Updated: 5% down, other incentives launch as Westbay Quay condo reaches sales milestone
MIKE KOZAKOWSKI, CITIFIED.CA
Published October 11, 2018
Article updated on August 25, 2020
The harbourside Westbay Quay
condominium development is celebrating a sales milestone as developer Tenfold Projects readies for site preparations ahead of construction, Citified
The three-building complex slated for the nexus of Lyall and Head streets
next to the Inner Harbour's Westbay Marina is leading the development charge in Victoria’s neighbouring municipality of Esquimalt as developers flock to the district amid growing demand for its waterfront properties and proximity to downtown Victoria.
“Coming out of the summer months Westbay Quay was suddenly on everyone’s radar as an oceanfront residential community offering views from a vantage point that is arguably one of the most sought after in the region,” said developer Max Tomaszewski. “When individuals who’ve shopped various pre-sale opportunities walk into the presentation centre and reflect on the project, the sales process shifts from selling the location to helping purchasers identify their ideal suite and views. It may be cliché to say, but in our case the location sells itself.”
Throughout the first two weeks of fall Tenfold sold-out the Lapis Building, a two-storey all-concrete complex with live-work residences, while sales at the larger six-storey Topaz – offering sweeping views of the Olympic Mountains, the Salish Sea and unmatched vistas towards downtown Victoria with the Inner Harbour as its proverbial red carpet – pushed the overall project’s sold status to nearly 30%.
Heading into mid-fall, Tomaszewski’s partner David Price says Tenfold is ready to unveil a series of market-leading incentives to give buyers an edge over government-introduced measures like the speculation tax and changes to the real-estate investment landscape.
“We are uniquely positioned in this region as a developer-builder, meaning our larger influence over construction costs provides us the ability to pivot in a way that can help our purchasers untangle financial obstacles to ownership. This has helped make homeownership possible for a number of buyers in our past projects, and we’ve extended this program to Westbay Quay.”
Price is referring to Tenfold’s first-time-buyer zero-down offer which allows first-time purchasers to pay down a 5% deposit over a period of 22 months in lieu of providing an immediate lump sum deposit. Meanwhile all purchasers are eligible for a 5% deposit structure in lieu of the industry standard of 10 or 15%, although that incentive is available for a limited time only.
“One of the things we keep hearing from individuals walking into our presentation centre is how challenging it can be to put together 15% as a down payment given Victoria’s real-estate prices. When you’re purchasing a unit valued at $750,000 or above, 15% represents over $110,000. If we can bring that down by two-thirds that gives a purchaser additional time to build a larger down payment or keep their investments in place longer,” Price says, adding that at Tenfold’s sold-out The Wade condominium
, now under construction in downtown Victoria, “similar incentives helped many individuals make their entry into the pre-sale market.”
|Westbay Quay's development site along Lyall Street at Head Street in Esquimalt. Construction fencing has been erected prior to demolition and site preparation activities scheduled for this fall. Citified.ca |
Tying back to Tenfolds developer-builder status, purchasers wishing to combine units into larger homes can do so with relative ease, and given the cost savings that materialize when converting two or more units into one, the purchaser can save a considerable amount of money.
“If you combine two or more units, your savings amount to 20% off the list price,” Tomaszewski says. We’ve had several buyers initiate this option and we’ll be working closely with them to turn their layouts into a more finely customized purchase.”
Comprised of the six-storey Topaz, the five-storey Sapphire and the two-storey Lapis, Westbay Quay’s 85-suites of oceanfront homes will be anchored by a commercial and retail component along the ground floor with frontage onto Head and Lyall streets.
With its expansive penthouses and spacious residences, the Sapphire is currently off-market but is expected to reveal its luxury offerings by mid-2019.
With Lapis’ live-work suites sold-out, Tenfold’s focus is now on the Topaz which offers all-concrete homes in a mid-rise design priced from $460,000 for one-bedroom layouts and $679,000 for the larger two-bedroom floorplans. The building’s ground level live-work residences and suites on the second and third floors are currently being offered with a 20% discount incentive in addition to the first-time-buyer perks and the limited time offer of a 5% down payment.
Construction on Westbay Quay is expected to get underway by the spring of next year with occupancy slated for late 2021.
The project will join Tenfold’s two-tower Swallows Landing development perched above the Westbay Quay site on a rise overlooking the Inner Harbour. Ten years on, the luxury residences atop the highest point above the harbour continue to be viewed as some of Victoria’s most sought after homeownership opportunities. C
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