^The bushes around the parking lot pictured in the foreground is the most rat-infested location I have ever witnessed in Vancouver (as of Summer 2010). Rats scurrying between cars..
I have a question for those who are more familiar with the real estate process than I. Once a household takes occupancy of their suite in a new building they close with the developer and the bank/lender pays in full for the cost of the suite if the buyer has a mortgage. The developer takes payment on the suites in the building, pays off their creditors and then takes their profit. Some of the profits are retained by the development company and some are distributed to their shareholders or owners.
So, for Wall Financial, which is a publicly traded company, is their next move to begin construction on their next project soon after the closing date for Capitol Residences? Which of their two live projects would proceed first: their property on Kingsway, or Wall Centre False Creek, or both?
Each project is individually financed so finishing one really has no bearing on starting the next (with the exception of if you have the manpower to manage them concurrently). And the Kingsway (2300 Project) has already begun a while ago and is well underway.
^The bushes around the parking lot pictured in the foreground is the most rat-infested location I have ever witnessed in Vancouver (as of Summer 2010). Rats scurrying between cars..
For me, the most rat-infested locale in Vancouver was/is the Burger King on Main near the skytrain. There were literally hundreds of rats that would run beneath the planted hedges that bordered the parking lot.
Each project is individually financed so finishing one really has no bearing on starting the next (with the exception of if you have the manpower to manage them concurrently). And the Kingsway (2300 Project) has already begun a while ago and is well underway.
Thanks for the replies and answers. Regarding 2300 Kingsway, I had no idea it was already well under way. That's good news. Do you know if they are building both phases concurrently?
Both phases are substantially sold out so it makes sense to build them at the same time, and looking at the site recently it does appear to be the case.
Capitol's podium has some strangely awkward massing on its hands, its a real shame; it could of been so much better. Still a decent tower though, 7/10.
Yeah, there will be several dozen rentals, in addition to the dozen+ available for sale.
Honestly, I'm pretty excited for the area that these buildings are nearing completion and filling up. Next up Beasley, right?
No more dead zone!!!
The rents asking so far seem reasonable-ish, usually when a building first comes up the rents are lower than the market could get, however, the general consensus is that it's best to ask low and get a year commitment because you can't make up a months rent over the course of a year very easily. I know a lot of people who pay $1600 to live in an old dingy place.
My neighbour is from Bahrain and bought the same unit on 3 floors, converted it in to one apartment, and had the developer install an elevator in it. Nice.
Last edited by Yume-sama; Mar 13, 2011 at 8:10 AM.
My neighbour is from Bahrain and bought the same unit on 3 floors, converted it in to one apartment, and had the developer install an elevator in it. Nice.
You mean converted it into a 3 story loft??? I wonder how much additional costs that incurred. I'm not familiar with elevator specs, but don't elevators require "mechanical penthouses" that take up an additional floor above the top floor?
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