605 replies to this topic

[songheesguy]

Got priority pricing today, Is it just me or are they crazy high for the current uncertainty of the market and recent slow sales of other pre sales. Assuming they will include a parking spot and high end finishes like Hudson Place One the sqft must be big seeing the prices seem higher than Hudson Place One whose sales are slow.... as well as Capital Park where sales are slow. Hopefully they at least have heat pumps. (For anyone asking why I think HP1 and Capital Park have slow sales it's because I've been to both a few times and the inventory hasn't changed much at all especially considering the anticipation for them)

 

• Studio Suites from $349,000 +GST.
• One Bedroom Suites from $445,000+.
• Two Bedroom Suites from $845,000+.
• Two Bedroom + Den from $945,000+.
• Penthouse Suites from $1,250,000+. (Some Three Bedrooms available.)

[Kapten Kapsell]

The prices seem to be in line with what we are seeing in some of the developments coming on to the market.

[MarkoJ]

If the studies were 400 sq/ft and included parking that would be a solid deal, but my guess is either they will be smaller than 400 sq/ft or won't include parking, or both.

[songheesguy]

I get they would be in line with the others, unfortunately the others aren't selling quickly so at some point you would think they would sharpen their pencils to get more volume sales and capital. The market has such an influx of pre sales already and Bayview tower 4, Hudson 2 and Bosa still haven't rolled out yet as well as a few others in Old Town. These units are getting launched at current pricing not pre sale get in early so you don't miss out pricing. Just my opinion

[Mike K.]

HP1 has gone through more units than are available in a typical condo building in this town so it’s important to look at the total sales and not just a percentage. 176-units at the top end of the market and geared towards resident-purchasers are going to take a while to sell even in a hot market.

Capital Park is doing well with larger units which is typically where the inventory lags.

Ironworks on the other hand, geared towards investors, had units flying off the shelves.

[Mike K.]

This discussion on housing values has been moved to the Victoria home prices and housing values thread.

[songheesguy]

Well disclosure statements were sent out today but no floor plans with pricing. One thing mentioned was there will be heat pumps so it checks one box on my list. Hard to tell if parkade has a goofy one way entry like Janion but it was very clear that parking is not included in asking price and there will be no Air bnb or short term rentals.

[Mike K.]

Short term rentals are relegated to existing stock at-present. No new projects can permit that usage.

[songheesguy]

Short term rentals are relegated to existing stock at-present. No new projects can permit that usage.

So is a month considered long term?

[Mike K.]

Is that the minimum as per the disclosure statement?

 

But yup, a full month of renting a residence is considered a standard rental term (think month-to-month).

[Bob Fugger]

So is a month considered long term?

 

No.  Any rental 30 days or longer is exempt from the bylaw.

[songheesguy]

Is that the minimum as per the disclosure statement?

 

But yup, a full month of renting a residence is considered a standard rental term (think month-to-month).

• There will be 16 studio units, 90 one bedders, 25 two bedders, 1 three bedder with two baths, 1 three bedder with three baths.
• Construction start date: Jan to April 2019.
• Construction finish date: March to May 2021.
• Outside Completion date: December 31, 2022.
• Concrete construction, built by Farmer Construction.
• Closed loop water source heat pump in each unit for heating and Air Conditioning.
• Deposit structure: 10% at time of writing, 10% when development permit is issued.
• Rentals permitted with 30 day minimum term.
• No transient / Air bnb / short term rentals allowed.
• Storage locker (1) and bicycle storage (1) included.
• Fitness centre included.
• Parking available for most suites, purchase price above stated suite price ranges TBA.
• Electric car parking available, with terms.
• Animals: 1 cat, 2 dogs, fish, 2 caged birds.
• BBQ's ok if electric or propane only.
• Assignment Clause: Permitted with granted written permission and 1.5% on purchase price paid to developer at time written permission for assignment rights are requested.
• Exhibit 'H' in the DS contains a copy of the contract of purchase and sale.

[Mike K.]

Thank you!

[MarkoJ]

Seems like pretty much all developers have substantially increased the assignment fees.

[songheesguy]

Seems like pretty much all developers have substantially increased the assignment fees.

When it says paid to developer on purchase price paid to developer at time assignment is written, does that mean you pay 1.5% on the 20% deposit down or total price of contract?

[Mike K.]

The way it’s written is a little unclear. Do they mean purchase price of the unit, or purchase price of the unit at the new assignment price?

[MarkoJ]

Traditionally the assignment fee % is paid on the assignor’s purchase price (the original pre-sale price) but the wording above is unclear. 

 

I.e. Pre-sale puchase $500,000

Assignee's Total Purchase Price: $550,000

 

% traditionally paid on the $500,000. 

[MarkoJ]

soft opening taking place this weekend.

[Mike K.]

I didn’t hear a peep about this. I was in town today and would have dropped by.

[darlenet8]

I didn’t hear a peep about this. I was i town today and would have dropped by.

Hey Mike - it was only sent out to our Priority List as it was a soft opening - as MarkoJ can attest, we needed to work out a few bugs. We are open again tomorrow from 12-4. Come by! We will commence advertising our opening and hours until mid-December when we will be open for appointments only during Christmas and then do a big, public launch in January. At least that is my current plan...

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