Tower at King West Condos, The (Plazacorp) - Real Estate -

The location is EAST of the Metro, and I have the preliminary floorplans and prices from PlazaCorp (I am one of their VIP agents).

If you have any questions or request for information feel free to contact me via email (I don't get email alerts from this site) to urban realty toronto at gmail dot com

The building is selling now via VIP agents, and the rest of the Realtor community will be able to sell in about 2 weeks from now, followed by a public sale - usualy with PlazaCorp that happens about a month after the Realtors, once the sales site will be up and running.

thanks.

ps. pls no anonymous email "send me complete price list and floorplans"...

PS. I put some preliminary prices and a rendering on my site:

http://urbanrealtytoronto.com/wordpress/2009/08/28/the-tower-at-liberty-village-by-plazacorp/

This tower is fugly. Why would they even start selling a second tower when they can't get their first project in LV off the ground?

So this tower is right behind the Machinery Co. (used by Canalfa as a sales office) and right next to Monarch's Vibe?

That is correct.

simuls said:

This tower is fugly. Why would they even start selling a second tower when they can't get their first project in LV off the ground?

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Because Toronto is filled with wealthy recent immigrants who think $500+/psf is a bargain, donchaknow!

Thanks Yossi! I kind of like the tower, it reminds me of a building from sim city 4 (don't know if that's a good or a bad thing). $400 psf seems pretty reasonable.

May I ask if you have additional info such as deposit structure, parking (incl or $ cost), locker, maintenence fees, and amenities? Please send to jgaleazza at gmail dot com.

what is the estimated maintenance fee?

So if I have this right, PlazaCorp is has not sold out of Phase 1 of King West Life and they still have 2 more phases to sell and now they are starting another concurrent project building another condo in the same block called The Tower @King West... right?

It would appear PlazaCorp has secured all the necessary financing, but how sound is this from an ROI perspective for any buyers in the area as condos are being built left, right and center? I have friends buying a few of these units as investment properties from these "VIP agents" but how can one expect above average capital appreciation in these conditions of plentiful supply? Can someone enlighten. Is Liberty Village on the cusp of taking off compared to other neighbourhoods? I don't yet see any indication.

Tacoma said:

So if I have this right, PlazaCorp is has not sold out of Phase 1 of King West Life and they still have 2 more phases to sell and now they are starting another concurrent project building another condo in the same block called The Tower @King West... right?

It would appear PlazaCorp has secured all the necessary financing, but how sound is this from an ROI perspective for any buyers in the area as condos are being built left, right and center? I have friends buying a few of these units as investment properties from these "VIP agents" but how can one expect above average capital appreciation in these conditions of plentiful supply? Can someone enlighten. Is Liberty Village on the cusp of taking off compared to other neighbourhoods? I don't yet see any indication.

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I think the resale prices in the area are a clear indication. I tried to put an offer at Zip Condos for a small unit 486 sq ft without parking or locker, 8 ft ceilings. The unit got 6 offers and sold for $240.000, that is $493 psf. PlazaCorp is selling 493 sq ft with 160 sq ft balcony, 9 ft ceilings and locker for $184.900. What do you think about this from an ROI perspective?

carturo15 said:

I think the resale prices in the area are a clear indication. I tried to put an offer at Zip Condos for a small unit 486 sq ft without parking or locker, 8 ft ceilings. The unit got 6 offers and sold for $240.000, that is $493 psf. PlazaCorp is selling 493 sq ft with 160 sq ft balcony, 9 ft ceilings and locker for $184.900. What do you think about this from an ROI perspective?

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no offense to anyone, but how does one justify paying ~$500 PSF (ie. $240K for 486 SF without parking or locker with 8 ft ceilings in Zip @ King/East Liberty near Dufferin ???

IIRC alot of Monarch's floorplans were pretty bad too !

cdr108 said:

no offense to anyone, but how does one justify paying ~$500 PSF (ie. $240K for 486 SF without parking or locker with 8 ft ceilings in Zip @ King/East Liberty near Dufferin ???

IIRC alot of Monarch's floorplans were pretty bad too !

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It's becoming very difficult to find units in downtown under 500 sq ft for less than $500 psf without parking or locker.

carturo15 said:

It's becoming very difficult to find units in downtown under 500 sq ft for less than $500 psf without parking or locker.

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This lack of supply will continue for about another 6 months and then rapidly reverse course into extreme over-supply. The person who paid that ridiculous price at Zip is a fool. An absolute unadulterated fool who will lose a LOT of money on that transaction.

simuls said:

This lack of supply will continue for about another 6 months and then rapidly reverse course into extreme over-supply. The person who paid that ridiculous price at Zip is a fool. An absolute unadulterated fool who will lose a LOT of money on that transaction.

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I don't think that person will lose a lot of money in the long term, but I agree that the lack of supply makes people do some stupid things. I know someone who paid $275 for an unit in downtown without parking, knowing that the same unit 9 floors higher with parking had sold recently for $281.

cdr108 said:

no offense to anyone, but how does one justify paying ~$500 PSF (ie. $240K for 486 SF without parking or locker with 8 ft ceilings in Zip @ King/East Liberty near Dufferin ???

IIRC alot of Monarch's floorplans were pretty bad too !

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On the contrary ... mosts of Monarch's floorplans in VIBE + ZIP are actually outstanding wide+shallow suites, which means plenty of windows and natural light with little 'hallway' space, rather than your typical long+narrow condo unit ... however I can't say the same thing applies to Battery Park (phase 1)

carturo15 said:

I think the resale prices in the area are a clear indication. I tried to put an offer at Zip Condos for a small unit 486 sq ft without parking or locker, 8 ft ceilings. The unit got 6 offers and sold for $240.000, that is $493 psf. PlazaCorp is selling 493 sq ft with 160 sq ft balcony, 9 ft ceilings and locker for $184.900. What do you think about this from an ROI perspective?

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There must be something special about that Zip condo because that's a bit much to pay for just a 486 sq ft condo with no locker or parking. Correct me if I'm wrong but King West Life has 1100 units to sell in 3 phases and they're not even sold out of phase 1 as of a couple of weeks ago and now The Tower is on the market as well and all is suppose to be completed sometime around 2012. Supply seems plenty.

I researched and considered buying a unit there but I just can't see the potential that some others are seeing. Liberty Village is not a big area but condo buildings are popping up at a good pace and I'm thinking (and it's just my amateur opinion) this area is being over-built with condos.

It's still a distinctly industrial area sandwiched by 2 train tracks near the CNE and the Gardiner Expressway, so quiet this area is not. It's close to the downtown core where residents may work but TTC streetcars/buses to the area are said to be overcrowded so wait times are long during rush hour. And I'm not sure the "hip" artists that defined this area years ago will want to stay as thousands of new condos bring in tens of thousands of new residents turning this area into more of a condo community than an artists' village.

No offense to those who already bought into the area and I hope all goes well for them, but, based on what I know today, I just don't see how Liberty Village is going to provide above average ROI. If anyone has any info otherwise, please do tell.