Lyra Residences is an eight-storey, 39 two-bedroom unit condominium in Saanich's Rainbow Hill community near the nexus of McKenzie Avenue and Douglas Street.
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This is the 6th pre-sale I am buying. I did well on the previous five; however, this is also the first time I am bucking the trend and buying outside of downtown/Vic West and also the first time buying a non-one bedroom so definitively a muck riskier maneuver.
My reasoning is most pre-sales downtown right now are not selling at a significant enough discount to the re-sale market; they are selling at re-sale prices and I don't see the point of a pre-sale at that point, at least from a value perspective.
Lyra, on the other hand, I feel had units on the lower floors priced well below re-sale market. For example, this is a sale from today in a building in Glanford working out to $543 per square foot.
At Lyra, for comparison, at $488 per foot I get the following
- Concrete building
- Gas fireplace/stove/BBQ out (very rare for condos to have these three gas features)
- Higher end finishing
- Surrounded by a lot of green space
- 400 sq/ft+ deck
- 9' ceilings (most condos are 8'6'')
- Etc, etc.
I take it you'll be living in it, from your initial post? Leaving the big house?
I'm thinking more from an investment condo point of view, such a big, out of downtown condo maybe doesn't make sense for that, right? Travino or that Glanford building would be better in that case if staying out of downtown? I've been contemplating leveraging more and getting another condo, but I'm still thinking to wait till the market is better.
Living house, don't know. I have more than a year to decide. I did take a bit of leverage off the table by selling one of my units downtown with no parking at well over $700 per foot.
Just got an amendment to disclosure statement that includes the second phase. Pretty much identical building with what looks to be identical floorplans. Only difference is 4 penthouses versus 2 on phase one.
The first of two residential concrete mid-rise towers is now underway on Saanich's Christmas Hill.