• Thread starter superdeduperawesome
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Condo Lover said:
Does anyone know what in the world is holding up this construction? It's been the same hole now for months. I am going to call tomorrow but just wondering what others know about the really slow pace of construction. Don't tell me they are waiting to start the tower now as well and have construction working in unison with the tower are they?????
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I'd like to know the same thing! I was told by a construction worker on the site that they don't expect to hit street level until December! WTF?? Anyway, it looks as if they building up the west side of Phase 1, but now they somewhat stopped (slowed down) working on that side and are busy bringing the east side up to speed. I passed by on my way to work this morning and noticed that they were excavating the hole for Phase 2. Are they putting in parking for this phase as well? If so, is it connecting to Phase 1?
 
Thanks for posting that. $300/sf sounds about right from my memory.
unreal

these 100% price gains are way more than the types of price gains that caused the US housing market to crash over the past three years. all they had was 30%-40% price gains.

and yet somehow for some reason I feel that won't happen in this case
 
the increase in value wasnt the cause of the crash... people borrowing beyond their means at deceptively low rates was. When interest rates increased they couldnt make the payments anymore and the vultures moved in.
 
I called Boutique Condos about a week and a half ago and in the 1 Bed + Den all they had available was a 646sqft condo for $329,000. So thats almost $510/sqft now!

A little bit out of my price range! I wish I could've gotten it at the original price. Oh well

Condo Lover said:
I can't scan the Boutique price sheet onto here but I can retype it, so here is the price sheet I have when I bought my unit in fall of 2005:




Bachelor 430 sq ft from $132,400
Jr. 1 bedrm 424 sq ft from $137,400
1 bedroom 501 to 594 sq ft from $164,900
1 bedrm + den 644 to 715 sq ft from $211,400
2 bedroom 718 to 1,051 sq ft from $215,900
2 bedroom + den 1,071 sq ft from $455,900
Lower PH/Loft 606 to 1,405 sq ft from $259,900


SCHEDULED OCCUPANCY: SEPTEMBER 2008

MAINTENANCE FEES ESTIMATED AT APPROXIMATELY $.42 PER SQ.FT.
PROPERTY TAXES ESTIMATED AT APPROXIMATELY 0.92% OF PURCHASE PRICE
pARKING $27,000 AND LOCKER $3,500


Does anyone know what in the world is holding up this construction? It's been the same hole now for months. I am going to call tomorrow but just wondering what others know about the really slow pace of construction. Don't tell me they are waiting to start the tower now as well and have construction working in unison with the tower are they?????
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It's crazy how the prices have gone up so much in this development over the past 2-3 years. I purchased a 651 sq. ft. 1+den in January 2006 for $215,900.
 
aiekon said:
It's crazy how the prices have gone up so much in this development over the past 2-3 years. I purchased a 651 sq. ft. 1+den in January 2006 for $215,900.
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Well you should definitely be happy about that!

less than 1.5 years later and you have already made almost 53% return!
 
I have a feeling that the prices will decrease once Aspen Ridge builds their condo in the other parking lot across the street. But as you mentioned, I'm happy that I got in when I did as the returns have been significant. I plan to live in my unit though... however, given the return on this project, it might be smarter to sell!
 
Until you sell the place you haven't made anything. Just because the developer can sell the unit at that price (assuming they can) doesn't mean you'll get the same price once its your turn to sell.
 
Edward said:
Until you sell the place you haven't made anything. Just because the developer can sell the unit at that price (assuming they can) doesn't mean you'll get the same price once its your turn to sell.
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Not totally true. If you ever use your residence to leverage for a loan, the "value" of the property matters and your overall worth will have increased. Just because it's not seen as cash in hand yet doesn't mean you haven't made anything.
 
aiekon said:
I have a feeling that the prices will decrease once Aspen Ridge builds their condo in the other parking lot across the street. But as you mentioned, I'm happy that I got in when I did as the returns have been significant. I plan to live in my unit though... however, given the return on this project, it might be smarter to sell!
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Aspen Ridge is likely to target a more affluent market segment then Boutique initially targeted and the changing demographic of the entertainment district will likely support higher prices in that location. You should also consider that the supply of vacant parking lots for future development is decreasing and the Entertainment district is evolving in a positive way to support greater investment.

I think just to opposite as to what you stated and that prices will likely increase when Aspen Ridge builds their condo in the parking lot across the street. The best thing that happened to Boutique buyers was the Shangri-La across the other street - nearby high-end developments will only increase your property value... someone should tell that to all the NIMBYs near Minto-Midtown that thought their property values would crash when Minto built their towers there.
 
As someone who lives across the street from this at what seems to be an unfavourite around these boards, University Plaza, the construction of this condo is by far and away the slowest process we've ever witnessed. They are building the Shangri-La faster and they started later. I swear they barely have any workers on site and half the time they're not even working on good weather days. If you bought in, I'd be calling in to complaining about them taking their sweet old time.

That being said the whole height increase really infuriated residents of University Plaza as if you went in and bought a condo in an area where you knew there were height restrictions for the area, it totally screwed over the buyer when all of a sudden they make an 'exception' for the area. It's complete BS and completely unfair. No one is naive enough to buy in and not think that a condo will be built in an adjacent parking lot but height rules are there for a reason to preserve the look and feel of the area.

The whole Aspen Ridge homes proposal will be an interesting thing to see played out as you'd better believe a lot of people already living in that area are going to be against the 39 story tower proposal. Not just for property value and resales, but it does not match the heritage area of mid-rise condos, homes and buildings in the area. This area is a treasured pocket of Toronto that shouldn't be damaged by the never ending skyscrapers being built in this city. Most people can't even believe they let that giant building at 180 Queen Street West get built. It's so out of place it's not even funny.
 
greengrey said:
Most people can't even believe they let that giant building at 180 Queen Street West get built. It's so out of place it's not even funny.
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I personally love 180 Queen and think it is a beautifully placed building at the Queen and University. It has a dual facade one that plays to Queen St and one that respects University. The brow/ledge at the top is well played and the base/materials meet Queen St. nicely. I just hope that they get a quality outlet in the unoccupied base. I walked by recently and who ever is going in there has applied for a liquor licence so hopefully it'll be a good restuarant/bar.

There needs to be a transition between the CBD and the mid-rise/low-rise Queen W district. 60 storeys - 50 storeys - 35 - storeys - 20 storeys - mid/low rise seems like a nice gradient to me.
 
urbandreamer said:
...the finished product? Yes! ... thinks I as I grab this dramatic shot of phase 2:
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Wow ... thanks for posting that. I honestly thought I'd never see the day. Now they better hurry because they have under six months to meet my original occupancy date!
 
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