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Choosing a pre-sale


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#1 murri10

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Posted 12 June 2018 - 12:37 PM

Hi Everyone,

 

I'm rather new to Victoria, and am having a hard time discerning which areas of downtown are the best value. I'm looking at a one bedroom at Hudson place 1 vs the Jukebox on view street, or possibly the Ironworks. Sans price (though that may make my choice for me) what area/developments would you choose and why?

 

Thank you!



#2 Mike K.

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Posted 13 June 2018 - 09:26 AM

Hi murri, and welcome to VV.

 

I've changed your thread title to better reflect the localized term for such projects, which is pre-sale.

 

Have you had a chance to check out Citified.ca and its listings of projects? If you haven't, do so here: https://victoria.citified.ca/condos/

 

We'll be glad to help narrow down your list if you wouldn't mind answering a few questions.

 

If you had to choose your top-5 must-haves in/near/included with the development, what would they be? If there are more than 5 include those as well.


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#3 RFS

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Posted 13 June 2018 - 09:38 AM

Hi Everyone,

 

I'm rather new to Victoria, and am having a hard time discerning which areas of downtown are the best value. I'm looking at a one bedroom at Hudson place 1 vs the Jukebox on view street, or possibly the Ironworks. Sans price (though that may make my choice for me) what area/developments would you choose and why?

 

Thank you!

 

 

Location is a bit subjective.  I'd say Jukebox location is the most central, being close to downtown and also cook st village, dallas rd, etc.  Ironworks is closer to 'Old Town' and the bridge/wharf st, but is sort of fringe downtown.  Hudson Place would be my personal choice, close to downtown, close to the arena, got the Hudson market right there, and also the easiest access to the roads OUT of downtown when you want to.  



#4 Rob Randall

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Posted 13 June 2018 - 10:12 AM

Jukebox is the best of both worlds, close to town but situated on a quieter residential street of condos and apartments. 

 

Hudson is more Downtown, a big, swanky condo development but the neighbourhood lacks charm.

 

Ironwood is in an up and coming area with a cooler industrial vibe. An area in transition means potentially a good investment as the area gentrifies but also possibly lots of nearby construction.

 

Investigate the estimated annual strata fees as some may be higher than others but this will be difficult in a pre-sale building. I assume Hudson will be higher as they have more amenities?


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#5 KAS

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Posted 13 June 2018 - 10:26 AM

Or someplace like the Railyards - Quieter than right downtown, but only a 20 minute walk in, or to the Arena/Royal Athletic Park. A cab is $10.  Nearby groceries, etc.  Property values have maintained or increased over the last few years. 



#6 Rob Randall

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Posted 13 June 2018 - 10:31 AM

I like the look of the Railyards. If I were to downsize I would look seriously at it. It's more of a townhouse neighbourhood, maybe a bit isolated, like a gated community. 

 

So many choices these days. I think the only thing is to is spend time in each neighbourhood to see which one feels best. Have a coffee, read a book. Which one made you want to return?


"[Randall's] aesthetic poll was more accurate than his political acumen"

-Tom Hawthorne, Toronto Globe and Mail


#7 rjag

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Posted 13 June 2018 - 10:33 AM

Have you considered an older condo? They tend to be more spacious and if they are managed well can provide excellent value for money, not to forget most of them have proper parking and storage etc.



#8 ovovov

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Posted 13 June 2018 - 10:36 AM

To understand your question, best value really depends on what you value most( price, view, location, finishes, and the quality paint they are using, or any other details, or attribute you value most-- such as do you need electrical car charging station etc)

 

Just a reminder, good value/quality always costs more.

 

1bed room @yates on yates seems cheaper but the quality is nothing to compare with vivid.

if you noticed the developer are using benjamin moore paint, Grohe in plumbing  you know they are not cheap on their finishes, basically they care about their quality in general.( regardless  fi they are new or old building)

By viewing/tracking their architectural maintenance manual( if they have one), you will come to your conclusion.

Also,

 

those days, it does not make financial sense to purchase pre-sale in my opinion but people will buy them.



#9 Nparker

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Posted 13 June 2018 - 10:38 AM

Have you considered an older condo? They tend to be more spacious and if they are managed well can provide excellent value for money, not to forget most of them have proper parking and storage etc.

There's a 2-bedroom, approximately 900 square foot condo* for sale in my building. It has a HUGE deck that faces our interior landscaped courtyard, so very quiet. Parking and storage locker included.

 

Edit: It's no longer appearing on Realtor.ca but you can check it out here

 

(no this is NOT my condo)


Edited by Nparker, 13 June 2018 - 10:42 AM.

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#10 rjag

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Posted 13 June 2018 - 10:44 AM

There's a 2-bedroom, approximately 900 square foot condo for sale in my building. It has a HUGE deck that faces our interior landscaped courtyard, so very quiet. Parking and storage locker included.

 

Agreed, I have a rental 750ft 1bed/bath top floor at Stadacona and it has 2 decks one being 350ft, pool/hot tub, parking, private gardens with the building completely refurbished ....great location and I have a lineup of prospective tenants

 

I always think that an older well managed building presents a far greater value than a new shoebox


Edited by rjag, 13 June 2018 - 10:44 AM.

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#11 lanforod

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Posted 13 June 2018 - 11:00 AM

There's a 2-bedroom, approximately 900 square foot condo* for sale in my building. It has a HUGE deck that faces our interior landscaped courtyard, so very quiet. Parking and storage locker included.

 

Edit: It's no longer appearing on Realtor.ca but you can check it out here

 

(no this is NOT my condo)

Nice place, other than the cramped kitchen.



#12 Mike K.

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Posted 13 June 2018 - 11:04 AM

Agreed, I have a rental 750ft 1bed/bath top floor at Stadacona and it has 2 decks one being 350ft, pool/hot tub, parking, private gardens with the building completely refurbished ....great location and I have a lineup of prospective tenants

I always think that an older well managed building presents a far greater value than a new shoebox

Older buildings, though, tend to be wood framed. Concrete has its advantages and our stock of older concrete homes isn’t very large, unfortunately.

From personal experience buildings in the 20-30 year age range start to see major issues that fall upon existing owners equally, new and old. New buildings are far less likely to require major repairs or replacements of major components, etc, and they’re also more budget friendly in terms of upkeep and energy.
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#13 rjag

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Posted 13 June 2018 - 11:08 AM

Agreed Mike, thats why its important to do due diligence and check the strata reports out including the depreciation and maintenance info. A well managed older building with a solid contingency fund can be an excellent choice. It all depends on what floats your boat.



#14 Mike K.

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Posted 13 June 2018 - 12:05 PM

Oh yes, absolutely. And it’s also critical to seek guidance from folks who speak the language. Many realtors are not equipped to make the inferences required to seriously consider the future impact of a particular issue raised by a council one, two or even five years back.

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#15 Kungsberg

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Posted 13 June 2018 - 12:13 PM

When you purchase a pre-sale condo, are strata policies regarding rentals (whether short- or long-term), pets, etc, already known?  Or do those decisions wait until there is an actual strata council that votes?



#16 Mike K.

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Posted 13 June 2018 - 12:18 PM

Already known. Owners will then collectively decide on amendments.
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#17 RFS

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Posted 13 June 2018 - 12:21 PM

What the strata fees?  When do buyers find out how much they have to pay?

With pre-sales when is the down payment due? When do buyers need to have their mortgage in place, and when do mortgage payments start?



#18 Mike K.

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Posted 13 June 2018 - 12:28 PM

That all differs by project but it’s usually pretty similar.

Strata fees as estimated at the time of securing your unit through what will be one, or more, down payments. Some developers ask for 5% at signing, 5% a month on and 5% at the start of construction.

Whether or not you qualify for the mortgage is your responsibility, not the developer’s. You secure a mortgage just prior to project completion but you can get your affairs in order well before then, especially if a broker or a bank guarantees you a rate and terms.

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#19 lanforod

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Posted 14 June 2018 - 08:17 AM

I've heard that starting strata fees are often too low, particularly since there is a requirement to build up the CRF. Not sure if that is true though.



#20 Mike K.

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Posted 14 June 2018 - 08:20 AM

Yes, they can be for sure as the appraisal is done, say in mid-2016 just ahead of the pre-sale launch but the project isn't finished until mid-2019 or early 2020. Plenty of time for costs to rise.


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