493 replies to this topic

[VicHockeyFan]

Holy smokes, $1,550 for a 1BR!?! That's got to be a record for a non-waterfront, non-"luxury" condo in downtown Victoria, and it's not even on the top floor. Wow.

 

You can't blame them for setting it high right now, they have lots of time to get it rented.  If it's not taken by March 16th, you might see a drop in price.  But remember, for a downtown worker, that parking spot alone can be worth $175/mo. or more in the way they view their overall living expenses.

[Mike K.]

The listing says one bedroom, not studio.  Also includes a parking spot and in-suite laundry. 

 

Very true, so let's say $150/month for parking (which brings the real price down to $1,400) but in-suite laundry is fairly standard now with a modern condo (even micro-lofts include in-suite laundry nowadays).

 

You can't blame them for setting it high right now, they have lots of time to get it rented.  If it's not taken by March 16th, you might see a drop in price.

 

I can definitely understand why they're putting their unit up right now, but man, who would rent that place for $1,550 when other units in the building have not yet been listed?

 

For comparison's sake brand new 1BR units in Hudson Mews, a concrete building, are renting at $1,225 for 540 sq ft. For a 1BR at $1,550 in Hudson Mews I imagine you'd be renting something on the higher floors with an expansive view.

 

2BR's in Mews are renting for $1700+.

[jonny]

That's probably a bit high, but not by that much.

 

Monthly parking in a Robbins lot in that area is easily $150/month, but don't forget those spots aren't 24 hours and of course aren't covered. A covered, 24 hour spot could easily be $250/mo IMO.

 

In suite laundry is big. Personally, I'd pay a $200/month premium for that.

 

Then of course there's a bit of a premium of it being a brand new building and of course for the location (some will think it's great, some will think it's not).

[Mike K.]

For $500 more you get a 2BR, 2bath, 1,230 sq. ft. "luxury" corner unit with parking and in-suite laundry on the 9th floor of The Falls -- with a great view. Asking price is $2055. http://victoria.en.c...4318939729.html

 

Unless that in-suite laundry in the Union also cooks you breakfast and the parking spot includes a daily detailing that unit is not worth anywhere close to $1,550 (especially now when you have so many rentals coming onto the market).

[VicHockeyFan]

Some germophobe will love being first person in.

[timw11]

For $500 more you get a 2BR, 2bath, 1,230 sq. ft. "luxury" corner unit with parking and in-suite laundry on the 9th floor of The Falls -- with a great view. Asking price is $2055. http://victoria.en.c...4318939729.html

 

Unless that in-suite laundry in the Union also cooks you breakfast and the parking spot includes a daily detailing that unit is not worth anywhere close to $1,550 (especially now when you have so many rentals coming onto the market).

 

It's also a tiny unit. It's barely a 1BR.

[sdwright.vic]

Ahh... $200 bucks... for ensuite laundy?!? It only cost me $65 a month to walk two flights of stairs. But usually i take the free elevator.

[jonny]

Ahh... $200 bucks... for ensuite laundy?!? It only cost me $65 a month to walk two flights of stairs. But usually i take the free elevator.

 

Easily.

 

I would never go back to having to used a shared laundry facility.

[G-Man]

This location is certainly "cooler" than where the Falls is. 

[HB]

Some germophobe will love being first person in.

Send Howie Mandel a link he can buy a Victoria getaway condo

[concorde]

Listing for what looks like a Jr.A or Jr. B

 

http://victoria.en.c...4341579922.html

 

Man, $1550 for a 500sq ft studio?

Wow that is expensive, and the finishes look ultra cheap.

[VicBooster]

I can see some investors following on the heels of the $1550 listing but when all is said and done I expect the 1bed units at Union to rent for $1100-$1200. Insuite laundry is standard for a downtown condo and most come with parking as well but many residents don't have a car so its not a feature every resident needs or wants to pay for.

 

Charging $1550 for this unit is just telling the world the owner expected to flip it for a profit and not get stuck with an asset that will cost more to maintain than the rent he can get for it.

Edited by VicBooster, 20 February 2014 - 04:53 PM.

[MarkoJ]

As a downtown landlord and tenant I think $1,550 is definitely on the high side of things for a unit like that.

 

What I am finding helps maximize profit is splitting off the parking.  I was at the 834 the other day (where I own a unit) and on the bulletin board someone was offering to pay $200 per month for parking (plus a damage deposit) and three other people had notes up that they were looking for a parking spot.  

 

Sometimes when you have a smaller unit it might be easier to rent out the unit, for example, for $1,200/month without parking and the parking separately for $200/month versus trying to rent the unit for $1,400/month with parking.  This only tends to work well in buildings with a large parking demand (most buildings have a bylaw where you cannot rent to non-residents so the parking spot market is internal to the building, not downtown).

[CosmonautResident]

Listing for what looks like a Jr.A or Jr. B

 

http://victoria.en.c...4341579922.html

 

Man, $1550 for a 500sq ft studio?

My main disappointment is that they opted for the red kitchen cupboard as opposed to the sleeker white one

[LJ]

As a downtown landlord and tenant I think $1,550 is definitely on the high side of things for a unit like that.

 

What I am finding helps maximize profit is splitting off the parking.  I was at the 834 the other day (where I own a unit) and on the bulletin board someone was offering to pay $200 per month for parking (plus a damage deposit) and three other people had notes up that they were looking for a parking spot.  

 

Sometimes when you have a smaller unit it might be easier to rent out the unit, for example, for $1,200/month without parking and the parking separately for $200/month versus trying to rent the unit for $1,400/month with parking.  This only tends to work well in buildings with a large parking demand (most buildings have a bylaw where you cannot rent to non-residents so the parking spot market is internal to the building, not downtown).

A damage deposit for a parking spot?

[MarkoJ]

A damage deposit for a parking spot?

 

Yea, this guy really wants a parking spot!

[MarkoJ]

OLD TOWN FLATS FROM $209,900

Union offers a great selection of move-in ready homes priced from the low 200s.

Junior One Bedroom Homes
FROM $209,900

One Bedroom Homes
FROM $252,900

Two Bedroom Homes 
FROM $365,900

Two Storey Loft Homes
FROM $436,900

[timw11]

OLD TOWN FLATS FROM $209,900

Union offers a great selection of move-in ready homes priced from the low 200s.

Junior One Bedroom Homes
FROM $209,900

One Bedroom Homes
FROM $252,900

Two Bedroom Homes 
FROM $365,900

Two Storey Loft Homes
FROM $436,900

 

 

So essentially they redid their entire plan—they must have opted for more diversity in their offerings vs just the 4-5 plans they started with. Interested to see where the two storey lofts are located within the building. 

[Nparker]

Interested to see where the two storey lofts are located within the building. 

I am going to take a wild guess here and assume they are on the top floor.

[D.L.]

I think they are located on Pandora St., in the part of the building behind the old facade that was retained