With the region’s limited housing inventory, it’s no surprise homes that aren’t even completed yet are selling fast.
If you’ve recently been driving down Sooke Road near Royal Roads University you may have noticed the new development that’s rising up across the street.
On the corner of Sooke Road and Acacia Drive, this new development called “ILaria at Hatley Park” will feature a mix of three- and four-bedroom townhouses that also include rentable suites. But if you were hoping to snag one of these 14 high-end townhouses, you’ll have to wait to see if one of the current owners decides to part with their recent purchase.
“We’re sold out,” said developer Paul Davis, with Bronte Heights Developments. While technically one unit has come back on the market because a potential buyer couldn’t meet the conditions of the sale, Davis noted roughly half a dozen other potential buyers have already expressed interest this week. “It’ll go pretty quick,” he added.
But it’s not the speed these units sold that makes them unique. Each features a space that can be utilized as a suite if the owner desires to do so, something that’s unusual in a townhome, especially one in Colwood. “People can use it as a bedroom or a studio suite,” Davis noted. “It adds to modern day families … That’s what I wanted when we designed these.”
The suites can also offer another level of security for owners, Davis said, adding often financial situations can change and this ability for an income helper can give people a little more wiggle room in their budgets if something were to happen.
“It’s so close to Royal Roads,” Davis said, pointing to a potential for renters. He also noted that with more young adults staying in the home longer, these suites can fill another hole in the market. “It gives them the flexibility of still being in the family home but still having that little bit of independence,” he said. “They’re pretty unusual properties as well.”
The units range in size from roughly 1,660 square feet to just under 1,800 sq. ft. with price tags from roughly $485,000 to $600,000. Some of the features include high ceilings, lots of natural light, upgraded finishes, exterior garden spaces and parking for up to four vehicles. “It’s pretty upmarket … There’s things you’d never see in other properties,” Davis said. “It all adds up to a nice package for everyone.”
The first occupants are expected to be able to move in sometime in July, with a staggered completion of the other three blocks of units expected by November.
Davis added crews will be finishing landscaping and other little details until the end of the year, “and then we’ll be on to the next one.”
katie@goldstreamgazette.com
Trend of low inventory, high demand continues
Last month 929 properties were sold across the region. That’s 17.1 per cent less than the 1,121 properties sold in March 2016.
“We predicted early in the year that we wouldn’t see a continuation of the record sales numbers that we saw in 2016,” said Victoria Real Estate Board president Ara Balabanian in a statement. “However, we are still in a very active market, as evidenced by the fact that this is the second highest March on record if you remove that record breaking 2016 data. We saw nearly 200 more transactions last month than March 2015, when 734 properties sold.”
Inventory levels continue to edge lower, with 1,556 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of March. That’s 40.6 per cent fewer than the 2,618 active listings for sale at the end of March 2016.
“The public and Realtors are getting used to the new tempo of the market – with the ongoing historically low inventory levels and high consumer demand - both parties need to be tenacious and have quick reflexes,” added Balabanian. “We do think we will see a more balanced market in the future as more inventory becomes available. Traditionally, people prefer to list their home when gardens and outdoor areas can be shown to their best advantage. Hopefully, as our warmer weather arrives we will see more listings added into the market to offer more choice for buyers.”