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Cook & Pendergast
Uses: condo, commercial
Address: 324-328 Cook Street
Municipality: Victoria
Region: Urban core
Storeys: 4
Condo units: (1BR, 2BR, 3BR)
Sales status: in planning
Cook and Pendergast is a proposal at 324-328 Cook Street and 1044-1054 Pendergast Street for a four-storey res... (view full profile)
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[Fairfield] Cook & Pendergast (Pic-A-Flic Video site) | Residential and commercial


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196 replies to this topic

#181 Nparker

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Posted 16 July 2021 - 04:52 PM

And it barely took 4 years. That's light speed for CoV council.



#182 Victoria Watcher

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Posted 17 July 2021 - 06:04 AM

A proposed condo development in Cook Street Village that was rejected by Victoria council last year is moving forward after a public hearing.

 

 

Aragon Properties plans to demolish the former Pic-A-Flic Video store, two houses and a duplex at Cook and Pendergast streets to build a four-storey condo with businesses on the first floor and 48 units in a range of one-, two- and three-bedroom suites.

 

On Thursday night, councillors voted 5-3 to move forward with the project.

 

https://www.timescol...ward-1.24343220


Edited by Victoria Watcher, 17 July 2021 - 06:06 AM.

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#183 A Girl is No one

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Posted 17 July 2021 - 07:53 AM

So who voted against? The usual suspects? Isitt, Potts, Dubow?
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#184 punk cannonballer

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Posted 19 July 2021 - 09:05 AM

So who voted against? The usual suspects? Isitt, Potts, Dubow?

 

One need not even check the minutes.


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#185 Glen

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Posted 24 September 2021 - 03:24 PM

I've heard this project won't have pre-sales, rather sell at completion. That's too bad if you are looking to lock up a condo in CSV



#186 Mixed365

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Posted 27 September 2021 - 08:27 AM

I've heard this project won't have pre-sales, rather sell at completion. That's too bad if you are looking to lock up a condo in CSV

 

This is quite typical of all of Aragon's projects. 


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#187 Kapten Kapsell

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Posted 27 September 2021 - 12:13 PM

Aragon likely has the funds available to self-finance construction (similar to Mosaic Group).


Edited by Kapten Kapsell, 27 September 2021 - 12:43 PM.

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#188 Casual Kev

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Posted 27 September 2021 - 01:05 PM

I've heard this project won't have pre-sales, rather sell at completion. That's too bad if you are looking to lock up a condo in CSV

 

If you have the cash to fund the project yourself, why sell now when it's going to fetch a lot more at completion?



#189 Victoria Watcher

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Posted 27 September 2021 - 01:17 PM

If you have the cash to fund the project yourself, why sell now when it's going to fetch a lot more at completion?

 

risk management. 

 

if you borrow most of the money and all goes sideways you can always go bankrupt with that new company (you incorporate a new company for each project).  


Edited by Victoria Watcher, 27 September 2021 - 01:25 PM.


#190 Mike K.

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Posted 27 September 2021 - 01:32 PM

In this market the risk can be somewhat mitigated in that the units can be converted to rentals on completion, and the building sold to an REIT.


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#191 Nparker

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Posted 27 September 2021 - 01:33 PM

In this market the risk can be somewhat mitigated in that the units can be converted to rentals on completion, and the building sold to an REIT.

Or sold to BC Housing at twice market value.



#192 G-Man

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Posted 27 September 2021 - 07:00 PM

In CSV? I don't think that is allowed.

Visit my blog at: https://www.sidewalkingvictoria.com 

 

It has a whole new look!

 


#193 sharpish

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Posted 19 May 2022 - 09:15 AM

I bet they regret not doing presales now.  With interest rates and inflation rising, and the market slowing, these condos are going to be worth 25-30% less in the summer of 2024 than they were worth 6 months ago.



#194 Mike K.

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Posted 19 May 2022 - 09:38 AM

What if they're worth 25 or 30% more in the summer of 2024?


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#195 aastra

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Posted 19 May 2022 - 09:43 AM

If the turnaround actually happens I'm not sure who should win the prize for being first to call it. My great great uncle called it back in 1912, so he may end up being the winner.



#196 29er Radio

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Posted 19 May 2022 - 12:01 PM

I bet they regret not doing presales now.  With interest rates and inflation rising, and the market slowing, these condos are going to be worth 25-30% less in the summer of 2024 than they were worth 6 months ago.

We had a representative from the developer join the Lisa, Gene & Eric show a while back and their model is not to do pre sales, but to build and then put up for sale


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#197 Mike K.

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Posted 19 May 2022 - 02:22 PM

First up is Oakwoods in Esquimalt, and their Sooke project (both underway now). I wouldn’t be surprised if Pendergast doesn’t move forward for a little bit.

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