Sen̓áḵw (Squamish Nation) | 11 Towers | 171m | 58fl | 4M sqft | U/C

[djmk]

Originally Posted by cvagts

both, but mostly prices

"The prices — posted online by Vancouver real estate journalist Howard Chai and others — included $9,070 per month for a three-bedroom, two-bathroom unit."

https://www.cbc.ca/news/canada/british-columbia/senakw-rental-prices-backlash-9.7248096

if that was for a mortgage, that would be a payment for roughly $1.5M mortgage @ 5.25%

[jollyburger]

General – All Phases
Sen̓áḵw Lane paving work completed to the turnaround below the Burrard Bridge.
Work on cycling infrastructure to connect the Burrard Bridge cycle lanes to Sen̓áḵw continues. There are no closures anticipated to the Burrard Bridge.
Restoration works on 1st Avenue to replace the temporary works associated with the installation of the Sanitary Sewer will be completed. Pine Street restoration will take place as part of the City of Vancouver's Pine Street bikeway works.
Final connections to the storm sewer in the Burrard Civic Marina will be completed this month; this will result in a minor closure of the seawall adjacent to this area to cyclists and pedestrians.
Commissioning of the on-site Sanitary Pump Station will take place in early October, allowing removal of the temporary sanitary line on 1st Avenue.
Creekside Drive is operating normally; street parking has been restored along the western portion of the roadway.
Gate 1 on West 1st and Fir Street remains the primary entrance to the site for construction traffic.
A new pedestrian crossing on 1st Avenue adjacent to Gate 1 will be completed this month.
Gate 2 on Chestnut Street will serve as an alternate site access for materials delivery if required for completion of Towers 2 and 3.
Construction – Phase 1
Sen̓áḵw Lane and Chestnut Street are now open to residents and the public.
Please note that the Parkade below Phase 1 is for the use of residents and deliveries only. All public use and drop-offs must use Sen̓áḵw Lane. Note that there is limited ability for turning around vehicles until Tower 3 Occupancy is achieved.
Tower 2 Occupancy is anticipated for the first week in October.
Interior work is progressing on Tower 3; drywall and kitchen cabinets are complete, and tiling, flooring, appliance installation, and painting continue.
Pavilion exterior curtain wall complete; interior walls underway.

https://senakwupdates.com/construction-updates

[whatnext]

Originally Posted by djmk

if that was for a mortgage, that would be a payment for roughly $1.5M mortgage @ 5.25%

And while 3 bedrooms are harder to find, that kind of money would get allow you to buy some large 2 bedrooms in the area:

https://www.rew.ca/properties/1848-w-1st-avenue-vancouver-bc?property_click=map
https://www.rew.ca/properties/103-1470-pennyfarthing-drive-vancouver-bc?property_click=map
https://www.rew.ca/properties/2240-york-avenue-vancouver-bc?property_click=map

[WarrenC12]

Originally Posted by whatnext

And while 3 bedrooms are harder to find, that kind of money would get allow you to buy some large 2 bedrooms in the area:

https://www.rew.ca/properties/1848-w-1st-avenue-vancouver-bc?property_click=map
https://www.rew.ca/properties/103-1470-pennyfarthing-drive-vancouver-bc?property_click=map
https://www.rew.ca/properties/2240-york-avenue-vancouver-bc?property_click=map

Sure but just picking randomly that middle one is 41 years old and has a strata fee over $1k/month.

[whatnext]

Originally Posted by WarrenC12

Sure but just picking randomly that middle one is 41 years old and has a strata fee over $1k/month.

Then pick others. There's a lot available.

People with that kind of money can easily buy and if they spend that much renting are likely short-term and can get a house or a Coal Harbour apt with more square footage.

[Lexus]

Originally Posted by WarrenC12

Sure but just picking randomly that middle one is 41 years old and has a strata fee over $1k/month.

I'm sorry - those prices are joke, especially the age of those buildings and current market conditions.

[WarrenC12]

Yeah I wouldn't buy or rent any of this stuff, but that's what the free market is for.

whatnext seems very interested in this big project being a failure, probably for a mix of NIMBY and racist reasons.

[whatnext]

Originally Posted by Lexus

I'm sorry - those prices are joke, especially the age of those buildings and current market conditions.

You mean those prices are too high? Welcome to the West Side of Vancouver.

Looking at the "solds" on rew.ca that's what they go for, though admittedly sales are slow.
https://www.rew.ca/properties/1382-maple-street-vancouver-bc
https://www.rew.ca/properties/1858-w-1st-avenue-vancouver-bc
https://www.rew.ca/properties/6-1650-w-1st-avenue-vancouver-bc

[Lexus]

Property at 1848 W 1st Avenue
$1,650,000 - Sold -2024-09-05

Today listing price is $1,598,000. I am positive it will sell far les then listing price.

[whatnext]

Originally Posted by Lexus

Property at 1848 W 1st Avenue
$1,650,000 - Sold -2024-09-05

Today listing price is $1,598,000. I am positive it will sell far les then listing price.

No question prices are in retreat. This is a good thing.

But in reference to Senak'w it illustrates what people can get with their money if they're looking for a place to live. That's not even comparing rental rates which are also moderating. Methinks the average SSPer puts way more weight on a building's design than the average renter. It's a good location but there's no nearby grocery and there's next to no parking.

My worry is the Squamish got "Westbanked" and overestimated the appeal to renters of looks versus unit practicality and price. Time will tell.

[WarrenC12]

Originally Posted by whatnext

But in reference to Senak'w it illustrates what people can get with their money if they're looking for a place to live. That's not even comparing rental rates which are also moderating. Methinks the average SSPer puts way more weight on a building's design than the average renter. It's a good location but there's no nearby grocery and there's next to no parking.

Do they have air conditioning? In suite laundry? These are things that 40 year old apartments won't have. AC only really took hold 8-10 years ago.

[whatnext]

Originally Posted by WarrenC12

Do they have air conditioning? In suite laundry? These are things that 40 year old apartments won't have. AC only really took hold 8-10 years ago.

Good point. I wonder how uncomfortable next door Parkview Towers gets in the summer? I've noticed a lot of foil on unit windows!

A 575 sq/ft one bed there is $1,800

[RedArbutus]

Originally Posted by whatnext

Good point. I wonder how uncomfortable next door Parkview Towers gets in the summer? I've noticed a lot of foil on unit windows!

A 575 sq/ft one bed there is $1,800

About a decade ago through work I was inside one of the west-facing Parkview Towers units in about....maybe this time of year, actually. Mid-to-late September? On a sunny day. My verdict: the cross-breeze (especially higher up) would be amazing, but if it's not windy out, wow, those units must roast.

[giallo]

[whatnext]

Great shot as usual! The way the light is hitting that second tower almost makes it seem to disappear (except for the balconies).

[jollyburger]

T2 got their occupancy permits

https://www.linkedin.com/posts/jim-keirs...rt-and-activity-7513779285434826754-eZZD