WislaHD said:
Seeing this referred to as a new condo launch for early 2023 now on various broker websites. Anyone know what the tenure is actually going to be here or is that just speculation on part of brokers?
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Brokers are sap sucking bottom feeders and shouldn't be trusted in any way.
Karismarian said:
I heard this was rental??
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It is.
 
It isn't? I'm not sure what you're gleaning from an extremely general Twitter post, except that it's a current project for Menkes. It's certainly not being marketed in any way right now, outside of a couple [sap sucking bottom feeder] broker dragnet websites...
 
I am sure Menkes understands the importance of promotion for condo sales as well as for rentals. Lease up isn't so different from selling units in that respect. You still need to promote the location, transit connectivity, amenities, etc.
 
For sure, but the capital stack is completely different as you don't have purchaser deposits to float you until you hit 70% and your construction loan takes over. So either you're entirely on equity (which Menkes could theoretically do but it's going to have a much higher interest rate) or some sort of bridge / mezz loan.
 
ProjectEnd said:
It isn't? I'm not sure what you're gleaning from an extremely general Twitter post, except that it's a current project for Menkes. It's certainly not being marketed in any way right now, outside of a couple [sap sucking bottom feeder] broker dragnet websites...
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It's a condo and they're launching sales in spring. Maybe, they'll pivot to rental if interest isn't there but I doubt it.
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So it's a rental project that was shifted to condo depending on demand that may change to rental again? So that means it's subject to change? I have heard so many people saying it's rental and now it's changed to condo subject to condition?
 
Karismarian said:
So it's a rental project that was shifted to condo depending on demand that may change to rental again? So that means it's subject to change? I have heard so many people saying it's rental and now it's changed to condo subject to condition?
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What condition? The developer can position it whatever way they want, as long as they have financing for it. Menkes must now be certain that they'll be able to sell suites easily enough here.

42
 
arguing,... toe-may-toe,... toe-mah-toe

Units go as Condo or Rental doesn't matter to majority of those who will actually occupy these units! These units are about 5 years from Occupancy. Tough for most families & individuals to plan out 5 years from now,... If these are sold as Condo Units, the vast majority like 70% of these tiny 500sqft units will be sold to Investor to rent out anyways (just like at nearby Tridel Hullmark Centre and Bazis EmeraldPark).

The only question now is,... who is going to be the middle-man - the landlord,.... Menkes or Private Individual Condo Owner/Investor To Rent Out. Don't be surprised if Menkes keep some units for themselves to rent out later.
 
sunnyraytoronto said:
arguing,... toe-may-toe,... toe-mah-toe

Units go as Condo or Rental doesn't matter to majority of those who will actually occupy these units! These units are about 5 years from Occupancy. Tough for most families & individuals to plan out 5 years from now,... If these are sold as Condo Units, the vast majority like 70% of these tiny 500sqft units will be sold to Investor to rent out anyways (just like at nearby Tridel Hullmark Centre and Bazis EmeraldPark).

The only question now is,... who is going to be the middle-man - the landlord,.... Menkes or Private Individual Condo Owner/Investor To Rent Out. Don't be surprised if Menkes keep some units for themselves to rent out later.
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It matters a lot to people who want to buy a unit...
 
sunnyraytoronto said:
arguing,... toe-may-toe,... toe-mah-toe

Units go as Condo or Rental doesn't matter to majority of those who will actually occupy these units! These units are about 5 years from Occupancy. Tough for most families & individuals to plan out 5 years from now,... If these are sold as Condo Units, the vast majority like 70% of these tiny 500sqft units will be sold to Investor to rent out anyways (just like at nearby Tridel Hullmark Centre and Bazis EmeraldPark).

The only question now is,... who is going to be the middle-man - the landlord,.... Menkes or Private Individual Condo Owner/Investor To Rent Out. Don't be surprised if Menkes keep some units for themselves to rent out later.
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Renting from an owner is much more precarious than renting from a REIT
 
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