First-time buyers take note: aggressively-priced concrete condos nearly sold-out at The Wade
Published May 19, 2017
The rare opportunity to purchase an all-concrete low-rise home or investment property in downtown Victoria is coming to a close as The Wade, a 102-unit, two-building condominium development at Cook and Johnson streets, approaches sold-out status.
Developer David Price of Tenfold Projects says the latest push from buyers has focused on the The Wade’s remaining larger suites, leaving about a dozen aggressively-priced junior one-bedroom and studio layouts on the table.
“In terms of price point, an all-concrete downtown Victoria home listed at between $260,000 and $300,000 is an in-demand purchase opportunity, every developer and agent will tell you that,” Price said, confirming that the Tenfold team has been “fielding call after call regarding larger units” while “the most competitively-valued floorplans are getting glanced over by retirees and downsizers focused on our larger inventory.”
According to Price, smaller units, traditionally the domain of first-time home buyers and investors, are attractive to a sizable portion of the market primarily due to one reason: cost.
“There’s a finite amount most first-time home buyers are able to assume as far as a mortgage is concerned, and with rapidly rising apartment rental rates a home purchase at or below $300,000 actually converts to a much lower monthly cost than a comparable new-build rental apartment,” Price said. “On the flip-side, of course, for the investor market getting ahead of that rental rate curve by keeping purchasing costs as low as possible means there’s far less risk to the investor once the unit hits the market. And being able to offer a competitively-priced rental is a win-win.”
But costs and financials aside, Price's partner Max Tomaszewski says one of The Wade’s most unique draws has been a benefits package that introduces Victoria’s first ‘farm-to-table’ green roof with vegetable, herb and flower garden plots individually assigned to each residence.
“Living in downtown Victoria means you’ve got stores and services minutes away, but one of the big selling points for us has been a rooftop that brings nature back within reach through private gardens. Our purchasers have been very receptive to the emphasis we’re placing on the shared spaces they’ll get to enjoy,” Tomaszewski said.
Tenfold’s premise behind an urban garden and a well-apportioned private sanctuary four-storeys up is a reflection of the company’s ‘forward living’ mantra that meshes modern architecture with expansive, usable outdoor spaces, a concept Tenfold believes will become more common as Victoria continues to densify and draw more residents to the city.
“Utilizing rooftops and courtyards to their fullest potential is where the industry is headed, but we haven’t seen a lot of that in Victoria just yet,” Tomaszewski said. “Moving to a city centre doesn’t mean you have to give up on the things that matter to so many of us, and we’re excited by the opportunity to redefine what it means to incorporate green spaces in a downtown development.”
The Wade’s remaining units are priced from just under $260,000 and are available in studio, junior one-bedroom, junior two-bedroom and two-bedroom plus-den configurations. The project’s show suite, situated at 2-1315 Cook Street between Yates and Johnson streets, is open Saturday through Thursday, 11AM-to-4PM. With construction now underway, the project is expected to be completed by Christmas of 2018. C
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