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The Horizon, phase 1
Uses: condo, townhome
Address: Tyee Road at Gaudin Road
Municipality: Victoria
Region: Urban core
Storeys: 4
Condo units: 35 (studio/bachelor, 1BR, 2BR, townhome)
Sales status: sold out / resales only
The Horizon, phase 1, is a four-storey woodframe condo featuring 35 studio, one-bedroom and two-bedroom units.... (view full profile)
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[Vic West] The Railyards | Condos; townhomes | Final phase (Panorama) proposed


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#541 Citified.ca

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Posted 22 April 2020 - 08:17 AM

Thank you for the heads-up, Kapten!
 
What's quite interesting in this latest design are the beacon and markers that will emulate trains stacked at a rail yard, according to the architect.
 
Final phase of Vic West's Railyards development re-envisioned once more, from single mid-rise condo to two buildings

https://victoria.cit...-two-buildings/


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#542 KAS

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Posted 23 April 2020 - 06:04 AM

Well, as a Railyards resident, I’m happy that the project will be starting soonish. I’m also happy that they’re currently planning on sufficient parking per unit (although it’s early in the morning for me and my math could be off). And I like the use of rooftop space and the landscaping.

But, visually, I liked the first iterations better. The architect can talk about homage to rail all they want, but to me this looks like a pastiche of all the latest styles - the west facade of the taller building reminds me of the black and white, up on Cook. The east side brings to mind that new twisty tower in downtown Vancouver. The bunker looks like Lefevre’s building on Herald - although I might get excited for some steel cladding.

And, while it’s not mine to worry about, I have to wonder about the marketability of micro units. The zoning for transient rentals ends on the other side of the bridge, so holiday rentals are a no no. Are micro units supposed to be a response to affordability?
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#543 Victoria Watcher

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Posted 23 April 2020 - 06:08 AM

maybe micro units are vacation homes (for owners)?  ie. Calgary semi-retireds that come here for 2-3 months each year?



#544 Mike K.

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Posted 23 April 2020 - 06:23 AM

We’ve reached peak affordability in our region and these micro units are a direct response to people who would rather buy a tiny unit than rent a slightly larger one for the same price.

The cost of approvals and the soft costs that now permeate every facet of bringing a unit to market are huge, as in $100k per unit BEFORE shovels but the ground. This is why 1BR units are now priced at $400-$450k as a starting point in a project. That’s a $2,200 mortgage if you’re putting 25% down (on $450k). $2,500 if you’re putting down about 20%, which is still $90k.

What we need as starter homes are units in the $200-$300k range and that’s where micro suites come into play.

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#545 Jackerbie

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Posted 23 April 2020 - 07:27 AM

Micro units are generally intended for a single occupant who won't be using the space for much more than sleeping, as they are located in an amenity-rich building or neighbourhood. You're usually looking at the under 30 crowd, whether they're students or recently entered the workforce. Usually they're rental suites with a relatively high turnover, but these ones are strata with a "no rental restrictions" clause.

 

Take for example the original Princess Ave proposal, which was entirely micro units intended for trades workers to rent, IIRC.



#546 Mike K.

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Posted 23 April 2020 - 07:29 AM

Yes, and they’re also going to appeal to investors. It’s hard to make an investment condo work if the mortgage alone is $2,500 for a 1BR.

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#547 Victoria Watcher

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Posted 23 April 2020 - 07:31 AM

what size are these micro units here?



#548 Mike K.

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Posted 23 April 2020 - 07:40 AM

If approved, the site plan will situate a four-storey building, known as Building 2, on the eastern half of the development site overlooking the Galloping Goose Regional Trail that runs below the Bay Street Bridge and along the eastern perimeter of the Railyards community. 42-units will be situated in Building 2 with layouts ranging from 337 square foot micro-suites to 510 square foot junior one-bedrooms.

Building 1, rising to six-storeys along the Tyee Road frontage near the intersection of Bay Street, will encompass 53 homes with micro-suites from 342 square feet to one-bedroom layouts as large as 444 square feet.


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#549 Victoria Watcher

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Posted 23 April 2020 - 07:48 AM

very good.  i suppose i could have read that.  i went to the builder website and there was nothing.  that'll teach me not to read citified.

 

337 to 342 is not so bad.

 

paris has 80 and 90 sq. ft. units.

 

video: https://www.huffingt...paris_n_6102740


Edited by Victoria Watcher, 23 April 2020 - 07:55 AM.

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#550 jasmineshinga

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Posted 23 April 2020 - 09:53 AM

Ooh, I like that French condo - tucking in at night in a cupboard, be still my minimalist heart :)


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~ Jasmine ~


#551 Casual Kev

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Posted 28 April 2020 - 12:09 AM

Yes, and they’re also going to appeal to investors. It’s hard to make an investment condo work if the mortgage alone is $2,500 for a 1BR.

 

The target customers are definitively investors. The amount of people who would tie up a large portion of their net worth to live long-term in a micro-suite here has to be statistically insignificant. There are lots of older 1 BR condos in the core municipalities in the 300K range, even some 2 BRs with no kids and/or no rental restrictions. Surely the primary intention is to rent them either short-term or long-term.



#552 Mike K.

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Posted 28 April 2020 - 06:08 AM

Short term rentals are forbidden now, but you’d be surprised at how many purchaser occupiers reside in these units. Single seniors like them, and young professionals just trying to get their foot through the door like them, too.

If you qualify to buy at 5-10% the DP is quite reasonable on a $250k unit.

And some people just prefer new homes. Yes, you can buy a $300k 1BR in the core, but what condition is that 40 year old building in? And how far away is that special assessment for a roof job, or an elevator replacement, or new windows, or new plumbing stacks? And chances are strata fees are already high to pay higher maintenance costs and repairs of an aging building.
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#553 Casual Kev

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Posted 28 April 2020 - 10:41 PM

Short term rentals are forbidden now, but you’d be surprised at how many purchaser occupiers reside in these units. Single seniors like them, and young professionals just trying to get their foot through the door like them, too.

If you qualify to buy at 5-10% the DP is quite reasonable on a $250k unit.

And some people just prefer new homes. Yes, you can buy a $300k 1BR in the core, but what condition is that 40 year old building in? And how far away is that special assessment for a roof job, or an elevator replacement, or new windows, or new plumbing stacks? And chances are strata fees are already high to pay higher maintenance costs and repairs of an aging building.

Fair enough. I'd imagine young buyers can grow out of the unit then rent it out, although to me personally living permanently in a micro-suit in a city as small as Victoria would feel pretty claustrophobic.


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#554 MarkoJ

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Posted 29 April 2020 - 05:57 AM

Fair enough. I'd imagine young buyers can grow out of the unit then rent it out, although to me personally living permanently in a micro-suit in a city as small as Victoria would feel pretty claustrophobic.

 

That's what I did. Bought a 500 sq/ft pre-sale unit at 834 without parking in 2009 for $198k. Lived in it a few years and it's been an excellent rental ever since then. Mind you right now I live in 1,000 sq/ft and it's 300 sq/ft too much. My ideal size is 700 sq/ft one bed+den but I was super comfortable in 500 sq/ft as well.


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2019 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#555 lanforod

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Posted 29 April 2020 - 08:41 PM

That's what I did. Bought a 500 sq/ft pre-sale unit at 834 without parking in 2009 for $198k. Lived in it a few years and it's been an excellent rental ever since then. Mind you right now I live in 1,000 sq/ft and it's 300 sq/ft too much. My ideal size is 700 sq/ft one bed+den but I was super comfortable in 500 sq/ft as well.

 

What happened to the 5000 sq ft house? 



#556 Nparker

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Posted 29 April 2020 - 09:10 PM

What happened to the 5000 sq ft house?


Glad someone asked. I have wondering about this myself.

#557 MarkoJ

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Posted 29 April 2020 - 10:29 PM

What happened to the 5000 sq ft house?


Sold last year. Just not an house person.
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Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2019 | Fair Realty

www.MarkoJuras.com - MLS® from $899 and $1,000 cash back for buyers | www.834sales.com & www.promontoryforsale.com - Building(s) specialist 

Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


 



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