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BUILT
The Pearl Residences
Uses: condo, commercial
Address: 1628 Store Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 8
Condo units: (studio/bachelor, 1BR, 2BR, 3BR)
Sales status: now selling
The Pearl Residences is an eight-storey condominium proposal situated along the 1600-block of Store Street in ... (view full profile)
Learn more about the Pearl Residences on Citified.ca
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[Downtown Victoria] The Pearl Residences | Condos; commercial | 8-storeys | Built completed in 2023


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#281 Mike K.

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Posted 13 August 2020 - 09:43 AM

Oops, BP, that's what I meant.

 

It's been on-hold for the quite a while. If it were to emerge out of its on-hold status, what would that entail, and how long does it take to awaken a former BP?


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#282 GetLisaSomeHelps

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Posted 13 August 2020 - 10:01 AM

Oops, BP, that's what I meant.

 

It's been on-hold for the quite a while. If it were to emerge out of its on-hold status, what would that entail, and how long does it take to awaken a former BP?

 

Likely some departmental deficiencies with plans that need to get addressed & then payment of deposits/fees to get the BP issued. I feel like addressing some deficiencies with plans shouldn't take this long.

 

They probably have been dragging their heels in hopes of selling more units but that is only my opinion.



#283 Rob Randall

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Posted 13 August 2020 - 10:13 AM

Isn't it always the case in these types of delays that it's the lending institution holding the reins?


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#284 Mike K.

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Posted 13 August 2020 - 11:14 AM

Isn't it always the case in these types of delays that it's the lending institution holding the reins?


No, not always. There can be any number of factors involved here. One would imagine the biggest construction outfit on the Island is well capitalized and has access to deep pockets. Farmer is developing this project via Triad Holdings (or at least initially it was Triad Holdings that was the proponent).

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#285 LJ

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Posted 13 August 2020 - 07:45 PM

There was a large ad in the TC today for The Pearl. 


Life's a journey......so roll down the window and enjoy the breeze.

#286 DavidSchell

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Posted 14 August 2020 - 05:18 AM

There was a large ad in the TC today for The Pearl. 

 

Noticed ads in the community papers as well 



#287 Glen

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Posted 14 August 2020 - 12:09 PM

AirBnB will die, not the virus.  COVID will likely be here in a strong form for 2-3 years.  The virus is already showing signs of mutations as labs are rushing to find a vaccination for the current form.  Masks will likely be here for several years to come.  Any tourist centered city will feel these effects hard, as already have and for a few years as well.

 

Judging if a current building will proceed based upon pre-sales  at a time pre -COVID will prove foolish!!!!!  Builders will be looking hard at their pre-sales clients trying to figure out their ability to close given all the new unknowns. 

 

-loss of income post CIVID

-reduced work hours

-current homes they can't sell



#288 Mike K.

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Posted 14 August 2020 - 12:28 PM

I don't think we're quite there yet. Is there more risk now? I think so, but not to the point of making projects unviable.

 

Remember that we still have a healthy influx of people from other markets who are fast-tracking their retirements and locking in housing rates now, while planning their retirement situation out back wherever they are.

 

My clients are regularly speaking to buyers from afar who are coming here to purchase pre-sales then going back to their home province.


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#289 n_eclipse

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Posted 14 August 2020 - 12:32 PM

:confused:

 

AirBnB will die, not the virus.  COVID will likely be here in a strong form for 2-3 years.  The virus is already showing signs of mutations as labs are rushing to find a vaccination for the current form.  Masks will likely be here for several years to come.  Any tourist centered city will feel these effects hard, as already have and for a few years as well.

 

Judging if a current building will proceed based upon pre-sales  at a time pre -COVID will prove foolish!!!!!  Builders will be looking hard at their pre-sales clients trying to figure out their ability to close given all the new unknowns. 

 

-loss of income post CIVID

-reduced work hours

-current homes they can't sell


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#290 Glen

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Posted 15 August 2020 - 04:29 PM

A healthy influx?  I question that. 

 

The bad news that most people fail to realize, or want to realize, is that COVID and all of the bad things that came with it will be here for a long, long time.  Even if and when a good vaccine is found, the majority of people surveyed in polls say they wouldn't take it for a year or two until long term complications are known.  So, no heard immunity and the same spread likely for an unknown period of time.  Yes, this sucks.

That will mean no cruise ships, no major events, sporadic flights internationally and more failed businesses.  The gravity of this pandemic is just starting to settle.

 

 

Bellewoods is a beautiful project in Rockland.  This project was 50% sold 12 months ago.  I've heard they are at or near 60% sold of the 83 the project has in total.  That would translate into 8 suites being sold in the past year.  So......to use that for the Pearl at a 50% sold............no activity for months??????  The Pearl has a harbor view, but it's not in a community like Bellewoods. 

 

I say put a stick in it.....it's done



#291 n_eclipse

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Posted 15 August 2020 - 05:08 PM

Negative nancy here perhaps needs to pull the stick out of himself before putting a stick in the pearl.

A healthy influx?  I question that. 

 

The bad news that most people fail to realize, or want to realize, is that COVID and all of the bad things that came with it will be here for a long, long time.  Even if and when a good vaccine is found, the majority of people surveyed in polls say they wouldn't take it for a year or two until long term complications are known.  So, no heard immunity and the same spread likely for an unknown period of time.  Yes, this sucks.

That will mean no cruise ships, no major events, sporadic flights internationally and more failed businesses.  The gravity of this pandemic is just starting to settle.

 

 

Bellewoods is a beautiful project in Rockland.  This project was 50% sold 12 months ago.  I've heard they are at or near 60% sold of the 83 the project has in total.  That would translate into 8 suites being sold in the past year.  So......to use that for the Pearl at a 50% sold............no activity for months??????  The Pearl has a harbor view, but it's not in a community like Bellewoods. 

 

I say put a stick in it.....it's done



#292 Ru

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Posted 15 August 2020 - 07:12 PM

A healthy influx?  I question that. 
 
The bad news that most people fail to realize, or want to realize, is that COVID and all of the bad things that came with it will be here for a long, long time.  Even if and when a good vaccine is found, the majority of people surveyed in polls say they wouldn't take it for a year or two until long term complications are known.  So, no heard immunity and the same spread likely for an unknown period of time.  Yes, this sucks.
That will mean no cruise ships, no major events, sporadic flights internationally and more failed businesses.  The gravity of this pandemic is just starting to settle.
 
 
Bellewoods is a beautiful project in Rockland.  This project was 50% sold 12 months ago.  I've heard they are at or near 60% sold of the 83 the project has in total.  That would translate into 8 suites being sold in the past year.  So......to use that for the Pearl at a 50% sold............no activity for months??????  The Pearl has a harbor view, but it's not in a community like Bellewoods. 
 
I say put a stick in it.....it's done


Bellewood isn’t exactly comparable to this, it’s an over priced abstract hype machine.. the fact it’s 60% is crazy. It just shows the name abstract has made for itself (or how many old people think upper Fort is some prestigious Oak Bay/Rockland neighbourhood)..

The pearl with 400k units with parking is approaching very reasonable to decent deal! Still not bargain territory, but getting there!

#293 Mike K.

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Posted 16 August 2020 - 06:03 AM

Bellewood is in Rockland, I mean its neighbour is the art gallery and a block over is Rockland’s biggest landmark, the castle. It's arguably in one of the nicest pockets of that neighbourhood.
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#294 Banksy

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Posted 16 August 2020 - 06:38 AM

Oh wow the drama over here.

You guys are both being over the top.

Pearl is not in the same league as Bellewood, not by a mile, and Abstract has two decades of catering to home buyers where Farmer has only catered to Abstracts. Meaning making the jump from builder to developer is not easy and that’s my guess why Pearl has had a hard time in pre sales. Everything else in that area sold well but Pearl has languished for two years in presales and Ru is telling us it’s so good of a project Bellewood is out of its league. The results speak for themselves and I had a look at Pearl and walked. The interiors felt dated and uninspired and I was not willing to pay the price being asked for a project that won’t be ready until 2024 if it ever gets off the ground.

The other project that has languished is Marigold on the Peninsula also built by a builder and now they’re selling off other phases to developers after learning it’s not easy to design a home people fall in love with just because you know how to build it.

Glen the market is fine. Victoria is insulated from the big swings and if things dip so be it but the market has dipped and then swung up my whole life.
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#295 Nparker

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Posted 16 August 2020 - 07:42 AM

...Victoria is insulated from the big swings and if things dip so be it but the market has dipped and then swung up my whole life.

True.



#296 DavidSchell

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Posted 16 August 2020 - 02:22 PM

saw a big ad on the side of transit bus for this project ... does not seem like it is dead to me!



#297 Hotel Mike

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Posted 16 August 2020 - 03:54 PM

And they're paying for newspaper space as well. I would sure like to see ground broken on this one.


Don't be so sure.:cool:

#298 Ru

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Posted 16 August 2020 - 08:14 PM

Everything else in that area sold well but Pearl has languished for two years in presales and Ru is telling us it’s so good of a project Bellewood is out of its league. The results speak for themselves and I had a look at Pearl and walked. The interiors felt dated and uninspired and I was not willing to pay the price being asked for a project that won’t be ready until 2024 if it ever gets off the ground.


Noooo not what I said.. I said it’s not exactly comparable.. meaning the buyer for the Pearl is very different than the buyer for Bellwood! I would hazard to guess not one person who purchased in Bellewood even went to the Pearls presentation centre, and vic versa.

#299 Banksy

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Posted 19 August 2020 - 06:42 AM

If any did do as you say, it’s because they know living across a small harbour from a loud and busy shipyard that is expanding soon is not great.

You’ve drawn a line between these projects like Pearl is something so special that the great unwashed who buy inland just wouldn’t appreciate the sophistication of living right next to a homeless shelter on Store Street. Why do you have to be so combative I don’t get it.

Edited by Banksy, 19 August 2020 - 06:42 AM.


#300 aastra

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Posted 19 August 2020 - 08:56 AM

I can think of at least one harbour-area resident who seems to derive great enjoyment from the happenings at the shipyard.



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