228 replies to this topic

[Matt R.]

Happened by there the other day. Nice day for a drive!

[aastra]

I risked heatstroke today to get y'all these fresh pics:

 

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Edited by aastra, 16 March 2024 - 05:28 PM.

[Nparker]

It still looks so odd to see the elevator/service cores sticking up from the rest of the construction.

[Mike K.]

Hey that’s looking really good!

[Victoria Watcher]

$299,000

 

LAST UNIT AT $299,000! Welcome to Tresah, a distinguished collection of contemporary condominiums situated in the bustling heart of Victoria’s Midtown. This lively and dynamic neighborhood is adjacent to the Galloping Goose Trail and Gorge Waterway, and just minutes away from some of the city's premier parks and the downtown core. Tresah East is a six-story, wood-framed building comprising 68 residences. Each unit boasts thoughtful interior design and high-end finishes, including 8'11'' ceilings, wide-plank oak flooring, quartz countertops and backsplashes in the kitchens and bathrooms, a stainless steel appliance package, in-suite laundry, and advanced soundproofing throughout. Suite 310 is a south-facing studio overlooking the city. Developed by the renowned local firm Mike Geric Construction, Tresah provides secure bike parking, access to two MODO Car Share electric vehicles, and is ideally located near transit, shopping, and dining options. 

 

390 sqft

 

 

https://www.realtor....ctoria-burnside

 

 

 

 

 

Cheapest non-lease condo for sale in Victoria today.

Edited by Victoria Watcher, 06 July 2024 - 05:51 AM.

[aastra]

It seems kind of funny to be able to clearly see this Tresah building and that housing project on Burnside from the top of Mount Tolmie. For the longest time you could really only see the bright light of the Mayfair area without actually being able to definitively pinpoint anything specific, because there were no tall-ish buildings around there and the higher land re: Finlayson/Summit Hill/Peacock Hill was in the way. But no longer. Methinks those bowling alley highrise buildings could be surprisingly visible if they ever get built.

[dkuitu]

[Mike K.]

That lowrise looks good!!

[Victoria Watcher]

Anybody have an update on sales here?

[BikeLaneLover]

From Reddit:

My realtor called me today to let me know the development project on Speed Ave called Tresah West has failed. Due to several construction delays the project had to be extended and people (like me) were asked to sign a new contract with a new completion date this summer. It sounds like too many buyers did not sign, and now the project is less than 50% sold and their loans are getting called in.

The good news is I will be getting my deposit back. But after 3 years of waiting, I've now got to start looking all over again.

It is unclear what will happen to the half completed building. Possibly sold off to another developer and re-imagined as a rental building?


https://www.reddit.c...ect_has_failed/

[nrtphotos]

Just saw the Reddit post. Does anyone know when construction stopped before this happened? Pretty wild.

[m3m]

This has been pretty obvious for a while now. The outside completion date on all these contracts was Dec 31 of this year and buyers would be entitled to their deposits back if it wasn’t complete. It’s nowhere near complete.

[HarrisonGreene]

So has construction ground to a halt?

[BikeLaneLover]

I would assume it’s ground to a halt, but I’m not privy to information inside the industry.

[Citified.ca]

The developer says the project remains under construction, with completion expected next year, but as a rental and not a condominium.

 

179-unit Tresah condo tower in Victoria likely to complete as a rental due to rising costs, developer says

https://victoria.cit...developer-says/

[nrtphotos]

What’s the deal with deposits? Do the owners get interest on the deposits? The developer certainly did. 

[Nparker]

You will own nothing and you will be happy. 🙄

[Mike K.]

What’s the deal with deposits? Do the owners get interest on the deposits? The developer certainly did.

The deposit is held in trust, so the developer never touches the money. That’s why in B.C., your deposit is secure and you don’t have to worry about losing that money even if the developer goes bankrupt.

It depends on your pre-sale agreement whether you get interest or not. Most projects do not pay interest but I have seen some projects that offer interest, usually as a perk (ie 10% until occupancy, compared to a period when it’s 2.5% annually, etc.).

[Victoria Watcher]

While the building is still under construction, Kowalko says that with so few buyers committed, the tower may open as purpose-built rentals, instead of properties people can buy, to make use of funding from the Canada Mortgage Housing Corporation.

 

Kowalko stresses that no final decisions have been made yet, however, and that Geric Construction’s current priority is to speak with its clients.

 

“We are in that holding pattern right now where communicating fairly and properly with our buyers is priority one, and until that happens and is complete nothing is written in stone,” she said.

 

Victoria Real Estate Board president Karen Dinnie-Smyth says a project switching from condos to rentals mid-construction is rare for Victoria, but agrees that Geric Construction launched at an unfortunate time.

 

 

https://cheknews.ca/...delays-1215653/

Edited by Victoria Watcher, 20 September 2024 - 10:06 PM.

[Nparker]

That unfortunate time would be during the reign of error of the federal Liberals and provincial NDP.