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Park Lake Residences Condos (Pemberton Group) - Real Estate -

Moe El

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Hello All

This is my first post on this site. It is a great idea. I bought a condo at the Park Lake project in 2006 and have been looking forward to moving in since.
11th floor West tower.

I am in love with the location (view).

I was told initially that the move-in date was June of 2008 but to expect about a year delay. As of Feb 2009 I am told that the closing date is June 15, 2009.

You guys are more informed about this and I thought I would ask.... if they are currently on the 5th floor and the tower is 18 stories high, how can all the remaining work be done by June 15th? What is a more reasonable estimate for moving in?

Thank you in advance and keep the information flowing

Moe
 
There is a greater chance that the sky will fall tomorrow then your unit being completed in four months time. It will take that long to finish if the concrete work was just completed. Unfortunately you have a long wait ahead of you like virtually every other purchaser of a unit in this city. Good luck that it finishes quickly with no delays.
 
Should be completed by spring 2010. What unit did u purchase? Do u have a price list from 2006. I'm curious to know what the prices were then
 
Prices and dates

Thank you for the encouraging and helpful insight. Although I would find it devastating if the delay was as long as the spring of 2010.

I hope at the very least that the occupancy period is shorter when all is said and done.

As for prices.
I am on the 11th floor, Floor plan the Huron which is 955 sqft @ 366,400.oo August of 2006.

This was my favorite floor plan with the best view in my eyes. It is very challenging to furnish and will require several changes due to open kitchen concept with Island but I am game for it :)

The price included a garage but not a locker.
 
The Huron and Superior have the best views: very good choice on your part. The pricing and features are nice too.

Based on the fact that they are only on the 5th Floor and they plan to do both East and West tower together, I doubt you will move in b4 March of next year. Trust me , I know...
 
I was able to confirm yesterday that first occupancy is scheduled for Spring 2010.
 
Right on the money

Thank you Ric, I just confirmed and you are spot on. March 2010 instead of original June 2008 closing loool June 2009 was more realistic and confirmed early on after I bought (summer '06)

But March 2010.....

Wow that is beyond all my expectations. Hmmmm

Don't want to waste money on rent, but what else can I do? If I buy and can't sell on time or property drops in price it would be really dumb........
Will have to figure that out.... The recent rise in unemployment is a big danger to real estate prices in Ontario in my opinion. (At least from now until March 2010).

As for views/units, I found the Huron to combine a great view with maximum windows. The entire side facing the lake is glass as is the superior.

The open concept is also going to give it a spacious feel. The disadvantage of the superior was that long hallway in the entrance that serves NO purpose and wastes very valuable/limited/expensive sqftage.

The price of the Superior did not justify that little breakfast area by the kitchen although it is tough to replace with the Huron open kitchen hehehe

What do you think the Huron and similar condos are worth right now?
I'd imagine it is close to what I bought it for in summer of '06.
 
Conservative estimate of $480/ft2. Thus about $460,000. The 270 degrees view of the lake and downtown will be priceless. The prices on most of the units I think are reasonable, thus a downturn in the economy should not affect prices at Parklake that much. My 2 cents...
 
My only concern with this project is the fact that I can touch the building while I'm driving by on the Gardiner. Plus the amount of parking space is grossly inadequate. Most of the units in th epodium floors and the Ontario comes without parking. plus the visitor parking situation sucks too.

I think the builder should consider replacing the podium units with more parking spaces; since these units are not selling well. Then sell the extra parking to the units without parking. Thats better than having 15 -20 units going unsold.
 
That is very welcome news Ric if the price per sqft has jumped that much!!
I agree that the location is unique and given the scarcity of living space on the lake it is bound to rise in price.

I am not looking to sell any time soon anyways.

Re: Proximity to Gardner, I agree that it is close compared to other Gardner/condo projects but as someone stated earlier, it is very common in many large cities around the world. I can think of a few I have visited where you can high five people sitting in their balcony while driving bye lool

It is strange but inevitable as a city grows I suppose. The area facing the Gardner is just the concrete wall from the Garage so I can't see any safety issues. What I do find strange is just how bad a shape the Gardner is in, especially when you view the bridge over Ellis!! It looks horrible!

Re: Parking space, I did not look specifically for parking space vis-a-vis number of units but I was happy early on at the number of spots available for visitors across the street. Many for free during winter months. I suppose the builder is planning on abusing that bonus....

I gather it is too late to change garabe/unit plans.

P.S. I delayed buying a locker and found out now that they are sold out. Apparently that is a big mistake for resale and convenience. They were so tiny and went for over $5000, I just couldn't get myself to pay $5000 for a tiny area like that.
 
I wouldn't pay $5,000 for a locker. You can always rent one for btw $50-$75 per month if absolutely necessary. Most lockers go unused. That $5,000 is a nice hardwood upgrade for the bedrooms.
 
Good point

Good point. It is easily over $6500 with taxes.

Where did you get the $480/sqft estimate of current prices?
What is source for that?

Thank you in advance.
 
I'm comparing units with similar views at NXT, Nautica and Waterscapes. They run around $460+/ft2. Plus I find the STD features at Parklake to be better than the above development. NXT has nice features but u have to pay a premium.
 

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