Jump to content

      



























Photo

Missing Middle Housing Initiative (MMHI) in the City of Victoria


  • Please log in to reply
3958 replies to this topic

#3941 IPH

IPH
  • Member
  • 331 posts

Posted 13 January 2025 - 02:10 PM

Can I just buy the parking spot?

Sorry, no!



#3942 lanforod

lanforod
  • Member
  • 12,794 posts
  • LocationSaanich

Posted 13 January 2025 - 02:13 PM

Sorry, no!

 

Your chance to start a bidding war has passed.


  • Matt R. likes this

#3943 IPH

IPH
  • Member
  • 331 posts

Posted 13 January 2025 - 02:27 PM

On our way home I stopped by the Richardson development, there is on street parking available but not a lot of empty spots even midday, may get busy after work hours.

 

The project looks nice and tidy. How many units sold in the last few months as opposed to presales? But it looks like a good product.

 

Cheers

Thanks Barrister, I'm biased but think the architect did a great job! Fall was a bit slower than hoped for all new build projects but we've sold 3 units since finishing.  We are also just reviewing an offer for a unit we received today so signs look positive for the spring market!



#3944 dasmo

dasmo

    Grand Master ✔

  • Member
  • 18,113 posts
  • LocationThe Pearly Gates

Posted 13 January 2025 - 02:28 PM

Sorry, no!

Darn.

#3945 Mike K.

Mike K.
  • Administrator
  • 88,729 posts

Posted 13 January 2025 - 02:42 PM

So does this mean that new units without parking are a better investment than ones with? We have some units available with out parking at a $30K discount to those with parking, please don't start a stampede! :lol:


It’s possibly the smarter way to go for an investor wanting to flip the unit.

The claim that House Hunt makes, that housing is less expensive without parking, is not entirely accurate, at least not accurate based on what the market has by and large done.

The no-parking unit will, over time, sell for more per square foot of living space than the unit with parking.
  • IPH likes this

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


#3946 dasmo

dasmo

    Grand Master ✔

  • Member
  • 18,113 posts
  • LocationThe Pearly Gates

Posted 13 January 2025 - 02:46 PM

We will need another parkade not another park. Maybe one with a park on top? This is what many pedestrian prominent places in Europe have. For instance, on the edge of Venice there are multiple large parkades. Same with Amsterdam.
  • Mike K. likes this

#3947 Barrister

Barrister
  • Member
  • 749 posts

Posted 13 January 2025 - 04:29 PM

Mike, your last post left me confused, are you saying that with units of the same size the one for parking will sell for less? If both units are a thousand square feet why would I pay less for the one that comes with parking?



#3948 Matt R.

Matt R.

    Randy Diamond

  • Member
  • 9,535 posts

Posted 13 January 2025 - 05:43 PM

I think he’s saying the parking spot appreciates in value less than livable space.

I think the Mod wanted $50k for one. That reminds me we have a spot to rent out. Tenant doesn’t have a car.

#3949 Mike K.

Mike K.
  • Administrator
  • 88,729 posts

Posted 13 January 2025 - 06:43 PM

Yes, what Matt said.

And think of it as such: if the unit with a parking stall is listed for $500k, will you list your identical unit without a parking stall for $450k? Not a chance. You’ll tell your agent to list at $479k, with plenty of room to spare if offers aren’t quite matching expectations.

In fact, if you really want to get into it, parking-free units might have an overall upward effect on prices, by always creeping on the units with the parking.

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


#3950 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 61,517 posts

Posted 13 January 2025 - 07:13 PM

A lot of people will simply be turned off when they discover parking is $30,000 or $50,000 when the vast majority of new or used homes “include” parking. That may or may not be “correct” thinking but so be it.
  • Matt R. likes this

#3951 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 61,517 posts

Posted 13 January 2025 - 07:16 PM

For most condos, where say one parking stall is “included”, is it always free of any monthly charge?

Edited by Victoria Watcher, 13 January 2025 - 07:16 PM.


#3952 Mike K.

Mike K.
  • Administrator
  • 88,729 posts

Posted 13 January 2025 - 07:34 PM

I have not seen any monthly charges, but the parking stalls are usually (always?) common property, with the stall allocated to the owner of a specific unit. That allocation can change though, so this year you may have stall 55 and next year you'll be relocated to stall 45.

 

The strata will then have restrictions on how the stall can be used and some stratas even limit how much you can charge to rent the stall.


  • Matt R. likes this

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


#3953 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 61,517 posts

Posted 13 January 2025 - 07:39 PM

I think there are two ways to do that.  "Limited common property" would have your spot tied to your strata unit.    Common property, like spots at the Metropolitan have a fee.


  • Matt R. likes this

#3954 Barrister

Barrister
  • Member
  • 749 posts

Posted 13 January 2025 - 08:00 PM

I have a gym in one of my garages and a wood shop in another, the cars are in the others. Guess I could be renting them out instead. Rather a bother though.



#3955 Matt R.

Matt R.

    Randy Diamond

  • Member
  • 9,535 posts

Posted 13 January 2025 - 08:50 PM

A lot of people will simply be turned off when they discover parking is $30,000 or $50,000 when the vast majority of new or used homes “include” parking. That may or may not be “correct” thinking but so be it.


We were offered an extra spot for $50k, I lol’d. No way.

#3956 Mike K.

Mike K.
  • Administrator
  • 88,729 posts

Posted 13 January 2025 - 09:20 PM

I think there are two ways to do that. "Limited common property" would have your spot tied to your strata unit. Common property, like spots at the Metropolitan have a fee.


Yeah, I mean LCP. I don't recall there being any strata fees for parking at the Metropolitan. Do you mean the street level side at the back of the building?

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


#3957 Tony

Tony
  • Member
  • 834 posts

Posted 14 January 2025 - 11:01 AM

Our parking spots are linked to strata units. The only limit on renting parking spaces assigned to a unit in my strata is that the renter must be a resident.

Strata fees are not related to the number of parking spaces assigned to a unit but are based on unit size.



#3958 Victoria Watcher

Victoria Watcher

    Old White Man On A Canadian Island

  • Member
  • 61,517 posts

Posted 31 January 2025 - 03:12 AM

Eby said we'd get $500,000 townhomes.   That's gonna be a bit tough when the land cost is $425,000 per door in Esquimalt.    :badpc:

 

 

$3,400,000

 

Development opportunity! Located in the heart of Esquimalt across the street from The Archie Browning Sports Centre, 1140 & 1148 Esquimalt Road represent an exciting opportunity for redevelopment in the growing Esquimalt Town Centre neighbourhood! These properties offer a rare combination of immediately rentable suites in an area with high demand while being located in an area where the Official Community Plan proposes Medium Density Residential Development. The new Small-Scale Mulit-Family Housing guidelines allows for 4 dwelling on each property. The properties are south facing with mountain views visible from the top suites and are surrounded by amenities and recreational opportunities. This is a chance to build a lasting legacy, all that is needed is to bring your ideas and offers to the table! Seller to consider offers on February 20 2025

 

https://www.realtor....imalt-esquimalt

 

 

 

985073_1.jpg


Edited by Victoria Watcher, 31 January 2025 - 03:15 AM.


#3959 Barrister

Barrister
  • Member
  • 749 posts

Posted 31 January 2025 - 07:04 AM

Ebby just lies and he knows it. It is just theater.



 



1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users