ponyboy
Active Member
I think they got greedy and missed the mark in assessing the market.
- Thread starter voxpopulicosmicum
- Start date
Johnzz
Active Member
Well, the certainly hit the mark with Five.
Five's got better finishes, better layouts, better location, better design and better prices (from $550 sqft)...
Result = sold out building in 1 week.
Five's got better finishes, better layouts, better location, better design and better prices (from $550 sqft)...
Result = sold out building in 1 week.
JayBee
Senior Member
That's an understatement. The building honestly looks like it should have been built in the burbs 6 years ago. The renderings look boring. Why buy here when you can buy at any of the Freed buildings on King Street or Five, St. Nicholas, etc... if you're going to pay $800/ft? Not trying to be harsh but I think they'd get some buzz if the building was being sold for 400-500/ft.
simuls
Senior Member
Wow....I guess thats the price you pay nowadays to live in clubland.
Walking through both this and the King West district (friend to me to dinner at Buca - which I'd highly recommend and drinks at Brassaii, which I wouldn't), the club district is definitely farther west now. It will be interesting to see how, if at all, this influx of partiers affects Freed's values. Personally, i wouldn't live in the area as it's a zoo. The entertainment district was substantially quieter and more residential. However weird that sounds.
JayBee
Senior Member
As an individual who still frequents bars/clubs on occasion...I noticed the same thing on Sunday. The old club district was empty and quiet...but King Street was an absolute zoo. I really can't see this helping values in the neighbourhood as the clientele as changed from mature/upscale to young and trashy... It's unfortunate because there are a number of buildings I like in the area.
Rowe
Active Member
Location, Location, Location. Doesn't matter what the building looks like, it's where it is. That's why the prices for units are a bit pricey.
glicox
UT MEMBER
Went by the sales office last week...looks closed
aiekon
Active Member
Does anyone here know what's going on with this development? I work near the sales office and over the last week they've been clearing out all the model suite furniture. They've also set up a giant garbage bin outside which was filled with blank forms and sales materials.
JayBee
Senior Member
Looks like this one is dead. Is anybody really surprised?
Mies
New Member
No it's still kicking. They are working on a new advertising campaign now
kondoz
Active Member
depends where you are in freedville. Welllington area is very quiet. King not so much. I went out with friends who live in Boutique on Simcoe and that area still seems much louder and wilder. Just my two cents
stationcreek
Senior UT Member
Are they redesigning the building as well?
neuhaus
Senior Member
I almost forgot about this project and haven't heard a peep about for ages.
I remember visiting the sales centre a long time ago. I wasn't impressed with the sales centre. It looked really drab and dated and potential purchasers there looked older (50's-60's).
The marketing folks there really missed the mark big time and it seems like the development has disappeared in a sea of much better buildings.
The building has a ton of units.
The units themselves are mediocre in the layout and not very large. The pricing is extremely ambitious, but the sales people there are pushing the idea that the building won't be completed in another 5 years and prices will climb even more by then.
I'm sure a redesign is order as I can't imagine them getting enough sales to start construction in the next year or three.
I remember visiting the sales centre a long time ago. I wasn't impressed with the sales centre. It looked really drab and dated and potential purchasers there looked older (50's-60's).
The marketing folks there really missed the mark big time and it seems like the development has disappeared in a sea of much better buildings.
The building has a ton of units.
The units themselves are mediocre in the layout and not very large. The pricing is extremely ambitious, but the sales people there are pushing the idea that the building won't be completed in another 5 years and prices will climb even more by then.
I'm sure a redesign is order as I can't imagine them getting enough sales to start construction in the next year or three.
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urbandreamer
recession proof
For starters--hire a better architect. How about a big name architect? That would move units in a down market.
Perhaps lower the height and build it in two phases, like Minto King West was going to do? 12s and 22s buildings here?
Perhaps lower the height and build it in two phases, like Minto King West was going to do? 12s and 22s buildings here?
gei
Active Member
umm... are you sure that's all they're doing? There is hoarding up around the sales centre and it looks to me like it's being dissasembled...