408 replies to this topic

[Matt R.]

FYI the address has changed to 1097 View st.

[aastra]

Thanks for addressing that.

[aastra]

I mean it. I'm not just teeing off on you.

[aastra]

Those temporary walls inside the ground level are now gone. It's now looking like three not-very-deep separate units.

[aastra]

Inside the residential entrance there seems to be a spiffy polished concrete wall or some such thing with "Mod" on it.

[Mike K.]

I'm hearing the views are super nice. Anyone here have photos they can share?

[Matt R.]

Did our walk through yesterday. Took some photos but it looks like an empty condo. Overall very happy with it but we will take a bath on the mortgage, no doubt. Everything has changed so much since we signed on, with interest rates and rental rates changing so dramatically.

Nice little balcony and the dev gave us first shot at parking, and we got the best spot for sure.

Awesome views I think. Look west, Craigdarroch staring at you, look south and see the freighters off Dallas road, and on a clear day it’ll be much nicer. Wish they had built in heat pumps, but we do fine with a portable ac at home, and I’m sure a portable will keep this place cool as well for the hot summer weeks.

Fit and finish is great, two small deficiencies noted and will be addressed. Kickplate under the dishwasher missing and one of the under cabinet lights in the kitchen is too long, so much so that I wonder why anyone would even put it in in the first place.

Now the race to the finish line on closing!

[Mike K.]

The views by night will be incredible, too. The castle is lit up.

[Matt R.]

Yes, the only downside is the mid five figure loss we will eat until mortgage renewal time, “lol”.

Hey at least it’s a tax deduction and we will potentially have a great space to retire to in 10 years.

[Mike K.]

This might be a good opportunity for a lesson on why renting a condo (as opposed to an apartment) can cost as much as it does, and why so many condo buyers actually lose money every month once its rented, despite the thinking that they're always making positive cash flow once the rent gets paid.

 

Are you open to discussing the numbers? Understandably if you're not, no worries.

[Matt R.]

We’ll lose a grand a month, or more depending where strata fees wind up. We are not flippers, and looking at a 10+ year cycle on this, and as I mentioned will probably be a retirement location for us.. We went in fully expecting to subsidize it but not this much, so we’ve just adjusted our plan and expectations.

Not the end of the world yet and it’s not the first time we have been deep in the red on a rental.

I think other owners who are going to rent will lose even more. I see the same unit as ours on a different floor, asking $2950, which might be high! On a mortgage of $3500, you can do your own math on the rest.

[Mike K.]

Just the mortgage, or inclusive of strata, insurance and taxes? Parking available/included in that $2,950, and presumably it’s a 2BR?

[Matt R.]

All in, we’ll eat a grand a month or a bit more. Take some off for the tax break I guess… haha. Looking on the bright side with that.

Yes, two bed two bath w parking listed at $2950. We had a rental company in there, suggested more like $2500. The rental market downtown has softened a lot very recently.

[Mike K.]

Next door at Pacifica's Dalmatian, 2BR apartments at an affordable, just below-market rent, are available to households earning $65,001 to $128,810. 1/3 is the ratio for housing, so $1,625 to $3,225/month, plus parking.

Whoever told you $2,500 maybe is hoping it’ll rent immediately, and for an agency, whether you rent for $2,500 or $3,000 the fee changes just a little but you lose $6,000 in gross income.

[Matt R.]

Oh yes indeed, we will get a second opinion for sure and we have a plan B as well. Always have a plan B.

[aastra]

I'm liking the ground level of this one. It's pretty clean and simple but it has some nice touches like the faux-wood panel or whatever it is. When this project was first proposed I was wondering if it would seem very similar to 989 Johnson, but it sure doesn't. Also, the vehicle entrance seems smaller and less conspicuous as compared to quite a few other newer buildings.

 

Too bad vandals have already spray-painted one of the utility doors. Although with any new project I suppose somebody has to take the initiative and get the theft-and-vandalism ball rolling.

[Nparker]

...Too bad vandals have already spray-painted one of the utility doors...

Downtown Victoria has become such a dump.

[aastra]

Also, the cafe will be called Nomi? Hopefully it isn't true what the song says: if you don't Nomi by now you will never, never Nomi.

[aastra]

There's a bench outside the building on the View Street side which is higher on one end than the other because of the sloping sidewalk. Wouldn't you normally put a level pad there or put something under the feet of the bench on the lower side to make it level?

[Nparker]

...Wouldn't you normally put a level pad there or put something under the feet of the bench on the lower side to make it level?

In Victoria, it depends on whether the bench slopes to the right or to the left.