Luxury Victoria British Columbia Project Enjoying Record $1,800 a Square Foot Pricing

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New sales heights are being set for Victoria, BC, thanks to the Oceanside neighborhood of Oak Bay and developers of the newly renovated Oak Bay Beach Hotel, a $52M endeavor with private residences averaging in excess of $1,300 per square foot.

Set to open its doors in the spring of 2012, eight of the luxury hotel's 20 private residences and 48 investment/vacation hotel suites have already been sold. 

"We've had great success in selling these units - a testament that speaks to the appetite for luxury hotel living in the Pacific Northwest," said Kevin Walker, owner and developer of Oak Bay Beach Hotel. "Just recently, we completed a groundbreaking private residence sale that came in at $1,800 a square foot, and we have very strong interest for condos up to $2,000 per square foot. Price is rarely an issue for our clients who recognize we are offering the highest quality, in a distinctively unique building on a world class site, with views that take your breath away. This is the new gold standard for real estate."

July 2011 stats from the Victoria Real Estate Board show that Oak Bay has the highest selling prices in the Greater Victoria district, with $862,345 as the average price for a single-family residence and $413,563 for a condo. Pre-opening pricing for Oak Bay Beach Hotel starts at $350,000 (vacation hotel suites, ranging from 400 to 750 square feet) and $1M (private residences, ranging from 900 to 1,900 square feet).

"Every city has its signature property and in my mind the Oak Bay Beach Hotel is setting a new standard for luxury real estate in Victoria, comparable to Vancouver's Shangri-La, The Fairmont Pacific Rim and newly opened Hotel Georgia," says waterfront real estate specialist, Leslee Farrell. "While the waterfront location is incomparable to anything else on the market now and in the conceivable future, what truly sets this property apart is Kevin and Shawna Walker's vision for lifestyle and hotel living."

The Oak Bay Beach Hotel is well on its way to completion, having just announced a May 25, 2012 grand opening gala weekend to be held in partnership with the David Foster Foundation, an organization that provides financial support to Canadian families with children in need of lifesaving organ transplants. With all weekend sales proceeds going to Foster's foundation, the $5,000-a-head package includes private and VIP-seated concerts, the chance to rub shoulders with celebrity guests and full complimentary access to the hotel's many amenities.

Once open, the rebuilt English Manor House-inspired Oak Bay Beach Hotel will, once again, feature the once-loved Snug Pub and David Foster Foundation dinner theatre, with ticket sale proceeds also benefiting the Foundation. And to recapture the essence of the original 1920s hotel, developers have reused a number of materials, such as bricks, windows, beams and furniture, in the new hotel.

As Victoria's first luxury hotel and spa with private residences, some of the amenities available to residents and guests alike will be use of the seaside, therapeutic mineral pool, fitness centre and spa; services from an on-staff sommelier and fine dining at The Dining Room; 24-hour room service and concierge and onsite Adventure desk for planning activities.

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