Got an email that this project is now on sale. Let's hope it sells out quickly before this bubble bursts, it would be a shame if this one doesn't get built.
I saw a price list on the Toronto subreddit, prices seem to hover around $1.5k to $2k a square foot - didn't see a real estate thread, so I thought I'd post here. Steep prices for a quick sell out, but seems in line with Westbank's newer Vancouver developments.
I think it is fair to say if floorplans and price lists are available, but they are not yet signing contracts until a future date to give more people a chance to request a specific layout, it can still be considered on sale.LOL @ greasy res brokers. This isn't on sale yet. It's close but not there.
I think it is fair to say if floorplans and price lists are available, but they are not yet signing contracts until a future date to give more people a chance to request a specific layout, it can still be considered on sale.
As an investment, it's a very specific high-end niche market and very few could afford the rent that you can charge to make any money back, so I doubt many will buy to rent out. It will be bought by flippers for the smaller units and end-users looking for something that's uncompromising and unique. There's wont be a development like this in downtown Toronto for long, long time.
Two the four peaks are currently for sale -- each peak will have its own lobby and elevators. Pricing is approximately $1,500/sq.ft. for the units in the courtyard and $2,000/sq.ft. for the units facing outwards, though this is very rough as the price per square foot varies greatly depending on floor level, bathrooms, views and amount of outdoor space. Parking is $100,000 each (only for 2 bedroom units and larger) and maintenance fees are 90 cents a square feet (sounds high, but the amenities and services are 5-star hotel-quality and the maintenance of all the planters and trees in each of the terraces is pretty sophisticated). The project will be LEED Gold Certified, while most condos don't barely meet the LEED minimum certification, which here in Toronto it is not a requirement as we have our own green program which not that comprehensive.
Over the weekend I reviewed the complete marketing package (the brochure is an impressive 338 page coffee table book) and floor plans (over 220 for the north and east peaks) and the level of design, quality and details is mind blowing, that the typical homebuyer will either not notice or appreciate. I'm very familiar with Westbank/BIG's Vancouver House development, which is incredible, and KING Toronto will be along this caliber of development.
This is the kind of condo building that is missing in our market and the demand has been excellent as there nothing on the market that compares to it and in a central and popular area -- The Well development to the south will add more desirability and value to this condo.
Vancouver House when first launched was priced extremely optimistically, even in Vancouver's super expensive market (it sold out in a matter of a couple weeks), but today assignment sales (the building will be finished after the new year) has far outperformed Vancouver's condo market just by the power of uncompromising design and quality.
I'm seriously considering purchasing a unit here for myself as I have been frustrated by condos failing to meet expectations in design and quality as its marketing are always trying too hard to picture these developments . The marketing here is humble, honest and not trying oversell anything -- the design speaks for itself.
I may sound like I work for the developer, but I'm not -- just a frustrated retired-condo architect in my relentless OCD search to find the perfect home and this may be it! Yes, this will be a small downsizing for me, but I value quality and design over floor area.
The project will be LEED Gold Certified, while most condos don't barely meet the LEED minimum certification, which here in Toronto it is not a requirement as we have our own green program which not that comprehensive.