Clarice Coty's Blog » Victoria

Oak Bay Beach Hotel Launches Phase 4 of Hotel Vacation Suite Sales

Clarice — Fri, 03 Feb 2012 21:19:34 +0000

Oak Bay Beach Hotel in Victoria, Vancouver Island has sold out Phase 3 of its vacation hotel suites, and is now offering special incentives to the first 10 buyers in Phase 4.
The developers of this luxury ocean front hotel and residential condos are offering investment options to keen buyers.
Phase 4 gives the first ten purchasers of one of the waterfront hotel vacation suites a 105% buyback option after 5 years and a lease back contract enhanced by 50% to provide a return on investment at 3.25% annually.
Only 100 of these vacation hotel suites have been made available, and only the first 10 buyers in Phase 4 will receive these additional bonuses.
Owners are entitled to use their unit up to 16 weeks per year, and enjoy all of the amenities of the 5-star ocean front resort. When they are not using the fully furnished suites, owners receive revenue from the hotel’s rental of the suite. The Oak Bay Beach Hotel is hosting its grand opening May 25-27, 2012.

New Single Family Homes at Kettle Creek Station Offer Affordable Luxury

Clarice — Thu, 02 Feb 2012 21:16:58 +0000

Own a new home near Victoria, B.C. for as little at $289,000. With 10 different floor plans to choose from all priced under $420,000, owning a home – and one with luxury touches – is easy at Kettle Creek Station. Nestled between Langford Lake and Goldstream Provincial Park, near Victoria, new custom homes are available at Kettle Creek Station start at $289,000, including net HST, appliance packages and no strata fees. Your new home at Kettle Creek Station, just 20 minutes north of Victoria, is ready for you to move into.
Kettle Creek Station has been designed to create a vibrant community that welcomes families, first time home buyers, couples looking to downsize or individuals who want to own their home and land but want a smaller footprint. Designed with efficiency and open concept living in mind, these Kettle Creek new homes are very affordable and provide bright spacious living areas, designer décor options and your own backyard. One, two and three-bedroom new homes range from $289,000 to $419,000. Live with more for less at Kettle Creek Station.

Construction Starts at Coldwood’s Capital City Centre

Clarice — Tue, 31 Jan 2012 19:27:56 +0000

Ground has now been broken on a $1 billion real estate and construction project at Colwood Corners on south Vancouver Island. With a build-out of 20 years, the “Capital City Centre” has the potential to draw 4,000 people to Colwood’s core, living in 2,220 condominiums and townhomes.
During phase 1 and over the next five years, the southern third of the 14-acre site is planned for a four floors of residential atop 35,000 square feet of space for London Drugs, a five-storey office building, three retail buildings and a public plaza for outdoor events and farmers’ markets.
Once completed, the next building would be a 26-storey residential tower, the tallest building planned for the Island. More retail space would round out the completion of phase 1, worth $250 million. Parking is planned underground.
Ultimately, the build-out envisions 12 residential and office towers and scores of retail units, for a total of 3.8 million square feet of space, spanning the property between Belmont Road and Colwood Crescent.

Luxury Waterfront Condos Now Selling at Oak Bay Beach Hotel in Victoria

Clarice — Mon, 30 Jan 2012 18:28:18 +0000

The Oak Bay Beach Hotel in Victoria on Vancouver Island is nearing completion of its oceanfront hotel, Victoria hotel vacation suites and luxury waterfront residential condos.
Looking back on 2011, the resort had its best sales year yet, with more than $20 million in sales on the books when the year ended, according to the Oak Bay Beach Hotel’s director of sales Brad Neufeld.
“I guess that shouldn’t be surprising given the quality of the project, the ability for clients to come for a hard-hat tour of the project, and the opportunity to see first-hand the views offered in the various properties,” Neufeld said. “Nevertheless, it is extremely gratifying to watch our clients embrace the vision that we are bringing to life. 2011 saw us complete the sell out of the first three phases of vacation hotel suites, and we have now also sold 40 per cent of the residential condo properties in the project.”
The Oak Bay Beach Hotel is still offering pre-opening programs to early buyers.
“Phase four of the vacation hotel suites will be released this month, and we are calling this the ‘Have Your Cake And Eat It Too’ program,” Neufeld explained.
“You receive a leaseback contract from us that is 50 per cent higher that normal, with the right to sell the property back to us after five years.”
The Oak Bay Beach Hotel is also offering a “Fly and ‘Try” program that includes a free weekend / three day trip to Victoria to come and see the vacation suites and oceanfront luxury condominiums. If you decide to buy while you are visiting, the Oak Bay Beach Hotel will pay for your trip.

Ocean Views Abound at Waterfront Development Silver Spray in Sooke

Clarice — Sat, 28 Jan 2012 21:18:57 +0000

The ocean front real estate development of Silver Spray in Sooke offers Vancouver Island waterfront and view lots for sale. Options at Silver Spray include mountaintop locations with sweeping 270-degree views of the Strait of Juan de Fuca, the Olympic Peninsula’s snow-covered mountains and the sunrise; a westerly sunset vista across the ocean looking up the BC coastline; and views that take in the marine activity coming and going from Sooke Harbour and the twinkling lights of the surrounding communities.
Located only 26 miles southwest of Victoria, Silver Spray offers privacy at the end of a country road, and access to the amenities in nearby Colwood, Langford, Metchosin and Sooke.
The Silver Spray development has been carefully envisioned to include: 127 private residential lots with a broad array of sizes, views and prices; protected designated beach areas; a linear park running north to south through the project; a sheltered marina at the entrance of the Sooke Harbour Basin, and a golf course and resort development.
Phase IV lots are now selling at Silver Spray, with residential lot prices starting at $189,000.

Building Permit Values Down in Victoria for 2011

Clarice — Fri, 13 Jan 2012 16:23:50 +0000

According to Statistics Canada, the total value of building permits issued in the Victoria region of Vancouver Island from January to November last year was $615.9 million, down 11.3 per cent from the $694.3 million recorded in the same 11-month period in 2010.
Both residential and non-residential construction slowed last year with the value of residential permits issued down 11.5 per cent to $406 million, and non-residential dropping 10.9 per cent to $210 million.
November 2011′s seasonally adjusted building permit numbers were down 64 per cent to $43.9 million, from the $122.4 million in the same month in 2010. That $43.9-million was a slight improvement from the $43 million in permits issued in October.
The massive drop in November 2011 was the result of a spike in permits issued in November 2010, led by major military building projects worth more than $100 million There was nothing similar in the non-residential sector in 2011.
According to Greg Baynton, CEO of the Vancouver Island Construction Association, 2011 was a challenge.
“It has been different . . . traditionally things taper off in the summer and then September to Christmas is quite busy, but we had a record volume of projects through July and August and since September there’s not been much going on. It’s been turned upside down,” Baynton told the Victoria Times Colonist newspaper.
Baynton’s data is based on tenders, rather than permits issued, and those may not overlap as permits can be issued before or after a project goes to tender.
“But since September the market has been flatter than usual. It’s quiet and we expect that to continue until the tail end of the first quarter of 2012,” Baynton said, though the sector remains positive 2012 could end on a strong note.
“We are expecting 2012 to be a bit of a turnaround year. There are lots of projects in the pipeline and I expect tendering and construction activity to pick up a lot,” he said.
The residential construction sector is much more cautious after a tough 2011.
Through the first 11 months of last year, there were 576 single-family housing starts, down 27 per cent from 2010. Multiple-family starts were down 18 per cent over the same period.

Affordable Single Family Homes With Luxury Touches at Kettle Creek Station in Langford

Clarice — Thu, 12 Jan 2012 15:58:40 +0000

New single family homes at Kettle Creek Station in Langford, near Victoria on Vancouver Island, start from only $289,000.
Kettle Creek Station offers nine different home styles, 8 of which are priced at under $400,000. With homes ranging from 568-1548 sq ft, there is a home style for every lifestyle.
These new single-family homes are attracting first time buyers, as well as those wanting to downsize. These well designed houses bring the concept of condo-sized detached homes to the market in Victoria. The homes have been designed with efficient spaces, open-design and a focus on the spaces we all use most – like the kitchen.
Most homes have a front porch and each home is fully accessible from front and back doors, making outdoor living a breeze.
Designed with efficiency and open concept living in mind, these Kettle Creek new homes are very affordable and provide bright spacious living areas, designer décor options and their own backyard. One, two and three-bedroom new homes, all complete with appliance packages, are available at Kettle Creek Station in Langford. Developers at Kettle Creek Station are also covering the cost of HST, hook-up and legal fees. Low home prices at Kettle Creek Station mean new home owners can afford hardwood and granite, and extra luxury touches.
For more information visit the Kettle Creek Station website or stop by their sales centre, located at 3121 Kettle Creek Cres. – open daily from 11-5.

Victoria Area Should Be Safe From Housing Bubble, Says Real Estate Board

Clarice — Wed, 04 Jan 2012 23:36:56 +0000

The capital region is largely insulated from economic factors affecting housing in other parts of the country, says the head of the Victoria Real Estate Board, responding to a warning from economists that home prices are showing signs of a “classic bubble.”
“The important thing to remember is that real estate is local,” board president Dennis Fimrite said last week. Not only has B.C.’s economy proven stronger than those elsewhere in Canada, the local market is bolstered by the limited amount of land for construction.
“If you look specifically at Victoria, we haven’t seen any slowing of the economy here, although there’s a little bit of government downsizing. There are still developers who are breaking ground on new projects.”
A new report from Bank of America Merrill Lynch economists Ryan Bohren and Sheryl King said that in contrast to the U.S., Canadian home prices set new highs this year and are “now showing the signs of a classic bubble.
The report estimates the housing market nationwide is 10 per cent overvalued, adding the number would be higher if mortgage rates weren’t at record lows. “Under more normalized interest rates, home prices would actually look 25 per cent over-valued based on current prices.”
Last month, a total of 482 properties sold through the Victoria Real Estate Board’s multiple listing service. The average price for a single-family house was $592,034 and the median was lower at $530,000. The average price of a condominium was $320,558 and the median was $296,000.

Excerpted from the Victoria Times Colonist

Building Permit Numbers Reveal Housing Trends in Victoria Region

Clarice — Wed, 04 Jan 2012 15:19:43 +0000

The value of building permits issued throughout the Capital Regional District (Greater Victoria region) slumped 15 per cent between September and October, and 38 per cent, year over year for October, according to figures realeased by Statistics Canada.
A dip in large projects after a busy summer is mostly to blame, according to the Vancouver Island Construction Association. Municipal statistics from Oak Bay, Victoria and Saanich, however, provide a more nuanced picture of the overall decline.
The number of building permits issued in Oak Bay is down in 2011 from 2010, but it’s substantially higher than any other year since 2007. A total of 747 permits have been issued so far this year, at a value of just over $34 million. Last year saw 815 permits issued, valued at nearly $93 million, thanks largely to the Oak Bay Beach Hotel development.
In Victoria, the raw number of building permits issued has actually increased every year since 2007. The number of permits issued reached 3,805 in the cityin 2011, up from 3,383 five years ago. The value of building permits, however, has dropped $25 million since last year, and nearly $200 million since 2007.
While residential building permits are on the decline in Victoria, the opposite is true for Saanich. The number of residential building permits issued in 2011 far surpasses any year since 2007. 295 units were approved in Saanich last year, mostly for apartment-style housing.

Excerpted from the Oak Bay News.

New Homes at Langford’s Kettle Creek Station Offer Affordable Luxury

Clarice — Wed, 28 Dec 2011 00:07:45 +0000