Jump to content

      












UNDER CONSTRUCTION
Sparrow
Uses: condo, commercial
Address: 1301 Hillside Avenue
Municipality: Victoria
Region: Urban core
Storeys: 6
Condo units: 49 (1BR, 2BR)
Sales status: pre-sales
Sparrow offers a distinct collection of intelligently designed 1 & 2 bedroom homes in Victoria's vibrant O... (view full profile)
Learn more about Sparrow on Citified.ca
Photo

[Oaklands] Sparrow | Condos | 6-storeys


  • Please log in to reply
101 replies to this topic

#81 Matt R.

Matt R.
  • Member
  • 3,556 posts

Posted 07 May 2021 - 05:12 PM

What floor are they on?


4 and 5. Fourth floor is more expensive and larger interior by 100sq ft but only has one patio, BUT has a walk through closet and a storage room, which the fifth floor does not.

$669 and $679.

Matt.

#82 Mike K.

Mike K.
  • Administrator
  • 63,406 posts

Posted 07 May 2021 - 06:48 PM

I’d personally go for fifth floor.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#83 Matt R.

Matt R.
  • Member
  • 3,556 posts

Posted 07 May 2021 - 08:45 PM

Why is that? There is no view from either, just Garry oaks or whatever at the Cridge. Top floor might have some views.

Matt.

#84 Mike K.

Mike K.
  • Administrator
  • 63,406 posts

Posted 07 May 2021 - 09:17 PM

No overhead noise, primarily.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#85 Matt R.

Matt R.
  • Member
  • 3,556 posts

Posted 07 May 2021 - 10:43 PM

No overhead noise, primarily.


There is a sixth floor.

Matt.

#86 Mike K.

Mike K.
  • Administrator
  • 63,406 posts

Posted 08 May 2021 - 06:00 AM

Oh yeah! Oops. Then I’d go for the fourth with its larger interior, for sure.
  • Matt R. likes this

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#87 lanforod

lanforod
  • Member
  • 8,136 posts
  • LocationSaanich

Posted 10 May 2021 - 07:30 AM

For an investment/rental I'd not do either. 1 bedrooom is better value, I think, though I guess none left here.



#88 Mike K.

Mike K.
  • Administrator
  • 63,406 posts

Posted 10 May 2021 - 08:18 AM

Is it? It depends. COVID-19 has made two-bedroom units highly sought after, and even people who live alone are looking to 1BR+den or 2BR-units to have a work-at-home space, or some room for hobbies, etc.

 

It is also a product of your individual investment scenario. If you're buying a unit for cash, the return on a 2BR will be higher for one unit. If you're buying two 1BRs at 50% above the single 2BR, you have two tenant situations to manage, etc, so sometimes the smart money is to invest in a single 2BR than two studios or two 1BRs.


  • yellow_baron likes this

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#89 lanforod

lanforod
  • Member
  • 8,136 posts
  • LocationSaanich

Posted 10 May 2021 - 10:34 PM

Explain the cash scenario

#90 Mike K.

Mike K.
  • Administrator
  • 63,406 posts

Posted 11 May 2021 - 05:43 AM

A $600k 2BR will rent for $2,300, plus another $115-$125 for parking. A $450k 1BR will rent for $1,600, maybe $1,700.

These are just spitball numbers, but $150k in a bank will earn $2,000 a year.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#91 lanforod

lanforod
  • Member
  • 8,136 posts
  • LocationSaanich

Posted 11 May 2021 - 06:34 AM

If you’re investing 600k, the remaining 150k does not sit in the bank. Likely, it goes into the markets in a balanced portfolio, returning more like 7-8% annually.

#92 Mike K.

Mike K.
  • Administrator
  • 63,406 posts

Posted 11 May 2021 - 06:41 AM

Sure, there’s a million different scenarios but I’d rather have $600k in a condo earning $30k per year, with appreciation, than a balanced portfolio that could return zero on $150k left over from investing into a 1BR.

There’s some benefit to 2BRs, too, like a typical dual income scenario (less likely to have tenant issues due to finances) and you also have parking to use as a great perk or a detached income stream.
  • Matt R. likes this

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#93 lanforod

lanforod
  • Member
  • 8,136 posts
  • LocationSaanich

Posted 11 May 2021 - 07:16 AM

There are so many assumptions in your scenario that you're twisting to make the 2 bedroom seem better. C'mon. Apples to apples here. If you're buying parking with the 2 bedroom, you buy parking with the 1 bedroom. etc. (if you don't buy parking with the 1 bedroom, it's cheaper).



#94 Mike K.

Mike K.
  • Administrator
  • 63,406 posts

Posted 11 May 2021 - 07:23 AM

Since we’re in the Sparrow thread I’m trying to keep the details pertinent to Sparrow, as in I’m not referencing possible rental rates at the Customs House.

Parking is included with the 2BR at Sparrow, but few developments in the core will even offer parking (as in you can’t buy it if you try) with anything sized below a 1BR+den.

Sparrow has 24 stalls and 49-units and I *think* several are allocated to commercial units on the ground floor.

If you have general questions about investment we can have this conversation in another thread, too.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#95 lanforod

lanforod
  • Member
  • 8,136 posts
  • LocationSaanich

Posted 11 May 2021 - 09:16 AM

^ thats all fair. I don't think your statement about cash purchase best investment is a 2 bd was restricted to Sparrow (and if it was, thats moot as there are no 1 bd left). Anyways, we have other threads on best options for investment condos, certainly. Covid has changed things a little WRT demand for 2 bd, but I don't think thats permanent.



#96 Mike K.

Mike K.
  • Administrator
  • 63,406 posts

Posted 11 May 2021 - 02:08 PM

I was trying to suggest a 2BR investment at Sparrow is not something to discount, as the market has definitely changed since 2020. I also think having cash for a purchase makes a big difference in flexibility as mortgaging a 2BR at 80% or more can typically leave less cash flow wriggle room than mortgaging a 1BR relative to rental rates. You know the drill.


Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


#97 Citified.ca

Citified.ca
  • Administrator
  • 1,900 posts
  • LocationVictoria, BC

Posted 07 June 2021 - 08:09 AM

Sparrow-construction-start.jpg
Developer Mike Miller of Abstract Developments, second from the left, celebrates the launch of Sparrow at a June 4th groundbreaking ceremony attended by Victoria Mayor Lisa Helps (at-left) and councillor Marianne Alto (second from the right). The six-storey condominium project is comprised of 49 residences and will rise at the intersection of Hillside Avenue and Cook Street in Victoria's Oaklands neighbourhood. © Joshua Lawrence
 
Construction begins on 90% sold-out 'Sparrow' affordable condominium in Victoria's Oaklands neighbourhood

https://victoria.cit...-neighbourhood/


  • Matt R. likes this
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.

#98 Kapten Kapsell

Kapten Kapsell
  • Member
  • 3,088 posts

Posted 07 June 2021 - 12:41 PM

I noticed that completion is estimated for mid-2023; are there geotechnical challenges etc at this site?



#99 Rob Randall

Rob Randall

    BIG TEXAS FORUMER

  • Member
  • 15,786 posts

Posted 07 June 2021 - 01:01 PM

^Besides being a rocky hilltop saturated with ancient gasoline? No.


  • Kapten Kapsell likes this

“I mean I just don’t understand the big Texas part, like maybe he’s from Texas? I want to know the back story.”


#100 Mike K.

Mike K.
  • Administrator
  • 63,406 posts

Posted 08 June 2021 - 07:18 AM

Part of the exhaustive cleanup of the soil was allowing the land to sit for a decade. Environmental cleanup ain’t what it used to be once upon a time.

Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.


You're not quite at the end of this discussion topic!

Use the page links at the lower-left to go to the next page to read additional posts.
 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users