jacek.mazurek

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I just found out a 1 bedroom unit with 575 sqft is starting from $309K at Parade 2 which equals to approx. $539 PSF. I still think Reve is a good purchase compared to Parade 2 price.

What do you think about 300 Front's prices?
Reve & 300 Front are very close to each other and they will be built by the same builder. The 300 Front's prices are almost $200 PSF higher than Reve.

Does anyone has the price information for 550 Wellington www.550wellington.com?

Yeah, the prices are that much more because people are crazy enough to pay for it.
I personally rather walk an extra 5-10 minutes (depends how drunk you are) from the bar to Fleet Street and sleep in quiet. Front Street (Reve) is really nothing special and sure, even if you do consider it King West, I don't see the justification on paying that much more for the same size when walking 5 more minutes gets me something nicer finished, waterfront, and likely more quiet.
Remember, you do have downs to this building with TCHC building across the street and a slaughterhouse nearby. Also, I know Fleet Street doesn't have much TTC, however, what does Front Street have?

My 2 cents.

Jack
 

jacek.mazurek

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Speaking of headlines...

...here is what will be across from your $500 psf condo to go with your slaugherhouse and train system.

The Bulletin; CityPlace owners shocked by 42-storey TCHC plans
Fear of increased crime rates, lower property values and transforming a prestige community into slums sparked heated debate over a new Toronto Community Housing Corp. (TCHC) project planned for City Place.

More than 130 neighbours, some saying they were blindsided about the rezoning of a 7-storey building into a 42-storey high-rise, pressed into a community information meeting on Oct. 14 at Metro Hall.

It quickly became confrontational as planners explained that TCHC zoning changes were in line with other area block developments spanning former railway lands south of Front from Spadina to Bathurst.

The area known as Block 31 will also include two schools, capable of handling 1,190 students, a daycare and a community centre with a 9-storey senior housing project built above.

In an effort to calm fears, Peter Zimmerman, the housing development manager for TCHC, explained that affordable housing is not low-income housing.

“This is not housing for low income people,†emphasized Zimmerman. “It is housing for rents that are about 80% of the average for the City of Toronto. For a 3-bedroom apartment that means about $1,100 a month. Household incomes would probably be between $35,000 and $65,000.â€

Other concerns related to the high-rise development included obstructed views and shadows cast on already existing townhouses.

“Our view is going to be blocked by what you guys call a view enhancing tower, 42-stories high,†charged one woman. “To me it seems a bit disrespectful to people that are there when the original development was seven-stories high.â€

Councillor Adam Vaughan pointed out that the homeowners north of the project had similar complaints when they bought their homes and rezoning in City Place took place.

“Views under the Planning Act are not a protected right,†responded Vaughan.

Angry residents said they will look into what options might be available to them to stop the development, but Vaughan told them that a visit to the Ontario Municipal Board would be a lost cause since the development is in line with the surrounding area.

The city, the TCHC and Vaughan will make up part of a steering committee formed from the meeting that will review residents’ complaints of shadowing, location of the high-rise on the block and traffic concerns.

But as city planner Sarah Phipps informed disgruntled residents, “You are never guaranteed what’s going to happen next door.â€

Pending is a page on the City of Toronto website regarding Block 31
 

cdr108

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yes, i'm sure those concerned residents had the same feelings when THEIR condo building was erected in front of the Front Street buildings ... boohoo

buyers and developers have to take more responsibility for full disclosure.

it's not like none of this information was available to the public and considering every tower in that area is 40s+ tall, what does one expect to happen ???

so take note Reve buyers, that the Context condo (aka stadium) is planned to be your neighbour to the west, so don't cry about it later too.
 

rbt

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...here is what will be across from your $500 psf condo to go with your slaugherhouse and train system.

The Bulletin; CityPlace owners shocked by 42-storey TCHC plans
Fear of increased crime rates, lower property values and transforming a prestige community into slums sparked heated debate over a new Toronto Community Housing Corp. (TCHC) project planned for City Place.

Isn't Block 31 to the east of the park, west of N1/N2 and West One?

More directly south of Reve, at Fort York and Bathurst across the railway tracks (Block 35/36?) is a park and two TCHC towers with a Library and minor retail at the base.

Frankly, this area is really lacking in services. Putting in the schools and library will help values and it does make sense to put something above them. So long as a percentage are market value (which the Library towers are planned to have) it'll be okay.
 
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urbandreamer

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Rave vs WHC: Ravers win! Especially if you're in the northern half of the building facing 550 W/Thompson hotel. Luxury hotel means more money for your unit, while WHC sits isolated and ugly and soon to be surrounded by more ugly highrises (LTD by Malibu being the nicest of the bunch.)

However, 400 Wellington West by Sorbara is a much better buy.
 

jacek.mazurek

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Rave vs WHC: Ravers win! Especially if you're in the northern half of the building facing 550 W/Thompson hotel. Luxury hotel means more money for your unit, while WHC sits isolated and ugly and soon to be surrounded by more ugly highrises (LTD by Malibu being the nicest of the bunch.)

However, 400 Wellington West by Sorbara is a much better buy.

I never said WHC was worth more, however, I do not see the justification of The Reve prices relative to something like WHC.
Also remember, the bigger they are, the harder they fall. When the market peaks and comes down, there is always a lot more people willing to buy unit at under $400k than over $400k.
Buying something less expensive psf always gives you a better chance to get your money back if things go sour, as beggars can't be choosers if times get tough.
Argue if you may, however, if I have a condo under $400k, I'm more likely to have more people able to buy if from me than people willing to buy a $500k + condo.
I don't agree with the valuation of the units based on its location. My opinion. I think bang for buck WHC is a better value, however, everybody wants to be close to the pubs and can't afford an extra 10 minutes walking to save $50k of price on a 800 sq.ft unit now. To each their own.

Jack
 

jacek.mazurek

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Rave vs WHC: Ravers win! Especially if you're in the northern half of the building facing 550 W/Thompson hotel. Luxury hotel means more money for your unit, while WHC sits isolated and ugly and soon to be surrounded by more ugly highrises (LTD by Malibu being the nicest of the bunch.)

However, 400 Wellington West by Sorbara is a much better buy.

Also, you mention WHC is ugly, well, that's your opinion, as many find it to be a nice change from the 'all glass' buildings currently found throughout the city.
The fact it may be surrounded by buildings you find ugly, again, your opinion, makes it stand out that much more. Plus, what buildings are around The Reve on Front Street? Nothing really, unless you count those 'gorgeous' buildings that Cityplace is putting south of Front or the 42 story TCHC building that will be housed there as well. WHC has water and a nice park, but who wants to be on the water, right?
Saving $50k on a small unit puts $250/month in ones pocket, covering a metropass and still having some cash left over, all for an extra 500 meters from the place to be.
All the best to The Reve buyers. I think paying that much psf is a bit much, however, I hope for all your sakes (investors and buyers) that the markets maintains or at least makes it there by the time it is ready.
Jack
 

kalaso

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are there co-op or affordable housing across WHC

I think there are co-op or affordable housing just right across WHC on Stadium Rd. Do you think those co-op/affordable housing would be affected WHC's future value?
 

cdr108

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there's TCHC housing throughout Toronto, (except for maybe Rosedale and Bridlepath).

we live in Toronto, Canada ... not any city, USA where segregation is the norm.
 

jacek.mazurek

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I think there are co-op or affordable housing just right across WHC on Stadium Rd. Do you think those co-op/affordable housing would be affected WHC's future value?

Logic would have it that it is priced into the value as it is there first, no? Tridel sold a good chunk of their units only to have this released after. Huge uproar about this release, so it obviously is reason for concern.

It won't be bad to have it there, it is the perception that comes with it, that's all.

Jack
 
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BobBob

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Logic would have it that it is priced into the value as it is there first, no? Tridel sold a good chunk of their units only to have this released after. Huge uproar about this release, so it obviously is reason for concern.

Even if that were the case, Reve is no closer to the new TCHC project than WHC is, walking distance, so the impact, if any, would be the same on both developments, no?
 

jacek.mazurek

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Even if that were the case, Reve is no closer to the new TCHC project than WHC is, walking distance, so the impact, if any, would be the same on both developments, no?

See, WHC is on the south side of the tracks. 500 meters can make a huge difference a wise man said.

Jack
 

Team Me

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Isn't Block 31 to the east of the park, west of N1/N2 and West One?

More directly south of Reve, at Fort York and Bathurst across the railway tracks (Block 35/36?) is a park and two TCHC towers with a Library and minor retail at the base.

Frankly, this area is really lacking in services. Putting in the schools and library will help values and it does make sense to put something above them. So long as a percentage are market value (which the Library towers are planned to have) it'll be okay.

Yes, you're right rbt. The article that jacek posted was about the public housing going in much closer to Spadina (there's a pretty lively thread about it somewhere on UT). But there is going to be another block of mixed housing (public/private) pretty much directly south of Reve on the other side of the tracks. From the initial plans, it looks quite nice, and the tracks provide a decent distance to ensure no one's view is really blocked. That Context behemoth on the other hand...
 

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