[CityTownBoy]

an earlier poster indicated only 120 suites were released for sale during the VVIP/VIP broker sale, so i'm pretty sure that's what CityTownBoy meant.

IIRC there's over 400 suites in this building, maybe even 450 since there are 42s plus the ones from the podium too.

The sales person was a little vague in her explanation of sold out. When I pressed the issue she calimed that the tower suites in their entirety were sold out. I'm not sure I believe her. That is a heck of a lot to suites to have sold over a just a few agent events.

I'll keep you posted on my progress in pursuing my purchase of a suite in this development.

 

[CityTownBoy]

The sales office is still incomplete and they're sold out except for podium suites?

I'm skeptical that all tower suites are sold out. First, some may pull out during the 10 day cooling off period but what I'm more certain about is we're more likely to see the developer release suites that have been "held back" in the coming weeks, at inflated prices of course.

When I was in the sales office it looked fairly complete with up-to-date floorplans posted for viewing etc.

I agree with your comment that is a vast number of suites to move in such a short period of time. There will for sure be some units that get released back for sale after the cooling off period. I am interested to see the podium suite designs and also if any further tower suites will be officially released.

I'll post the finding of my research. I do still wish to purchase a unit in this development.

 

[cdr108]

if you wanted it you could have waited in line yourself or wait until the broker raises their prices and you can buy then.. .

ummm ... no, this was a BROKER only event so the public could not wait in line. represented by a broker, yes, but not alone.

Buying from the agent now is probably going to be a lot cheaper than buying from the developer when they release the rest of their units at highly inflated prices. the 4% commission that agents receives comes from the developer anyways. a unit selling by the developer for instance at $250k will still be $250k if you buy with an agent or not.

yes, we all understand that ...
the main issue is agents and flippers who 'buy' a unit for the sole intent of flipping it for a huge profit within the 10-day recission period

 

[zeeden]

yes, we all understand that ...
the main issue is agents and flippers who 'buy' a unit for the sole intent of flipping it for a huge profit within the 10-day recission period

This happens all the time if you live in a capitalist country we live in. Supply and demand. People flip things from PS3s to Burgers....

If people are willing to pay for it then let them.

 

[EXgeMMy]

how much extra can an agent flip a condo for within those 10days?

Do they just put a clause in the purchasing agreement saying they are allowed to change the name of the buyer?

 

[Jonny5]

This happens all the time if you live in a capitalist country we live in. Supply and demand. People flip things from PS3s to Burgers....

If people are willing to pay for it then let them.

I had no idea there was a burger flipping market. I should get to McDonalds more often. As for PS3's, those first few units being flipped were purchased at a time when they were available to all members of the public, not a select group of insiders.

You are talking about the principles of free markets, but one of those is equal access to the markets. As was mentioned earlier, similar activity in the securities industry is illegal or regulated to not be possible. The 10-day recission period is being abused. At some point if agents and brokers don't self-regulate, buyers will organize and demand the government do it for them and that will be much worse.

 

[zeeden]

Developers were marketing their units to brokers and agents because it was more cost efficient. All they had to do was send a few letters and emails.
Marketing to the public would take a lot more effort i'm assuming.

Can we compare this situation to a manufacturer - distributor - retailer relationship? Not all end users can buy directly from the manufacturer.
During each channel of distribution there is a mark-up.

 

[cdr108]

Developers were marketing their units to brokers and agents because it was more cost efficient. All they had to do was send a few letters and emails.
Marketing to the public would take a lot more effort i'm assuming.

Can we compare this situation to a manufacturer - distributor - retailer relationship? Not all end users can buy directly from the manufacturer.
During each channel of distribution there is a mark-up.

it took no more effort to market to the public that had the November 29 'preview' where all units were sold out before then.
these individuals (aka the public) signed up online but were given less priority than their own insiders.

the brokers and agents who are selling the units on kijiji or craigslist with a mark-up aren't end users are they, if they are re-selling them within the 10 days !


BOYCOTT BAKER, GREATGULF, LIFETIME and BROKERS WHO FLIP !

 

[zeeden]

not sure what you're confused about the end users or in this case public will get a marked up price. I'm comparing brokers and agents as distributors and the developers as the manufacturers.

I guess they could have allowed all to purchase these units and not only brokers and agents. At the end of the day developers have a choice to whom they sell these units to, it was all about the buzz.

 

[X2 Buyer]

As a buyer it would be better if myself would get the 4% directly off the selling price. As the matter of fact some builders do broker exclusive. However when the event only held for brokers and if they have put their effort into line-up for their clients, I think the commission is reasonable. The only part I do not agree - comparing the discount I receive ($5,000) before releasing to public with over $16,000 the broker receives, shouldn't the final client receive the big pie? or at least the equal amount?

 

[The Condo Observer]

is there a layout + price listing?

The price list is now irrelevant. A unit that was listed on the price sheet as starting at 375k, is ACTUALLY selling around 435K, with the "floor premiums" factored in. That does not include parking or locker. And the attitude of Baker and its reps just stinks, its, like , take it or f- off, some other sucka will buy it...

 

[X2 Buyer]

The price list is now irrelevant. A unit that was listed on the price sheet as starting at 375k, is ACTUALLY selling around 435K, with the "floor premiums" factored in. That does not include parking or locker. And the attitude of Baker and its reps just stinks, its, like , take it or f- off, some other sucka will buy it...

That is correct! There was no one explaining the floor premium when you selected your unit and when the time you found it out well the builder said the price is correct was the first answer. Not until we insisted again they came and gave us the calculation and break-down. The basic unit price was factored in the premium already. Unless you have a super MATH head you would not know what the price per floor charged on top of you basic price of your unit on the randomly opened floor.

I have calculated by my own through observing the prices for different units on different floors posted by brokers for the other mysterious part of the project: the floor premiums. There is no a non-changed value each floor like other builders do for example $1000 per floor under certain levels. And each model has different premium ranges. So, the average for under level 30 it is around $2200 per floor. Above level 30 to 36 the price per floor dropped a bit to just under $2000. For example one I calculated is around $1850. So the price list you can still take as your reference. If above $3000 or $4000 per floor now it means the builder has raised the price or else it should stay around the $2000 per floor range from the first sale night.

 

[zeeden]

Don't quote me on this but I was told that the floor premiums were about $5000 each for units with an East view on high floors.

 

[The Condo Observer]

Don't quote me on this but I was told that the floor premiums were about $5000 each for units with an East view on high floors.

I do not think it was as much as that...but averaged out at around 1500 per floor according to one broker I spoke with, who got a unit on a high floor for a client.

So the latest number being tossed around is "over 80 percent sold". The high floors, plus the podium have been held back. Apparently there will be some new large penthouse units on the upper floors. The podium units (first nine) apparently has not yet been designed. This 80 % is likely to decrease, as some buyers rescind, but there is apparently also a waiting list of others ready to buy.

 

[cdr108]

I do not think it was as much as that...but averaged out at around 1500 per floor according to one broker I spoke with, who got a unit on a high floor for a client.

So the latest number being tossed around is "over 80 percent sold". The high floors, plus the podium have been held back. Apparently there will be some new large penthouse units on the upper floors. The podium units (first nine) apparently has not yet been designed. This 80 % is likely to decrease, as some buyers rescind, but there is apparently also a waiting list of others ready to buy.

that sounds about right from what i heard too.
units were sold up to either 36 or 39 floor ... can't recall whatever was released with the preview pricelist and floorplans.