Alberni by Kengo Kuma (1550 Alberni) | 133m | 42Fl | Completed

[MrFreeze]

I also have the construction site at Cardero and Georgia just in front on my flat (and soon many more as my corner is probably one of the hottest place to build condo right now), but at least they start at 10AM on Saturday, not at 8 like this one.
I checked with Van city and by law construction site should be allow to start only after 10AM on a Saturday, unless special permit but I doubt this site has one, it's just the guys consolidating the digging site who are deciding to start the job whenever they want. Too bad they don't respect / understand other people working Mon-Fri.

[rofina]

Originally Posted by MrFreeze

I also have the construction site at Cardero and Georgia just in front on my flat (and soon many more as my corner is probably one of the hottest place to build condo right now), but at least they start at 10AM on Saturday, not at 8 like this one.
I checked with Van city and by law construction site should be allow to start only after 10AM on a Saturday, unless special permit but I doubt this site has one, it's just the guys consolidating the digging site who are deciding to start the job whenever they want. Too bad they don't respect / understand other people working Mon-Fri.

They probably work Monday to Saturday 6am to 6pm.

Its hard to feel sorry for those of us who live in multi million dollar shoe boxes in Downtown Vancouver.

Little bit of altruism goes a long way.

[LeftCoaster]

If they don't have a permit a complaint will stop the work.

If you have complained to the city in an official capacity and the work continues they likely have a variance.

[mcminsen]

Aug.27 '18, my pics

[mcminsen]

Oct.20 '18, my pics

[whatnext]

Well if you're looking for a $2 million studio condo (and who wouldn't be?) there's one available in 1550 Alberni just for you:

https://www.rew.ca/properties/R23125...ch&sort=latest

[officedweller]

... and there'll be a $890,000 piano in the lobby:


https://www.retail-insider.com/retai...ctober-24-2018

[Klazu]

Sure enough, this will be an unique building even on global scale, but those buying in it for such prices will never recover their investment. I have hard time seeing those units keeping their value, not to mention turning into something even more expensive.

Having paid so much will also force those planning to rent those units out to charge $7,000+ per month for a 1BR which nobody will be willing to pay. The market has already started changing (all rental agents I talked to attested to this) and an increasing amount of recent buyers will be finding this out soon enough.

[truenorth44]

Originally Posted by whatnext

Well if you're looking for a $2 million studio condo (and who wouldn't be?) there's one available in 1550 Alberni just for you:

https://www.rew.ca/properties/R23125...ch&sort=latest

"[F]loor-to-ceiling glass fully overlooking the infamous Kengo Kuma moss garden." [emphasis mine]

Is this where they're burying bodies?

[osirisboy]

Originally Posted by truenorth44

"[F]loor-to-ceiling glass fully overlooking the infamous Kengo Kuma moss garden." [emphasis mine]

Is this where they're burying bodies?

Why don't they put the floorplan on these sites? At least it's a big studio

[bb1510]

Spoke to one of the owners of Peterson a while ago and they were actually a bit worried about the market as well as purchasers actually closing given the difficulty of financing now. At least Peterson and Westbank offer quite a generous assignment policy compared to some developers as that's what they pitch overseas buyers on - the fact you don't have to close and can assign 12 months out.

Also about the pricing, I mentioned about how high it was and they said I shouldn't see this project as an investment but rather a piece of art. I heard upper floor units (non ph units) are basically 6k psf if you're only counting the interior space; the number westbank states includes the outdoor as well.

My folks actually dropped into the Alberni by Kuma sales gallery a year or so back in HK and people were snapping them up like hotcakes; they were purchasing multiple units at a time - they just pointed and said I want this this and this. Of course, they were pitched the fact how "easy" it is to assign and the actual out of pocket cost is nowhere near the actual list price.

Oh and the sales gallery was just a nondescript office space, no model or furnished unit; just a fancy brochure and a single piece of 12"x12" curved wood which they said is the "feature wall" of what would face the kitchen cabinets.

My mom actually told me that many many years ago, there was this project (idk what it was and it wasn't woodwards) that was located a block away from east hastings and the dtes but when they were marketing it in hk they said "5 min from the CBD of Vancouver" and people were also snapping them up. She said it was way overpriced and had a premium over what the actual market rate should've been. Well I mean technically they're not lying nuts

[officedweller]

I remember that project.

It was this building - marketed as "Smart":
http://www.garbuttdumas.ca/featured/r2079831/
https://www.vancouvercondos.ca/smart...reet-vancouver

[phesto]

Originally Posted by bb1510

Spoke to one of the owners of Peterson a while ago and they were actually a bit worried about the market as well as purchasers actually closing given the difficulty of financing now. At least Peterson and Westbank offer quite a generous assignment policy compared to some developers as that's what they pitch overseas buyers on - the fact you don't have to close and can assign 12 months out.

Also about the pricing, I mentioned about how high it was and they said I shouldn't see this project as an investment but rather a piece of art. I heard upper floor units (non ph units) are basically 6k psf if you're only counting the interior space; the number westbank states includes the outdoor as well.

My folks actually dropped into the Alberni by Kuma sales gallery a year or so back in HK and people were snapping them up like hotcakes; they were purchasing multiple units at a time - they just pointed and said I want this this and this. Of course, they were pitched the fact how "easy" it is to assign and the actual out of pocket cost is nowhere near the actual list price.

Oh and the sales gallery was just a nondescript office space, no model or furnished unit; just a fancy brochure and a single piece of 12"x12" curved wood which they said is the "feature wall" of what would face the kitchen cabinets.

Blended price average on this project was approx. $2,500 per SF. It sounded crazy in early 2017 though the market likely picked up since that time and then settled back down over the past 6 months. There are at least enough trades in older Coal Harbour waterfront buildings for existing product in the $2,500-$3,000 per SF range to justify this.

The one I'd be more concerned about is the Butterfly which is apparently about 80% sold at approx. $3,000 per SF blended average. The building doesn't complete until 2022, but you have to wonder about the buyers' motivations here. As a point of reference, only 6 condo units have ever re-sold above $3,000 per SF, and these are all waterfront tower view units. This one really speaks to the hype-machine that is pre-sales in Vancouver and particularly Westbank which has mastered the craft.

[bb1510]

Originally Posted by phesto

Blended price average on this project was approx. $2,500 per SF. It sounded crazy in early 2017 though the market likely picked up since that time and then settled back down over the past 6 months. There are at least enough trades in older Coal Harbour waterfront buildings for existing product in the $2,500-$3,000 per SF range to justify this.

The one I'd be more concerned about is the Butterfly which is apparently about 80% sold at approx. $3,000 per SF blended average. The building doesn't complete until 2022, but you have to wonder about the buyers' motivations here. As a point of reference, only 6 condo units have ever re-sold above $3,000 per SF, and these are all waterfront tower view units. This one really speaks to the hype-machine that is pre-sales in Vancouver and particularly Westbank which has mastered the craft.

Yes, I understand the blended psf was that amount but what I was saying were some upper floor non ph units which were listed and sold at around 6k psf if you're not accounting for outdoor space.

I don't even think the half floor sub ph units at the butterfly reached that amount; I believe they were about 15m a piece

*edit: yeah 5502 was 15.3m at the butterfly*
*edit 2: not 6k but slightly over 5k psf; will post pricelist in separate post*

[bb1510]

The circles on the side denote that they are already allocated. Note this is also the price list received in the hk sales centre; I later sent it to an agent here and they said prices are the same



Paying 3.4m for a 790 sq ft unit is absurd in Vancouver

I also have the floor plans for every single unit in the building; just ask if you want me to post any based on the price list

**edit: just go here and click through http://albernibykuma.com/floorplans/

I think of all the units, the one which is the "best value" is 804; pretty useable plan, large deck, should have decent city views and partial water views, multiple japanese gardens, outdoor hot tub, and price doesn't seem "that unreasonable" compared to many of the other units

[officedweller]

Floors 25-36 are sold out or not released?

[bb1510]

Originally Posted by officedweller

Floors 25-36 are sold out or not released?

Not sure; probably not released as this was the list offered in the HK showroom. I do remember every unit was available in a vancouver but then again, I was dealing with someone from Westbank directly.

[mcminsen]

It might be slow going because they've had to chip away at some bedrock.




Dec.10 '18, my pics

[mcminsen]

Dec.31 '18, my pic

[bb1510]

fyi - an internal memo from my realtor in HK:

PH psf: $4007
Lower Floor: $2221
Higher Floor: $3276

(prices in CAD)

However, I'm not sure what counts as a 'higher' or a 'lower' floor for their numbers