the developer in this case. They should be charging $40-$45k to fully recoupe the cost. Some guys have even said they need around $50k, which is why we’re starting to see fewer spots and spots allocated to higher end units that absorb the cost better through perceived value, but really it’s the smallest, zero parking units that are subsidizing the larger units with a stall.

Right now for new-build you can’t buy a downtown 1BR condo for anything less than $350k and that’s without transient zoning. We'll have to wait for Le Fevre’s upcoming project for more stock, but I suspect 1BR’s will start well above $300k (they’re $400k+ at the latest phase of the Railyards, but with parking).

But comparing wood frame 20-25 year-old condos to brand new, downtown concrete homes is not apples to apples. There’s always going to be a premium paid for new stock. That being said, I suspect the family income maximum has been set at $125k (if there’s not enough interest in that bracket they’ll go up to $150k) as banks are not able to even finance you if you drop only 10% down and earn less than $75k. Ideally Chard’s plan should have taken into account different strata of down payments as that greatly affects your dealings with financiers.

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#26 VicHockeyFan

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Posted 28 September 2017 - 07:16 AM

I guess what I mean is that most taxpayers think it's fine for $150,000/yr. households to have to buy a used condo in Saanich, rather than taxpayers chipping in so they can buy brand new downtown.  


Edited by VicHockeyFan, 28 September 2017 - 07:17 AM.

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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#27 Mike K.

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Posted 28 September 2017 - 07:18 AM

Oh yeah, I getcha.

But is the tax payer making as large of an impact here as we think? If BC Housing is able to secure a far better financing rate for the developer, is that us subsidizing these units? Admittedly I wasn’t privy to any details beyond what was reported.

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#28 Kapten Kapsell

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Posted 29 September 2017 - 06:05 AM

Oh yeah, I getcha.

But is the tax payer making as large of an impact here as we think? If BC Housing is able to secure a far better financing rate for the developer, is that us subsidizing these units? Admittedly I wasn’t privy to any details beyond what was reported.


Chard says that the financing rate is where some of the cost savings are coming from: http://www.timescolo...yers-1.23051102

#29 jonny

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Posted 29 September 2017 - 07:36 AM

I guess what I mean is that most taxpayers think it's fine for $150,000/yr. households to have to buy a used condo in Saanich, rather than taxpayers chipping in so they can buy brand new downtown.


We bought wood frame in Saanich because it was more affordable than concrete downtown...oh the horror....the horror!!!
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#30 VicHockeyFan

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Posted 29 September 2017 - 07:43 AM

We bought wood frame in Saanich because it was more affordable than concrete downtown...oh the horror....the horror!!!

 

Thank God there is a government program now to save folks from that.  A real social safety net.


Edited by VicHockeyFan, 29 September 2017 - 08:02 AM.

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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#31 Nparker

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Posted 29 September 2017 - 07:57 AM

The worst thing about this plan: another VV thread is going to get hijacked with a political spin. :whyme:


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#32 VicHockeyFan

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Posted 29 September 2017 - 08:04 AM

The TC article today says that he must achieve 100% pre-sales.  You'd think with 100% pre-sales you could get a fairly cheap construction loan without taxpayers covering it.


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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#33 Mike K.

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Posted 29 September 2017 - 08:12 AM

Could you?

100% pre-sales in the span of a month is a high risk situation for a developer that is not charging a premium for units. Quite likely what we’re seeing here is BC Housing’s rate reduction has effectively taken an estimated two years worth of risk off the table, meaning the project is safe to proceed following an instant sell-out.

We've seen several examples of local projects going belly up after a successful pre-sale program that sold all units in short order. There was also a recent example of this scenario playing out and it cost the developer their profit.


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#34 magmazing

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Posted 29 September 2017 - 09:36 AM

Could you rent out your parking space (if you buy one) from day one? Or would that fall under the two year restriction as well?



#35 Nparker

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Posted 29 September 2017 - 09:41 AM

Could you rent out your parking space (if you buy one) from day one? Or would that fall under the two year restriction as well?

If rentals were limited to other building residents, would there be an issue? 



#36 Marilyn

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Posted 29 September 2017 - 09:59 AM

Speaking as a neighbour on Yates St. This building will face the renovated Care Home that is now housing former tent city occupants. There is usually a police car or fire engine in front of the building a few times a week, if not every day. I wonder if this is known to the buyers of 845 Johnson St. or if it matters to them.

 

I find the description of low-income as $150,000 or less to be quite high. Chard responded to a question about that by saying he is expecting 2 income families as buyers. (Into 475. sq. feet?)

 

(edited for typo)


Edited by Marilyn, 29 September 2017 - 10:03 AM.


#37 Mike K.

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Posted 29 September 2017 - 10:07 AM

Into 475 square feet probably not, but certainly for the larger two-bedroom units that will be sized up to 1,000 square feet.

 

If owners are not aware that 844 Johnson is across the street then they're not doing their homework. And their realtors, should they choose to use them, will no doubt advise them (or ought to). But should the city stop being developed in that area because of a nuisance building? Or should we steamroll that neighbourhood with positivity?


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#38 Nparker

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Posted 29 September 2017 - 10:18 AM

...should the city stop being developed in that area because of a nuisance building? Or should we steamroll that neighbourhood with positivity?

And put pressure on the powers that be to close or at least better administrate the CCH nightmare.



#39 Kapten Kapsell

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Posted 29 September 2017 - 11:05 AM

For clarity: is this project only for first time buyers? I can see potential demand from people who already own in older wood framed buildings ... the project would give them new concrete construction and a downtown address.

#40 TheInterior

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Posted 29 September 2017 - 11:41 AM

I received a phone call followed by an email from a Vivid representative on Thursday. I registered two hours after Kapten Kapsell posted the registry link to Vivid's website. In three years, I'll either be living at Vivid or Westbay Quay.


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