Eventide | 1460 Bute | Completed - Page 2

SFUVancouver · #21 Posted **Jun 4, 2019, 5:45 PM**

Honestly, it's a pretty shrewd project and evidently they have succeeded in securing at least one customer. Agreed, also, that it is under-built for the site, but it's a handsome and unobtrusive addition to the block. Could have been better, could have been worse. Personally, I'll save my righteous indignation for other more deserving projects.

whatnext · #22 Posted **Jun 4, 2019, 6:03 PM**

Quote:

Originally Posted by SFUVancouver

Honestly, it's a pretty shrewd project and evidently they have succeeded in securing at least one customer. Agreed, also, that it is under-built for the site, but it's a handsome and unobtrusive addition to the block. Could have been better, could have been worse. Personally, I'll save my righteous indignation for other more deserving projects.

Which customer? That might be a furnished unit.

it's a nice clean design, but a wasted opportunity to buy-out the adjacent strata on Pacific and build something with much more density. It's a shame the city doesn't have more in its toolbox to encourage that kind of thing.

Vin · #23 Posted **Jun 4, 2019, 8:24 PM**

Nice building, but what a waste of space.

whatnext · #24 Posted **Aug 26, 2019, 10:14 PM**

Wow, so for $3.4 million you just a 30 year lease? Buyers will look elsewhere:

https://www.rew.ca/properties/R23974...se&sort=latest

GenWhy? · #25 Posted **Aug 26, 2019, 10:36 PM**

They're doing okay and the suites and roof are amazing - great night for the fireworks.

whatnext · #26 Posted **Aug 26, 2019, 11:08 PM**

Quote:

Originally Posted by GenWhy?

They're doing okay and the suites and roof are amazing - great night for the fireworks.

What's "doing okay"? There's only three units to unload!

bb1510 · #27 Posted **Aug 27, 2019, 2:28 AM**

Quote:

Originally Posted by whatnext

Wow, so for $3.4 million you just a 30 year lease? Buyers will look elsewhere:

https://www.rew.ca/properties/R23974...se&sort=latest

not 30 year but 99 year lease.

Also, offers will only be entertained if they are subject to offering of all the other units as well

whatnext · #28 Posted **Aug 27, 2019, 4:05 PM**

Quote:

Originally Posted by bb1510

not 30 year but 99 year lease.

Also, offers will only be entertained if they are subject to offering of all the other units as well

According to this article they are 30 year leases, as a longer term would trigger the property purchase tax.

And you're saying they will only "sell" if you offer to buy all the other units?

phesto · #29 Posted **Aug 27, 2019, 7:26 PM**

Quote:

Originally Posted by whatnext

According to this article they are 30 year leases, as a longer term would trigger the property purchase tax.

And you're saying they will only "sell" if you offer to buy all the other units?

There's a listing for the entire building at $15,988,000 based on a 99-year lease. It also says they'll consider "long term lease options".

https://www.rew.ca/properties/R23981...t-vancouver-bc

bb1510 · #30 Posted **Aug 28, 2019, 3:11 AM**

Based on the internal realtor remarks on MLS this is what it says for the listing which claims to be for the entire building which is listed for 15.988m:

"Measurements from marketing floorplans provided by developer. 99 year pre-paid lease, and will consider other lease options. The sale of 101, 201 and 301 1460 Bute is contingent on any other unconditional and binding offers on 201 1460 Bute Street. Refer on 2 other PIDs in Legal Description."

Realtor remarks for units 201 which is listed for 3.488m:

"Measurements from marketing floorplans provided by developer. 99 year pre-paid lease with other options for discussion. The sale of 201 1460 Bute is contingent on any other unconditional and binding offers on 101, 201 and 301 1460 Bute Street, Vancouver listing."

Based on what they're saying and even though the public remarks for the "1460 Bute" listing states it's for three strata lots and the entire building, I would assume they're expecting the cumulative price of both listings based on the remarks

They also purchased the lot in 2010 for 2.3m

VancouverOfTheFuture · #31 Posted **Aug 28, 2019, 5:43 AM**

this building seems kind of sketchy to me. the whole leasing, buying entire building, etc. thing going on.

seems all a little suspicious.

whatnext · #32 Posted **Aug 28, 2019, 7:07 AM**

Quote:

Originally Posted by VancouverOfTheFuture

this building seems kind of sketchy to me. the whole leasing, buying entire building, etc. thing going on.

seems all a little suspicious.

Probably just good old garden variety desperation. The kind you get when your stuck holding the bag when a bubble bursts.

Makes me wonder how that Tulip Tree building on Harwood is doing.

whatnext · #33 Posted **Jun 8, 2020, 8:33 PM**

Yup, one year later and they're still trying to flog all three units.

Perhaps the three most luxurious rental homes in Vancouver completed this month but remain in limbo due, the developer says, to a unique lease arrangement and a pandemic that has kept the targeted tenants at bay.

The Eventide, a four-storey apartment building with just three units, including a stunning near-3,000-square-foot penthouse overlooking English Bay, are covered by a non-renewable 30-year lease.

This shelters the property from B.C.’s 20 per cent foreign-home buyer tax and the provincial property-transfer tax, but also makes it difficult to move.

“This is ultra-high-end, ultra luxury,” said developer Stanley Dee. “I promised the family that we would have a mechanism to eventually get it back.”

“But very few people are interested in that,” he said....

https://biv.com/article/2020/06/vanc...al-homes-limbo

officedweller · #34 Posted **Jun 9, 2020, 4:23 AM**

Leasehold is a tough sell, and to drop it to 30 years is ridiculous. That's the threshold during a regular leasehold when people think about the end of term.

Klazu · #35 Posted **Jun 9, 2020, 5:00 AM**

One has to laugh when trying to think what the hell were they thinking?

Oh well, they can always put in on AirBnB...wait.

VancouverOfTheFuture · #36 Posted **Jun 9, 2020, 5:54 AM**

Quote:

Originally Posted by Klazu

One has to laugh when trying to think what the hell were they thinking?

Oh well, they can always put in on AirBnB...wait.

yeah i wondered that to when they built it... didn't seem like there was a market for that at all. but im not a developer, what do i know.

GenWhy? · #37 Posted **Jun 9, 2020, 4:23 PM**

Quote:

Originally Posted by VancouverOfTheFuture

yeah i wondered that to when they built it... didn't seem like there was a market for that at all. but im not a developer, what do i know.

Stan and many seem to enjoy the roof for parties and the view of the fireworks was always amazing!

rofina · #38 Posted **Jun 9, 2020, 6:38 PM**

Super confused who the buyer was for a multi-million dollar unit that you wont own in 30 years? Very confused by the business plan here, but genuinely curious how this was pitched and passed.

dleung · #39 Posted **Jun 9, 2020, 7:13 PM**

Love the scale of this building - short waterfront buildings give depth and layers that make the skyline look bigger. The False Creek skyline view by comparison, the only one curated by viewcones, looks flat and small in comparison to any of the other views.

I'm surprised there's a promo video for just 3 potential buyers lol

• Video Link

whatnext · #40 Posted **Jun 9, 2020, 9:30 PM**

Quote:

Originally Posted by rofina

Super confused who the buyer was for a multi-million dollar unit that you wont own in 30 years? Very confused by the business plan here, but genuinely curious how this was pitched and passed.

Does the City have to sign off on the leasehold aspect, or did they just have to pass the building?