Attended One Day Sales Event Yesterday

Checked the "specials" yesterday at the sales centre. Wow. Average pricing from small to large units was +$800/psf, which is much higher than a couple of years ago.

Example: Nicholson Suite, 568 sq.ft., $471,000, no parking.

I know the area well and it looks like they have decided to compare themselves with Shangri-La rather than the community they surround.

Seriously, when buyers go to resell, do they really think that the association with TIFF is going to make a difference of +$250-300/psf for other similar suites nearby? You can go a become a patron of the TIFF through a donation of a couple of thousand of dollars and still be far ahead and get the same TIFF perks. Don't see the value here at all to substantiate these prices.

S'Bus
 
SpadinaBus said:
Seriously, when buyers go to resell, do they really think that the association with TIFF is going to make a difference of +$250-300/psf for other similar suites nearby? You can go a become a patron of the TIFF through a donation of a couple of thousand of dollars and still be far ahead and get the same TIFF perks. Don't see the value here at all to substantiate these prices.

S'Bus
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That is a great question b/c the real value, as you have indicated, is determined by what units can be sold for, not by what the builder is asking.

Time will tell, but they may just pull it off. M5V down the street is at 600+ PSF and also a great lookin project. What other similar project will you compare it with?
 
My take is that there is a fair bit of value added by being part of tiff's complex. If you are a (rich) film buff, then the ability to ride the elevator downstairs on any day to attend cinematheque screenings or anything playing at a number of the film festivals which will no doubt use the complex, will count for quite a bit. For others, living within the glowing aura given off by tiff will translate into bragging rights that they'll be happy to pay for.

This building will not be for those who are counting loonies or twonies, let alone pennies.

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This complex has been in the $800/ft area for at least 2 years as I went in a couple years ago and was flabbergasted at the price as it seemed like a huge premium for nothing. It is not a luxury property by any stretch of the imagination and the finishes are mid level, nothing special. While personally, I'd be embarassed living in a building associated with celebrity (and that's really the drawing power here - not a love of film), there are many people who aren't. I guess if you're in a super boring job but making loads, you've got to get your excitement somewhere and will be willing to pay for it. We'll see what the market will bear by the beginning of 2011.
 
Sept 20

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finally some photos of the rear ... doesn't look too bad.

The tower's window wall is quite nice as well. The spandrel glass is kept to a minimum outside of the recessed balconies and it appears to blend nicely with the vision glass.
 
Looks good. Thanks drum!

I remember reading somewhere that films would be projected onto the side of the building during TIFF. Does anyone know which side? The east and west sides don't seem appropriate for use as a screen, unless they plan to unravel a temporary screen and cover up a bunch of windows each time.
 
They were projected onto the east side of the building. The projector was set-up in the bldg on the NE corner of King & John (above the Tim Hortons). Looked pretty cool. A homeless fellow lying in front of Metro Hall was watching the movies and when I passed by he said "This is all I've ever wanted - a big screen TV all my own." It was pretty funny. What he said. Not his situation.
 
what an incongruous eyesore this Champs Food Supplies is... that thing has got to go before next years film fest! Imagine some Hollywood celeb stumbling around back of the Lightbox to pee in the alleyway and spotting that wreck!

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It won't last too long there. The value of that land has just shot up through the roof. I predict it'll be gone soon and a condo will sprout up in its place.
 
Isn't Daniels building another tower behind the Festival Tower? I went to the presentation centre awhile back and the guy said they're planning one behind it. However I don't know if it's the same size plot land or just half the size of the back.
 
AKS said:
Isn't Daniels building another tower behind the Festival Tower? I went to the presentation centre awhile back and the guy said they're planning one behind it. However I don't know if it's the same size plot land or just half the size of the back.
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The project you are referring to is called Barcelona, which is proposed to be built on the properties at 21 and 31 Widmer Street. The thread for it is here. The Champs Food Supplies outlet at 11 Widmer Street and the Corned Beef House at 303 Adelaide Street West are both holdouts, and sandwich the proposed 43 storey tower.

Who knows how much money either owner has been offered, but so far, neither have caved in and sold. Both are small enough properties that they are worth much more as a piece of 21-31 Widmer than they will be after Barcelona is built, as neither property is likely large enough to support 43 floors worth of intensification on their own. The present owners either do not care about the money, or believe they can get more than they have been offered so far by the developer.

A couple of years ago in Etobicoke, a property owner who wanted more than developers were offering for their land at the southeast corner of Queensway and Islington, and who believed they would get more from a last-minute offer, lost out when the developer built (ugly) townhouses surrounding their property instead of the highrise condo complex that had been proposed for the whole site. Actually, everybody lost out on that deal, as those of us not directly financially involved are now affected through our property tax rates: had the highrise complex gone through, the City would have realized significantly more in taxes than are being generated by the (ugly) townhouses that went up, plus the (ugly) townhouses will likely depress land values in area for decades to come. It's practically the Apocalypse at the southeast corner of Islington and The Queensway all because one greedy landowner thought they could get more: let's hope that Champs and the Corner Beef House don't become the second and third signs of The Apocalypse.

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