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UNDER CONSTRUCTION
The Pearl Residences
Uses: condo, commercial
Address: 1628 Store Street
Municipality: Victoria
Region: Downtown Victoria
Storeys: 8
Condo units: 133 (studio/bachelor, 1BR, 2BR, 3BR)
Sales status: pre-sales
The Pearl Residences is an eight-storey condominium proposal situated along the 1600-block of Store Street in ... (view full profile)
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[Downtown Victoria] The Pearl Residences | Condos; commercial | 8-storeys | Under construction


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#341 DavidSchell

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Posted 16 June 2021 - 05:25 AM

when I walked by their was a lot of rebar being inserted and appears to be reading for s concert pour, not sure they would do that for a protective barrier.



#342 Hotel Mike

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Posted 18 June 2021 - 10:01 AM

I went by last Tuesday. Concrete had been poured already. The path is quite wide there. It sure looked like it was being prepped for opening up. As long as it's separated, it would be a great place to walk by to check on the progress of the construction.


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Don't be so sure.:cool:

#343 n_eclipse

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Posted 28 June 2021 - 12:47 PM

How's this project coming along, maybe Glen can give us an update? Anyone take photos lately?

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

 

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



#344 DavidSchell

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Posted 24 July 2021 - 08:40 AM

Lot of blasting.

 

 

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#345 Nparker

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Posted 24 July 2021 - 08:44 AM

The blasting can't be very pleasant for the residents of The Janion and Mermaid Wharf.



#346 Promontory Kingpin

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Posted 24 July 2021 - 10:06 PM

Anyone want to do a group buy in this or another development?

Send me a direct message
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#347 n_eclipse

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Posted 25 July 2021 - 07:01 AM

What unit are you thinking? Glen is probably interested :banana:


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#348 Promontory Kingpin

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Posted 25 July 2021 - 07:14 AM

I’m interested in purchasing a jr 1 bedroom - but that is not too relevant as whoever wants to join this initiative can purchase whatever unit they want

#349 Matt R.

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Posted 25 July 2021 - 10:30 AM

What are some advantages to this idea?

Matt.

#350 Victoria Watcher

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Posted 25 July 2021 - 10:32 AM

you can buy without full ownership.

#351 Matt R.

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Posted 25 July 2021 - 10:44 AM

Oh like a timeshare. I was thinking more of a group buying five condos and asking for a volume price, but I don’t see why the developer would do that.

Matt.
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#352 Mike K.

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Posted 25 July 2021 - 10:52 AM

That’s what PK is alluding to, I think.

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#353 Matt R.

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Posted 25 July 2021 - 11:00 AM

What, approaching the dev and saying we want to buy five, give us 15% off? How realistic is that, Mike?

Matt.

#354 Promontory Kingpin

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Posted 25 July 2021 - 12:58 PM

Hi folks,

By no means am I talking about quarter ownership. Everyone who is interested in participating in this deal would wholly purchase and own their units.

I have been able to do something like this with a development that has recently been built and this resulted in favourable negotiation terms. Essentially you walk to the next development if the developer isn’t willing to play ball - they will because it’s in their interest to move multiple units and negotiation terms can get even better if you consider cutting a realtor out of the deal all together (this incentives the developer through cost savings).

Currently the deposit structure of this development is 10% down at signing and 10% in a prescribed period of time - that’s ridiculous to tie up that much money in my opinion. We can collectively negotiate that down to a lesser down payment that will allow you to access an appreciating asset for a minimal out of pocket cost.

Folks, let’s also keep in mind that there are almost as many parking stalls in this building as their are units - all while many units don’t come with parking and for units to purchase parking it’s listed as a 40k premium. That premium will be drastically reduced through our negotiation.

If they don’t budge we walk over to Nest, Mod, or whatever the next desirable development is.

Edited by Promontory Kingpin, 25 July 2021 - 01:10 PM.

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#355 Mike K.

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Posted 26 July 2021 - 05:59 AM

What, approaching the dev and saying we want to buy five, give us 15% off? How realistic is that, Mike?

Matt.

It depends. But the developer will not drop their price by 15% Not even close.

It’s better financially to just negotiate the realtor fee to be slashed from the purchase price, or completely done away with. Even that’s relatively rare. Some developers will entertain upgrades to get your business but a discount in this market is unrealistic. Having said that I have heard of groups buying 15-20 units, but that’s 15-20 units, and that’s enough volume to have a serious discussion with the developer, but it won’t be a 15% drop or even 10%.

I also think it’s dangerous to play such games if you’re not a sophisticated player, and if you don’t know what you’re doing you can lose your deposit when it comes time to close on the deal in 24 months (or whatever). PK walks away with a few grand off his unit, you just lost $25k because you can’t close the deal. Or you close the deal, but need to immediately sell, and your profit margin isn’t enough to cover the GST, realtor fees, credit fees, and legal costs.
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#356 lanforod

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Posted 26 July 2021 - 07:34 AM

^ those are exactly the thoughts I was having. I'm not sure i'd want to partner up with a bunch of strangers and I'd be getting a lawyer to look over anything which costs extra too.


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#357 Mike K.

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Posted 26 July 2021 - 07:50 AM

Currently the deposit structure of this development is 10% down at signing and 10% in a prescribed period of time - that’s ridiculous to tie up that much money in my opinion. We can collectively negotiate that down to a lesser down payment that will allow you to access an appreciating asset for a minimal out of pocket cost.

 

You're going to have to take this sort of stuff off of this forum.

 

I don't want VV associated with any investment schemes where words like "we can collectively negotiate that down" for an "appreciating asset" at "minimal out of pocket cost" are used to describe your idea of a sure-thing investment.

 

You don't know what this developer will negotiate with you, you have no control over this asset appreciating or depreciating, and minimal out of pocket cost is relative to each individual person's financial situation. Whatever the case, you still have to complete on 100% of the purchase price at closing, pay all of the accompanying closing costs, and do so within a few days after completion. This is not a walk in the park and can set people up for financial ruin.

 

In my experience, and I have been doing this a long time, is to have a working relationship with developers with whom you've done business with before. Being a repeat purchaser in good standing and with whom the developer has a good working relationship with is beneficial just like it is with any business. But by no means are you going to get deep discounts or special favours, but you may be able to negotiate upgrades and a down payment to help you make the purchase viable.


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#358 vancouverchris1205

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Posted 26 July 2021 - 08:08 AM

The idea of a bulk purchase but each person having individual title and contracts would seem to give the advantage of a joint venture without a lot of the risks ie signing on a joint loan and sharing title.

As far as the Pearl is concerned, I have been looking at this project for about a year but decided instead to go with a couple of pre-sale projects in Vancouver (all sold out now). It would take a 10-20 percent price cut for me to buy at Pearl so for me that is my market price.

#359 Matt R.

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Posted 27 July 2021 - 12:22 AM

It depends. But the developer will not drop their price by 15% Not even close.

It’s better financially to just negotiate the realtor fee to be slashed from the purchase price, or completely done away with. Even that’s relatively rare. Some developers will entertain upgrades to get your business but a discount in this market is unrealistic. Having said that I have heard of groups buying 15-20 units, but that’s 15-20 units, and that’s enough volume to have a serious discussion with the developer, but it won’t be a 15% drop or even 10%.

I also think it’s dangerous to play such games if you’re not a sophisticated player, and if you don’t know what you’re doing you can lose your deposit when it comes time to close on the deal in 24 months (or whatever). PK walks away with a few grand off his unit, you just lost $25k because you can’t close the deal. Or you close the deal, but need to immediately sell, and your profit margin isn’t enough to cover the GST, realtor fees, credit fees, and legal costs.


Sounds like a lot of dicking around for a few grand then. Interesting though.

Matt.
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#360 Glen

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Posted 06 August 2021 - 02:52 PM

Group purchase.........go for it.  Make the developer happy. 



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