Simuls - where did you get information that it was 70% sold?
As for the going rate for King West, some buildings are starting to easily get $525-550/sq.ft. routinely.
 
From www.ghc.ca:

fashion560wip2.jpg


fashion560wip1.jpg


fashion560wip3.jpg


fashion560wip4.jpg


fashion560wip5.jpg


fashion560freed4.jpg
 
When I visited the sales office last Tuesday, June 24 (after opening weekend) that's what I was told by the sales rep and it certainly looked like it from all the red dots on the board. And you're totally correct in that some buildings are going for 525-550 a foot. My building's one of them. Exactly why this is a bad buy. That 525-550 includes parking/locker usually in a newly built unit. The unit we were discussing at Fashion House would've been $310 000 for 520 ft = $596 ft. Like I said the next 5-7 years of appreciation are already built in and it's not like you're getting a better quality of build, amenities, or standard features than most everything else being built west of there. You could get the same condo (same amenities, finishes, etc.) in Liberty Village (not where i am by the way) for $450/ft and it would rent for the same price. Why pay an extra $150/ft or $78 000 for something that won't generate any more revenue or appreciate any more quickly than 80% of the projects between Spadina and Atlantic?
 
Don't believe the conceptual renderings, it was "inspiration".

Personally, I'd rather live in Fashion House than say, Toy Factory Lofts or Parc Lofts. They are not the same neighbourhoods and not the same rent scale. As for investment, your guess is as good as mine.
SBUS
 
Personally, I'd bet they're the exact same rent scale and if anything the Toy Factory lofts would cost a little more because they are conversion's (far more rare), and are in an (arguably) better situated neighbourhood (closer to galleries, Queen West, Lakeshore, Gardiner, quiet, and most importantly - a real grocery and liquor store!). There is very little rent difference between any newly built (last five year), decently finished/amenitied (sp?) 1 bed (600ft-ish)condo in the whole downtown core. From Yorkville to Queens Quay and the DVP to Dufferin. Depending on parking or no, all between $1400-1600/month unfurnished. Add 3-500 for furnishings.

As for Parc Lofts, all I can say is that I hope (but highly doubt) that the sales agents are being honest and are telling prospective buyers that they're less than a block and facing a pig slaugherhouse and their balconies, terraces and condos will be smelling horribly a good 5 times a week, all year round. Even at $300/ft, you couldn't get me to buy there!
 
That's the most 'artistic license' I've ever seen taken for a rendering. I have no idea what the building looks like.
 
simuls said:
Wow - a 29% retraction during the initial 10 day cooling off period - from 70-50% sold. That's a little large.
Click to expand...


Heard from a RE/sales rep that in reality 70% of the 60% sold retracted, so in fact only ~ 20% of total units are sold.

Very telling of the dramatic change in the RE environment. The supply of 'specu'vestors has dried up since they can't anticipate high rates of return with little risk.
 
There's no way that's true. I was in the sales centre a couple days ago and at most 40-50% of the units are still available for sale - and this is well after the initial sales event's cooling off period.
 
I was just in the sales centre too, and it looked like well over 20% of units were sold. i would be surprised if it were true that there were that many rescissions. however, there are a few things in this building that make me wonder how many people will want to buy in. there are no walls dividing the bedroom from the living room...they are providing only a piece of furniture to divide which they refer to in the plans as 'millwork'. you have to pay extra if you want a wall, which i think is ridiculous. and i don't understand why someone would buy a condo where you HAVE to keep the curtains in place. what if you want a screen instead?
 
riley said:
I was just in the sales centre too, and it looked like well over 20% of units were sold. i would be surprised if it were true that there were that many rescissions. however, there are a few things in this building that make me wonder how many people will want to buy in. there are no walls dividing the bedroom from the living room...they are providing only a piece of furniture to divide which they refer to in the plans as 'millwork'. you have to pay extra if you want a wall, which i think is ridiculous. and i don't understand why someone would buy a condo where you HAVE to keep the curtains in place. what if you want a screen instead?
Click to expand...

It's called open concept, and units with fewer walls are in high demand because people like the lofty feel. A lot of Freed condos have that dividing furniture between the bedroom area and living room. Just go and check the layouts people have chosen in those buildings where you get to choose your own layout. Lots of people pay extra to have walls removed (i.e. never built in the first place).
 
I suppose if that's what their customers have been asking for, then they're just going with the market. I understand, and like, 'open concept' for living/dining and even kitchen areas, but personally i want some separation for my bedroom. Privacy is a good thing. Those people will have to make their beds every single time they have people over. When they have guests stay overnight, it will be like everyone is sleeping in the same room. Different strokes.
 
You must log in or register to post here.

Back
Top