604 replies to this topic

[LeoVictoria]

This isn't interpretation, these are facts.. Anyway we've beaten this to death.  The railyards will sell just fine.   Carry on.

[Mike K.]

It's important to note that the real-estate board's data pertains to re-sales and not pre-sales which is what Citified is almost exclusively focused on. With the board's data capturing only a portion of the real-estate market hundreds of transactions (in this market, at least) could be unaccounted for every month.

For pre-sale data you need to gather feedback from developers (in this case Le Fevre) and agents selling their inventory (in this case Mike Janes). There's no other way to assess what's happening with the pre-sale (non MLS) market as the board has no access to that data.

And even then what sells is not necessarily indicative of how much demand there is for a commodity among buyers, which the board's data also doesn't capture.

[FirstTimeHomeCrier]

And CTV also called Mike Janes, who said, as he did during my conversation with him, that homebuyers priced out of the urban core's single-family homes are starting to look to townhomes as serious options. A year ago they wouldn't have been considered. Duplexes are also in-vogue.

 

But if you're priced out of SFHs, you're also priced out of brand new $735k townhomes. My guess is that the Skyhomes will sell to empty-nesters downsizing from a SFH and busy professionals looking for style, convenience, and location.

[Mike K.]

We need to put this in perspective, though, that these are brand new, high-end homes minutes from downtown Victoria and regardless of the immediate aesthetic, overlooking the harbourfront.

 

A comparable SFH would cost well in excess of one-million dollars, so $735k compared to, say, $1.1-million (if not more) is a significant difference.

[FirstTimeHomeCrier]

We need to put this in perspective, though, that these are brand new, high-end homes minutes from downtown Victoria and regardless of the immediate aesthetic, overlooking the harbourfront.

 

A comparable SFH would cost well in excess of one-million dollars, so $735k compared to, say, $1.1-million (if not more) is a significant difference.

 

I'm not disagreeing with that, and I think there will be a market for people who want the high-end feel for less than $1 million. I'm just not sure that you can associate this project with "buyers who have been completely pushed out of the single-family-home market and they’re looking at townhomes as their remaining option."

 

If you're looking at a $735k home, you are not "completely pushed out of the single-family-home market." You're completely pushed out of the luxury single-family home market. That difference is enormous.

[Mike K.]

I'm not so sure of that.

An average single family home is now priced at $834,000. That's a full $100,000 above these townhomes, and that's a price that's starting to become prohibitive especially for homes that are priced in that range but which are older, may not be in desirable locations and require immediate maintenance and upgrades.

If someone is looking for a brand new home in the urban core, they won't find it for anywhere near $735k, is what I'm saying.

[Jackerbie]

What regulation prohibits that?  It seems more likely to be a municipal zoning issue.

 

It is a zoning issue, as we have (a few) fee-simple row houses in Metro Van. Some municipalities have to zoning in place to allow it, but there hasn't been uptake by the development industry. The Globe and Mail did a pretty good story last month, here.

Edited by Jackerbie, 03 May 2017 - 09:44 AM.

[Prom2]

But if you're priced out of SFHs, you're also priced out of brand new $735k townhomes. My guess is that the Skyhomes will sell to empty-nesters downsizing from a SFH and busy professionals looking for style, convenience, and location.

My partner and I owned home/acreage in Metchosen.. driving into town daily for mon-fri work.  Once we realized that the time spent in our vehicle commuting/ride share was going up and up....  we sold, and purchased townhome in Prom.  Style, convenience and location...  you nailed it.  We are happy in all aspects of our change... 

[LJ]

^What are the strata fees in the townhome, are they on a per square foot basis or set some other way?

[Mike K.]

The Sky Homes are on a per square foot basis.

[Ira]

^What are the strata fees in the townhome, are they on a per square foot basis or set some other way?

 

$561 a month for Skyhome #102 which is 1278 square feet.

Edited by Ira, 04 May 2017 - 11:04 AM.

[thundergun]

^ Which is ~2X most new townhome stratas (that are not part of a condo building).

Edited by thundergun, 04 May 2017 - 11:41 AM.

[Kapten Kapsell]

^ Which is ~2X most new townhome stratas (that are not part of a condo building).

You make a good point- I believe strata fees for the smaller townhouses at the new Linq development are a little less than $200 monthly, and those units are about 1575 square feet.

[Prom2]

You make a good point- I believe strata fees for the smaller townhouses at the new Linq development are a little less than $200 monthly, and those units are about 1575 square feet.

In Prom Townhouse... I'm 1560 sq ft @ $541.00/month

[Nparker]

In Prom Townhouse... I'm 1560 sq ft @ $541.00/month

The largest townhouse in my development has monthly fees of just under $440/month. I think it is about 1400 square feet.

[nerka]

We need to put this in perspective, though, that these are brand new, high-end homes minutes from downtown Victoria and regardless of the immediate aesthetic, overlooking the harbourfront.

 

Agreed. While these aren't super affordable, he bottom line is that it is great to see new build homes like these and in this location hitting the market.

[MarkoJ]

I've brought this up many times on VV over the years. When you have a townhome as part of a condo strata you get saddle with some huge costs such as elevators, generators, underground parkades (which tend to start leaking over time), and a bunch of other stuff you don't have associated with a townhome only complex. The worst part is because the townhomes are bigger than the condos and you pay per square foot you get stuck paying double the fees for someone in the condo to use the elevator.

 

Secondly, you can't compare these townhomes to you average home which is typically a piece of crap and in need of a lot of work. A half decent newer home is going to set you north of $1.2 million. Yes, these homes are expensive but at least they provide for more options in the marketplace.

[Kapten Kapsell]

 

Seen today from the Goose...

[thundergun]

They are digging in preparation of Horizon Phase II. Not sure how wide it will be compared to Phase I, but it looks like easy excavation (no blasting) and they are already well underway.

 

Heard they have sold 1 of 6 skyhomes to a foreign buyer - no one else is willing to swallow the $600 per month strata fees 

[Mike K.]

Construction has now begun on Horizon, phase two.