might there be an oversaturation of the condo market in the entertainment district? or is Great Gulf just having troubles selling units for some reason, like they are at monde?
 
taal, developers always try to presell (I mean to their core network of investors, via agents they work with) buildings months before the project even launches to f&f, VIP ppl etc. This project (amongst several others that have launched recently) was a failure. I think the market is saturated in this area. Condos are supposed to be about exclusiveness. When a dozen towers launch in an area in one year enough is enough. Investors are moving on to other areas.
 
urbandreamer said:
taal, developers always try to presell (I mean to their core network of investors, via agents they work with) buildings months before the project even launches to f&f, VIP ppl etc. This project (amongst several others that have launched recently) was a failure. I think the market is saturated in this area. Condos are supposed to be about exclusiveness. When a dozen towers launch in an area in one year enough is enough. Investors are moving on to other areas.
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Our of curiosity what are the other areas they've moved on to ?

I know if I was an investor I'd seriously need to consider some of the 905. Downtown Markham, some of the new VCC condos ...
 
maybe monde?? remember, there are no condos currently being marketed in Downtown Markham. (at least the part remington is doing)
 
Sunny Batra said:
Not sure if you know that the Tux Condos is launching to the Platinum Agents on Tuesday, April 17th. Most of us here do know that key to getting the best unit at a lowest price with Platinum discounts is to get in early. By looking at the history of this developer's past condo projects I believe it will be another Great Gulf's sold out project.
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haha. not exactly sold out. another example of an agent over hyping for sales
 
Isn't it better for the overall condo market that buildings like this don't get built? If all buildings are actually built that are planned to launch for the ED then there will be a big problem with oversupply. There's already too much.
 
$watkins$ said:
Isn't it better for the overall condo market that buildings like this don't get built? If all buildings are actually built that are planned to launch for the ED then there will be a big problem with oversupply. There's already too much.
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yes, and the units are getting too small for the money asked for.
pre-construction prices are a decade ahead of itself - at least 50% too $$$.
 
taal said:
Our of curiosity what are the other areas they've moved on to ?

I know if I was an investor I'd seriously need to consider some of the 905. Downtown Markham, some of the new VCC condos ...
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other (read: superior) areas that are still hot are basically Yonge Street. aka subway line aka top location not fringe a la entertainment district. Massey Tower killed it....as did Karma....as did....well that's about all that's launched. speaks to the exclusivity angle as well. also languishing at the moment is Freed's 60 colborne....which is another fringe location product.
 
ThomasJ said:
other (read: superior) areas that are still hot are basically Yonge Street. aka subway line aka top location not fringe a la entertainment district. Massey Tower killed it....as did Karma....as did....well that's about all that's launched. speaks to the exclusivity angle as well. also languishing at the moment is Freed's 60 colborne....which is another fringe location product.
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Yup, INDX and Casa II sold well too. One outlier seems to be Eau Du Soleil. From what I've heard it is 40% sold but was launched only a short time ago, compared to something like Monde (also around 40% but a 'fringe location' as ThomasJ would say) which launched several months ago. And EDS is not downtown and is not cheap either ($650ish PSF).

There simply are too many projects in the ED right now at $650-$700 PSF for something like Tux to get any traction.
 
I can confirm that Massey Tower has sold very well... at least according the sale staff who claim (surprise) that it's already 75% sold out.
 
Ramako said:
I can confirm that Massey Tower has sold very well... at least according the sale staff who claim (surprise) that it's already 75% sold out.
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Wow, they are claiming something other than the standard 70% sold. It seems that "70% sold" is the obligatory response from the sales staff of just about every project in sales.
 
There's nothing exclusive about new condos these days. 40+ stories, 500+ units, cookie cutter units, glass boxes with balconies...
The entire city is grossly oversaturated with these new massive condo developments in general.
I agree that these is a ton happening in the ED. In roughly a two block radius you have an insane amount of under construction and proposed highrise condos. This neighbourhood will become a dense forest of condo towers with units looking on to each other.

Tux was neither good or bad, IMO. The unit plans were not great and many of them lacked balconies which I'm sure didn't appeal to some buyers.
 
The economics don't make sense.
A 600 square foot condo sold at 700 a square foot is $420k. What 28 year-old who maybe makes 55k can afford 20% down, aka 80k? Which would mean they'd have to save 20k a year during their post-grad working years. MMMkkk.

(I realize there are are foreign buyers, but... my point is that the economic model of all of these towers appealing to first-time buyers doesn't make a lick of sense).
 
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