Adelaide west of spadina?

Discussion in 'Real Estate General Discussions' started by SomeGuy2222, Jun 2, 2006.

  1. SomeGuy2222

    SomeGuy2222 Guest

    Opinions on this area? Seems like sales of 455 adelaide have stalled, and MODE has some "priority realtor" event next week where they are giving huge discounts.. and this is almost a year after sales have begun.

  2. mark simpson

    mark simpson Guest

    Re: sales at 455 Adelaide

    the ads in the condo guide say otherwise
  3. Sales figures in the Saturday Condo section of the Star are not necessarily reliable, but they reported in May that 455 Adelaide had sold "over 50%". The same thing had been reported in January, for whatever it's worth.

    I have heard from a real estate source, usually reliable, that sales at Mode have been slow. Don't have an actual figure. This building will include minimal amenities and may be a bit overpriced for what it's offering. They are charging a major premium for units on upper levels, but they won't really have a view to offer, as the place is pretty much surrounded by higher buildings.

    By the way, welcome to the board Some Guy. Hope to hear more from you.
  4. The park Adelaide and Brant is actually a great space and I can see that once it's 'discovered' by developers, agents etc. that the prices will rise. Most sides of the park are ripe for new buildings, plus there's always the City of Toronto buildings directly to the north that have been rumoured to be put on the market at some point.

    I think part of the problem with 455 is that it's oddly configured around the houses on Adelaide. The building has so little actual street frontage that it's conceiveable that it would eventually be completely surrounded by buildings.

    Quad, the two recently completed buildings south of MODE also took forever to sell, and they are small buildings. There is a lot of competition at the bottom end of the market and like Walt mentioned, there's not much to distinguish this project from the hunderds of others.
  5. bizorky

    bizorky Guest

    The last time I passed the 455 Adelaide site, the garage had been torn down and fencing was in place. Sales are now above 60 percent. It should be under way quite soon.
  6. pal444

    pal444 Guest

    The Condo Life section of the Star isn't too reliable; I bought a unit at 455 Adelaide late last year, and sales were already over 50% at the time. The latest ads and the project's own website state that sales are now over 75%, and that construction has started. When I drove by the site last week, it looked as if they were digging to conduct soil testing, which is part of the environmental assessment required for bank financing.

    Also, the Star says it's a "brick and stucco" building, but it's actually glass and concrete. So take what you read in the Star with a grain of salt :)

    Prior to buying at 455 Adelaide, I also considered MODE. They're similar projects in that they're both loft-style, midrise infill buildings on Adelaide just west of Spadina, which is a great area in my opinion, SomeGuy222. It's close enough to the action of the Entertainment District and the downtown core in general, but just enough removed to be quieter and less trafficked -- and with the moratorium on bars/nightclubs west of Spadina, hopefully it'll stay that way.

    Sales at both 455 Adelaide and MODE may seem slow compared to highrise condos, but I think it's always that way with loft-style buildings, given their non-central locations and fewer or non-existent amenities (which result in much lower maintenance fees). I actually prefer less amenities.. why pay for things I'll barely use? Plus the standard 10-ft ceilings of most of these loft developments are a huge draw.. 1 extra foot makes a huge difference.

    Mystery Man TO, you're right, the building is oddly configured. The L-shape was required because the owner of the houses fronting Adelaide refused to sell to the developer. But it will be significantly taller than these houses, so only the units directly behind the houses, and those units that will have views into other units might suffer because of this shape, and those are most likely the units that aren't selling. I doubt it will "eventually be completely surrounded by buildings;" I can't see something being approved to be built blocking the Adelaide frontage, despite the setback. I hope you're right about St. Andrews Park; the recent revitalization is promising.

    bizorky, I remember seeing a post from you a while back about this project/area. What's your opinion of it?
  7. marruda

    marruda Guest

    Hey PAL444,

    I bought at 455 last year as well. I was at 32 Stewart before, and I know the area is great.

    I agree with your take on the sales cycles for smaller buildings. The marketing budgets are also different. 455 only started doing print advertising en masse a while ago, basically once they hit 50% or so. Last I checked, they were at close to 80% sold.

    Mode is basically Quad Phase 3, with a more updated look. I prefer 455, and think the zen garden will be a very cool, very innovative feature.

    Welcome to the boards!
  8. bizorky

    bizorky Guest

    Welcome to the board Pal444, and thanks for asking.

    Over all, I really really like the area. It is a very short distance to some of the best cultural attractions in the city, and very well connected with transit. I think that, in terms of its redevelopment, it is not finished yet as an emerging neighbourhood. My only concern is that there may be some over-development happening over the longer term that could potentially reduce the character of the area. I don't think that this has happened yet, though.

    As the area become more popular for residential living, I wonder what will happen to the new nightclubs that have spilled over from east of Spadina. Will they stay? Will they be squeezed out? Will there be concerns over noise? The area is hopping on Friday and Saturday nights.

    There are some fantastic restaurants already there, and a couple of spas have opened recently as well. There is now even a Lee Valley store on King, which is a very interesting hardware store. I have loved watching King west of Spadina evolve over the years.

    As for 455 Adelaide, I like the building and will be very interested to see how it turns out. Like the other projects mentioned above, it is a smaller development that is in keeping with the low rise character of the neighbourhood. I think your assessment of the sales and qualities of this type of project are completely accurate.
  9. ecsider

    ecsider Guest

    and that is why im considering a loft instead of a hi-rise condo. Too many times, i'm left scratching my head wondering why ppl want to pay for amenities that many of them will not use?

    Personally these are the ones that irk me the most: dog-spa, virtual golf, test kitchen, and finally the combination quiet room, sitting room, "zen room" redundancy.

    All i need is a 24-hr security/concierge. That's good enough for me.
  10. elook

    elook Guest

    The 24-hr security is a major cost - you're looking at $80k per year to provide that which, depending on the size of the condo could end up being a good portion of the monthly fees.

    IIRC a pool is actually not all that expensive to operate.

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