605 replies to this topic

[Brantastic]

Everyone has different preferences. Personally, I can't think of a location I'd rather live at more than where this is to be located. A waterfront condo within a block or two of Market Square, Fan Tan Alley, Chinatown, Bean Around the World, lower Johnson, Pandora and Wharf St bike lanes, etc. Getting to watch the JSB lift from your window would be pretty cool, and over time, and getting to watch the Vic West skyline build up over time would also be neat. I just don't have even close to enough money to even think of buying a condo.

[MarkoJ]

I love the Pearl location but than again I live in Vic West so I might be a bit bias being so close.

[Ru]

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.

I think if anything a line was drawn from Bellewood to the Pearl? I just didn’t like the comparison because the only thing that makes them good comparisons is they are market value condos in Victoria?

I didn’t think I was being combative? I just don’t see what you were getting at ? And disagree that Bellewood is something worth putting on a pedestal (if that’s what you were meaning, like I said, I didn’t get your point)

[Glen]

A year ago it was my opinion, ( posted on that thread ) Bellewoods should have opted to hold their development while they had an opportunity, given the market conditions and indications at the time.  I still think that would have been prudent, before shovels hit the ground.  Having sold no more than 10% in the past 12 months is troubling I'm sure, and it supports my early prediction.  The Pearl has even more reasons to keep the parking lot going.  I'll stand with that prediction as well, it won't see shovels.  Aragon on Pedergast is another project that will gather dust for several years now.  No shovels here either.  12-24 months minimum

 

COVID will drag the market down far more than Horgan could have ever dreamed with their unfair tax! The Westshore/Roundhouse has a new direction asking for approval of a huge rental project, when and if approved, that will kill values for those already invested in the existing condos. 

The Price is Right Cliff Hanger Guy will start his ride with those approvals........ Ben on city council will Start the Yodelling!

 

Why no recovery for 12-24 months?

 

The second wave of COVID this fall/winter will occur.  The vast majotiy of the  population will not be willing to risk any rushed vaccines either.......... No heard immunity for years.  COVID here for several years!

Further struggles over the winter for businesses and their ability to survive. Too many commercial properties sitting vacant and owners making no income, commercial values will take a hit. Foreign students not coming and not renting apartment/condos, smaller investors having to consider Hold'm or Fold'm???? 

Governments having extended debt to levels unheard of prior to this pandemic. 

 

But then our Federal Government comes to the rescue, imposes a NEW CAPITAL GAINS ON ALL HOME SALES!!!!  But wait.........rumors have it at 50%.  That value is up for debate, and the amount adjusted depending on how long you've owned your home.  Perhaps not 50% when all the details finally come out, but what a glorious way to pay off a pandemic!!!! 

 

Justin seems to be dishing out all this cash and there seems to be no worry? 

 

I can't see any market value projects going forward ( shovels in the ground ) in the downtown core for 12 to 24 months. 

 

The good news?  If you have been waiting to purchase your time is coming. Just wait until next year.

[Mike K.]

Nobody will sell their home at a price where they lose $200,000 due to a tax. That tax hit will be built into the price moving forward.

Government might get its tax if the CG on primary residences becomes a thing, but the consumer will have to reach even further to become a homeowner.

[Glen]

Perhaps nobody will sell with equity........... But when COVID hangs around for a few years ( news that you'll need two vaccines and that will take until 2024 to get to everyone wanting  a vaccine ) those that entered the market with minimal down will be the first to fall due to the market falling far more than their 10 or 20% down payments.  Commercial real estate to follow.

 

Check back in 2021 next year

 

2020 will be a year everyone will want to forget but can't

[Glen]

So where are the shovels in the ground????????

For those that siad in the summer this was a go

[Jackerbie]

So where are the shovels in the ground????????
For those that siad in the summer this was a go

Building Permit is still showing as "on hold."

Also, it's been two years since the Development Permit was issued so I imagine it has lapsed and will need to be reissued by Council.

Edited by Jackerbie, 04 October 2020 - 04:15 PM.

[Promontory Kingpin]

This fall. I guess I can inquire about what is going on. Curious where the word on the street came from.

I don’t see the shovels in the ground at this time

[n_eclipse]

I don’t see the shovels in the ground at this time

 

Last time I checked, we are still in Fall? 

[Promontory Kingpin]

Last time I checked, we are still in Fall?

If you don’t see the parking lot dug up in the next month, you may want to seek professional advice on how to move forward with navigating a request for a deposit refund based on the terms of your pre-sale contract

Edited by Promontory Kingpin, 22 October 2020 - 01:06 PM.

[Glen]

It's toast

No tourists purchasing second homes

[tiger11]

It's toast

No tourists purchasing second homes

 

Not to worry, its coming soon!

[Glen]

I just heard D. Trump is looking to move to Victoria.  Something about golf

[Glen]

So how's it coming along?????

 

Could it be that second wave that may have been mentioned.

[m3m]

Glen, why do you want to see this project fail?

It’s unbecoming.

[Mike K.]

It's toast
No tourists purchasing second homes

25% of local home sales in the third quarter of this year went to non-local buyers. It appears that newcomers and second home buyers are increasing in number, not decreasing.

[electriclemmon]

Anyone have any updates on this project? I have been tempted to buy since they first started offering pre-sales back in 2018, but just a little worried they will never break ground.

[n_eclipse]

Project is a go. They are already doing drilling in the lower lot to plan for the walkway. Should be in full swing in the new year.

[laconic]

The parking lot has been closed with fencing.