400 sq. ft. for $150,000
Redevelopment will create 30 condo units
Starter condos targeting first-time homebuyers are coming on the market now that a Victoria developer is converting one of downtown's earliest hotels into living space.
The 125-year-old Oriental Hotel and adjacent brick building at 560 Yates St. will be redeveloped as 30 condominium units, with work slated to start this fall. A bachelor unit of about 400 square feet will be priced at about $150,000, says developer Chris Le Fevre.
In Greater Victoria, one of the country's most expensive housing markets, that kind of price is well below the norm. The average sale price of a condominium in the region was $325,106 in September, with the median -- or mid-point -- at $295,000.
Close to 120 Greater Victoria residential properties are on the Multiple Listing Service priced at $150,000 or lower. Many are mobile homes, partial ownership of a condo or outside the core municipalities.
Le Fevre is confident about the housing market as it recovers after the world wide financial shakeup that slammed into Victoria's real estate market last year. Sales have rebounded strongly in recent months as once-wary buyers return to the market.
"I've got more residential housing coming under construction in the next six months than I have ever had in the past 20 years," Le Fevre said. "Generally, I think things have stabilized amazingly well. I think it is the reward for the slow and steady approach that has always prevailed on the Island."
The strong and stable rental market indicates that the bottom end of the housing market -- first-time buyers -- is likely to be strong as well, he said. Continuing low interest rates are also helping the housing market.
Besides heritage conversion projects, Le Fevre develops contemporary-style housing such as the colourful Railyards in Vic West.
The three-storey Oriental Hotel in Old Town is considered an "excellent example" of what is called high Victorian Italianate design. Its architect was John Teague, who designed many local buildings, including Victoria City Hall, and who also served as mayor.
Construction started in 1883 and the building was expanded in 1888, states a City of Victoria report on its heritage significance. As one of the first hotels in the Old Town District, it reflected the early grandeur of that area.
"The attention to detail of this hotel's remarkably intact interior and exterior features reflects the fashionable standards of Victoria's earliest first-rate hotels," the document said.
Teague's design featured extensive use of tall upper-storey windows and distinct ground-storey arches -- made possible by the use of cast-iron columns -- reflecting state-of-the-art architecture of the 1880s, it said.
The Oriental's neighbour at 560 Yates St. was built by Capt. Tomas Pritchard, a seaman from Wales. During its early life, it had a variety of occupants, such as offices for mining agents, wholesale provisions, and for a fruit growers exchange.
Another of Le Fevre's heritage housing projects is almost sold out. Morley's Soda Water Factory, also in Old Town, is being converted into nine units. One remains for sale. "It's like a beautiful antique," Le Fevre said of what had been an empty, derelict building.
Site work has begun at 787 Tyee Rd., where the first 26 units in the Railyards' Bond's Landing phase will be built. When complete, Bond's Landing will have 90 homes. Targeting entry-level buyers, condos start at $225,000. Like other Le Fevre projects, Bond's Landing features live-work units and lofts.
The four-storey development incorporates a number of green features, such as rooftop solar panels, a green-roof system planted with ornamental grasses and sedums over underground parkades, and high efficiency dual-flush toilets.
Construction is also expected to begin in three or four months on Harbour Homes, a 46-unit townhouse project at the Railyards. They will be priced in the $400,000 range, Le Fevre said.
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