52 replies to this topic

[Mike K.]

Circling this back to Washington, the sales success here cannot be understated. They had such a strong response to their initial release that they increased it from roughly a quarter of their inventory of 34 homes, to 40%. Demand for townhomes is intense, and their supply is the smallest out of all market segments (maybe mobile homes is smaller, but that's not a growing industry and is slowly being phased out).

 

This developer is also working on a project on Ophir Street in Saanich that will follow the same principles as Washington.

[Citified.ca]

This week, Formwell will unveil formerly unreleased floorplans for its remaining homes at Washington.

 

A rendering of Washington's avenue-facing townhomes, part of the project's final offering as sales surge to 75% sold-out status. This week developer Formwell unveils unreleased floorplans among its remaining two and three-storey residences at 3080 Washington Avenue in Victoria.

 

75% sold-out, 'Washington' townhome project in Burnside-Gorge unveils spring unit release

https://victoria.cit...spring-release/

[Citified.ca]

 

 

This project has sold through the majority of homes, with several planned for release later this year. The project website is here.

 

Washington, the City of Victoria's largest 'missing middle' dev in years, on-track for 2023 completion

https://victoria.cit...023-completion/

[Citified.ca]

Washington's display home will be opening this weekend, between noon and 2PM on Saturday and Sunday, to preview the build quality of the project's townhomes. Five homes remain for sale and will be revealed as part of the last pre-sales phase.

 

Final 5: Washington pre-sale unveils last 'missing middle' townhomes at the Burnside Gorge project

https://victoria.cit...-gorge-project/

 

Townhome living spaces overlook a tree-lined setting on a quiet residential street in Burnside Gorge. © Mary McNeill Knowles / MMK Creative

 

A completed kitchen at Formwell's Washington Display Home, showcasing the company's townhome development completing next spring along Washington Avenue in Victoria's Burnside Gorge neighbourhood. Kitchens at Washington feature heritage-inspired details and well-considered design elements. © Mary McNeill Knowles / MMK Creative

 

Functional storage is at the forefront of Formwell’s design approach, like this built-in entry storage area. © Mary McNeill Knowles / MMK Creative

 

[Victoria Watcher]

Final 5: Washington pre-sale unveils last 'missing middle' townhomes at the Burnside Gorge project

 

 

[sebberry]

Missing middle?  The ones friends of HFL keep telling us are illegal to build?  

The $70k Volvo in the rendering with $1k worth of paddleboards strapped to the roof just screams affordable

[Banksy]

This is missing middle to the last detail and no, it is not affordable housing.

 

I am following the Vibrant Facebook post on this project and people are debating how this housing is not supposed to be about affordability but it could have a small trickle down market effect eventually or maybe not a perceivable one at all. I feel bad for the young people who believed missing middle would bring down housing prices or make home buying affordable  when they finish university. What they don't know yet is when they leave university they will be saddled with high debt at 20 year interest rate highs and their job prospects won't cover all the fancy things they dreamed of having in their 20s. Maybe by their late 30s they'll buy a home if they're smart and start saving immediately.

Edited by Banksy, 28 September 2022 - 09:31 AM.

[corvus]

I promise you no one leaving university right now thinks they can buy a house - don't worry about disappointing them, Banksy. The big dream is more along the lines of having maybe just one roommate, instead of several.

[fitzsystar]

fyi all - This project is coming to a close. The first two families moved in this week and others are moving in throughout August and September. As Formwell's first project, it seems like it's gone pretty smoothly (from the perspective of someone without knowledge of the industry, but who lives on this street.) The progress has been good, and the homes are looking really nice. I know at least those of us with kids on the street are looking forward to having more neighbours (friends, potential babysitters, and my daughter has big plans to launch a cat sitting business on our street!)

[Mike K.]

Yes, I drove by recently and it has turned out exceptionally well.

Cat/pet sitting is a huge, huge opportunity! You have no idea what people would pay for that piece of mind.

[fitzsystar]

Agreed re: the opportunity in cat sitting. Except our daughter is only 10, so "her" cat sitting business inevitably means "her & mom/dad" cat sitting business. She's too young to just send off into someone else's home by herself yet. Though it's coming! I think she and a friend have big plans to launch a larger cat sitting network of their friends a la "babysitters club" series. I love the entrepreneurial spirit! 

 

Also, a few of us neighbours on the street kindly asked Formwell if they'd consider hosting a welcome party for the new neighbours in their development, that's also open to the rest of the street so we can welcome them to the neighbourhood and get to know one another. I hope they say yes! Washington Ave is changing so quickly, between this development, the Washington 8 (8 homes built on a deep lot that previously held 1 older home), and a development that replaced 1 home backing onto the playground with 4 homes. All together, these three recent developments replaced 5 homes with 46, all within the span of a few years. Exciting! 

[Nparker]

46 new homes that were built without the need for any "missing middle" housing policy.

[Mike K.]

^very true.

The key difference being the developer secured the higher density or a rezoning, and capitalized on the uplift. Now the City did it for them, so the seller capitalizes and the financiers need the developer to come up with even more cash to bankroll their project.