Jump to content

      












APPROVED
The Redfern
Uses: condo, commercial
Address: 1908-1920 Oak Bay Avenue
Municipality: Victoria
Region: Urban core
Storeys: 4
Condo units: 35 (1BR, 3BR, 2BR + den)
Sales status: pre-sales
The Redfern is a proposal for a four-storey condominium building with ground floor commercial spaces along the... (view full profile)
Learn more about the Redfern on Citified.ca
Photo

[South Jubilee] The Redfern | Condos; retail | 4-storeys


  • Please log in to reply
79 replies to this topic

#61 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 22,720 posts

Posted 19 April 2021 - 03:07 AM

$2000 to live in a redfern low-rise? that’s not right.

#62 Mike K.

Mike K.
  • Administrator
  • 63,327 posts

Posted 19 April 2021 - 05:22 AM

I’m not saying Redfern is $2,000 a square foot, but we are headed in that direction in this market.

Redfern is up-market, boutique, on Oak Bay Ave from a builder with a long history of successful projects. It will not be a cheap project to build or buy into.

Customs House already breached $2,000 a square foot and has sold inventory in the $2,400/sq ft range.
  • baconnbits and Victoria Watcher like this

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


#63 Barrrister

Barrrister
  • Member
  • 877 posts

Posted 19 April 2021 - 05:32 AM

A few short years ago I paid 208 per sq. foot for my house.  2000 per sq. ft. seems ridiculous to me for a condo where you dont even have the land.



#64 Mike K.

Mike K.
  • Administrator
  • 63,327 posts

Posted 19 April 2021 - 05:36 AM

Houses have economy of scale, so $208/square foot for a 100-year-old house bought however long ago would have been quite expensive. And it was probably built for $2 a square foot :)
  • Victoria Watcher likes this

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


#65 Mike K.

Mike K.
  • Administrator
  • 63,327 posts

Posted 19 April 2021 - 06:48 AM

So looking at the finishings at Redfern, this is not your average low-rise condominium. This is a high-end offering with finishings for discerning buyers. I'm sure everyone can appreciate the cost to build new homes given the price escalations, and to build them to the level of quality this project will offer is not going to be inexpensive.


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


#66 Nparker

Nparker
  • Member
  • 29,067 posts

Posted 19 April 2021 - 06:55 AM

There must be some amazing finishes in that second bedroom for an additional $550,000.



#67 Mike K.

Mike K.
  • Administrator
  • 63,327 posts

Posted 19 April 2021 - 07:14 AM

It's not just finishings, it's also an additional parking stall, and an additional bathroom. The market is asking for larger 2BR units, so you have to make the project viable with a premium on larger spaces in lieu of splitting two 2BRs into three studios, where each studio in a project of this calibre could sell for at least $450k.


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


#68 Nparker

Nparker
  • Member
  • 29,067 posts

Posted 19 April 2021 - 07:22 AM

I am aware that adding an additional bedroom incurs more costs than just "finishes". I was being a bit tongue in cheek. Even so, a starting price of well over $1 million for a 2 bedroom condo, still seems pretty expensive to me.



#69 baconnbits

baconnbits
  • Member
  • 156 posts

Posted 19 April 2021 - 08:39 PM

We are a long ways from a $2k a foot marker.
Capital park is like $950 on average. Recent chard product was averaging $800ish.
I think this same developer was arpund $1k on that project on beacon hill park.
Custom house MAYBE achieved that on a couple penthouses with amazing views but I’d even be surprised if that was the case.
Vancouver is a 1,500 a foot marker at the moment.

#70 Mike K.

Mike K.
  • Administrator
  • 63,327 posts

Posted 20 April 2021 - 04:30 AM

Customs House has sold penthouse units at $2,400, and that was over two years ago. Its remaining inventory is in the $1,700 range, while the last penthouse is priced at $2,600.

I didn’t mean standard product is heading for $2,000, I meant up-market product is. Standard product is moving fast towards $1,500 and high-end luxury is already firmly at $2,500 and headed for $3,000. In 2019 a Vic West penthouse hit the re-sale market at $2,500: https://victoria.cit...o-price-record/

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


#71 Mattjvd

Mattjvd
  • Member
  • 989 posts

Posted 28 April 2021 - 08:22 PM

Customs House has sold penthouse units at $2,400, and that was over two years ago. Its remaining inventory is in the $1,700 range, while the last penthouse is priced at $2,600.

I didn’t mean standard product is heading for $2,000, I meant up-market product is. Standard product is moving fast towards $1,500 and high-end luxury is already firmly at $2,500 and headed for $3,000. In 2019 a Vic West penthouse hit the re-sale market at $2,500: https://victoria.cit...o-price-record/


Man, I'd like to move back to Victoria (well, the CRD) but that is pretty out of reach. My fairly high-end new build townhouse, in a nice neighborhood, right in town (not the suburbs) was $360/ square foot. With a detached garage, a full basement, and a good sized court-yard style back yard between the house and the garage. Edmonton has its perks, but it snowed yesterday hahaha
  • Mike K. and Victoria Watcher like this

#72 yellow_baron

yellow_baron
  • Member
  • 25 posts

Posted 06 May 2021 - 09:08 AM

Updated website with floorplans, features and finishes: 

https://theredfern.ca/floorplans/



#73 yellow_baron

yellow_baron
  • Member
  • 25 posts

Posted 21 May 2021 - 02:44 PM

Virtual tours: https://theredfern.ca/virtual-tour/
  • yellow_baron likes this

#74 Kapten Kapsell

Kapten Kapsell
  • Member
  • 3,084 posts

Posted 10 June 2021 - 12:55 PM

Several units were listed on the MLS today, including a top-floor suite w/ 1623 square feet of finished space listed at 2.285 million + GST.

 

Will this be a concrete building (or wood frame)?


  • Mike K. likes this

#75 Mike K.

Mike K.
  • Administrator
  • 63,327 posts

Posted 10 June 2021 - 12:58 PM

It is a concrete building.
  • Kapten Kapsell likes this

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


#76 Barrrister

Barrrister
  • Member
  • 877 posts

Posted 11 June 2021 - 07:16 AM

I paid 208 a square foot for my house just a few years back and that is ignoring the floor space in the carriage house. Why anyone wants to live right downtown at those prices is beyond me.



#77 lanforod

lanforod
  • Member
  • 8,131 posts
  • LocationSaanich

Posted 11 June 2021 - 07:26 AM

Why you keep comparing a house to a condo is beyond me.



#78 Mike K.

Mike K.
  • Administrator
  • 63,327 posts

Posted 11 June 2021 - 07:30 AM

Back in Barrister’s day you could also buy a Le Sabre off the showroom floor in any shade of brown for $2,000 a corner! And that’s with the undercoating! :)

C’mon B, does every new condo discussion need to include a comparison to your old house?
  • Victoria Watcher likes this

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


#79 Kapten Kapsell

Kapten Kapsell
  • Member
  • 3,084 posts

Posted 11 June 2021 - 10:14 AM

I paid 208 a square foot for my house just a few years back and that is ignoring the floor space in the carriage house. Why anyone wants to live right downtown at those prices is beyond me.


How is the Redfern located “right downtown”? Even the thread title lists a location right in South Jubilee, and it’s a short walk to Oak Bay from the site (like 5 mins on foot)…
  • punk cannonballer likes this

#80 punk cannonballer

punk cannonballer
  • Member
  • 86 posts

Posted 11 June 2021 - 10:26 AM

How is the Redfern located “right downtown”? Even the thread title lists a location right in South Jubilee, and it’s a short walk to Oak Bay from the site (like 5 mins on foot)…

 

One should never get details like many years of hundreds of thousands of dollars of gains in property values and several kilometres from downtown get in the way of being a old cranky bastard. I will point out that Rockland is closer to downtown than South Jubilee. I mean, the Redfern is barely within the area considered to be part of the CRD core.

Millennials, take note: Why buy a condo when you can go back to 2011 and buy a house? Dumbasses!

 

5 mins to Oak Bay? More like 20 seconds if you catch the light.


Edited by punk cannonballer, 11 June 2021 - 10:28 AM.


 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users