Project Essentials / dataBase – detailed project information, floor plans, renderings
Projects & Construction Thread  I  Real Estate Thread
Casa 
33 Charles East, Toronto
Developer: Cresford Developments

Casa Condos (Cresford Developments) - Real Estate -

Discussion in 'Real Estate - Individual Project Threads' started by waterscapes-guy, Oct 1, 2009.

  1. waterscapes-guy

    waterscapes-guy Active Member

    Joined:
    Oct 3, 2008
    Messages:
    216
    Likes Received:
    0
    Location:
    Toronto
    I don't know about anyone else but I'm still waiting to get a locker. I asked the sales rep about a month ago and he mentioned they would be available around this time. Was anyone contacted yet?
     
    #1

  2. Yossi Kaplan MBA

    Yossi Kaplan MBA Realtor

    Joined:
    Dec 8, 2008
    Messages:
    169
    Likes Received:
    0
    Location:
    Downtown
    #2
  3. Runningbear

    Runningbear Guest

    I also asked the guy in the sales office mid august and he told me they were preparing the letters and shoud know something in september but no news since then!
     
    #3
  4. waterscapes-guy

    waterscapes-guy Active Member

    Joined:
    Oct 3, 2008
    Messages:
    216
    Likes Received:
    0
    Location:
    Toronto
    lockers

    Stopped by the sales office yesterday. The rep told me that they are waiting to release the lockers closer to closing time. Apparently there are only about 125 lockers available and a long waiting list. Not sure where I am on the totem pole but it will be tough for me without a locker.:(
     
    #4
  5. archetype

    archetype New Member

    Joined:
    Jul 6, 2008
    Messages:
    93
    Likes Received:
    0
    Just 125 lockers? Uh oh, I bought my 2br suite in 2006 and was supposedly placed on the 'wait list' then. What are the odds of me securing a locker?
     
    #5
  6. waterscapes-guy

    waterscapes-guy Active Member

    Joined:
    Oct 3, 2008
    Messages:
    216
    Likes Received:
    0
    Location:
    Toronto
    A lot better than mine. I bought in 2007
     
    #6
  7. Granny

    Granny Active Member

    Joined:
    Sep 22, 2007
    Messages:
    731
    Likes Received:
    0
    Hmm. Interesting..

    Why didn't this builder sell lockers to buyers back in 2006 (at 2006 prices) with a clause such as lockers are limited and on first served or lottery basis. Those that lost out would be refunded their deposits on a locker. Simple enough, and up front that way, I would think.

    This builder appears to be rapidly acquiring a reputation that should make any potential buyer extremely wary.

    As a dyed in the wool sceptic myself I would be willing to bet a couple of cookies that:

    A: They are planning to sell those lockers at highly inflated 2009|2010 dollars to anxious buyers.
    B. They are creating a 'demand' by informing buyers that there are very few lockers available.
    C: There are probably going to be more than just 125 lockers available for the whole building.
     
    #7
  8. WeirdFishes

    WeirdFishes Active Member

    Joined:
    Jan 24, 2009
    Messages:
    437
    Likes Received:
    0
    This was the reason why I did not buy in Casa, and the fact 1 bedrooms could not buy a parking spot.....
     
    #8
  9. dventura

    dventura Active Member

    Joined:
    May 17, 2008
    Messages:
    211
    Likes Received:
    0
    I bought a 1BR and got a parking spot with it. I bought the MILANO which maybe they consider a 1 plus den I don't know.

    I agree with the last post about the lockers. Although somebody may know better than me...do they make money on lockers? I know there are a lot of claims that they don't make money on parking. But if they make money on lockers then why on earth would they only make 125? Meanwhile having 8 levels of parking which seems like a lot!

    It kind of seems to me though that they can make a lot more on parking than lockers? How much does the average locker cost? $3500 and the average parking spot $35000? It just seems to me like 10 lockers take up more space than 1 parking spot.
     
    #9
  10. cdr108

    cdr108 Senior Member

    Joined:
    Apr 22, 2008
    Messages:
    4,614
    Likes Received:
    2
    Location:
    Toronto

    i think it comes out to be the same, but my measurements could be wrong:

    locker - 3' x 5' = 15 SF;
    parking - 10' x 15' = 150 SF
     
    #10
  11. Solaris

    Solaris Senior Member

    Joined:
    Jun 22, 2008
    Messages:
    5,347
    Likes Received:
    7
    typical parking spaces are roughly 2.75 metres x 5.8 metres (appox 9' x 19' = 171 sq.ft.)
     
    #11
  12. YR18

    YR18 New Member

    Joined:
    Feb 4, 2009
    Messages:
    8
    Likes Received:
    0
    I am just as anxious as the rest of you to get a locker, but how can we sit here and blame Cresford of trying to maximize on their profits by trying to sell the lockers for as much as they can. I am a simpleton, but you dont have to be a genius to know and understand the simple laws of supply and demand. If you were in business for yourself, can you honestly look at yourself in the mirror and say that if you were in a position where you have a product that is in high demand, you wouldnt sell it for as much as possible? the answer is no! you would always try to maximize your profits, as would I, as does Cresford. Lets be reasonable here folks.

    P.s. read your condo docs...210 Storage units!!!
     
    #12
  13. Granny

    Granny Active Member

    Joined:
    Sep 22, 2007
    Messages:
    731
    Likes Received:
    0
    I certainly would not give you an argument, when you state you are a simpleton. I am impressed with an individual who is willing to take self deprecation to that level on a public forum.
    You certainly understand the simple law of supply and demand. Again, you have no argument from me on that.
    However, the more ambiguous law of straight forward, open and honest business ethics seems to have you a little confused.
    A thought to consider..
    You are spending several hundred thousand dollars on your future home. You no doubt want to get the best value for your money and personal choice has put you in the position of buying from this builder.
    This builder could have easily offered at the time of your signing your purchase agreement and your putting deposits down, the parking spot AND the locker. That is the time you normally have the opportunity to buy these things from any reputable builder in this city who would sell you a condo unit. The locker and parking spot is a part of your future home!
    Your attitude that the builder should have the absolute right to extract from you for as much money as he possibly can is ..unusual.
    I can only imagine how this builder must fantasize about pulling in to the their sales office, many more understanding 'reasonable' purchasers like yourself.
     
    #13
  14. YR18

    YR18 New Member

    Joined:
    Feb 4, 2009
    Messages:
    8
    Likes Received:
    0
    First off, i'd like to begin by commenting that i am saddened by the fact that people like you have lost their sense of humbleness. It is usually the self proclaimed "intelligent" people, as you seem to suggest you are, that are the...well...lets just say the un-intelligent ones.

    Back to my point. Youve posted about 5 or 6 posts back that maybe the developer should have been "...sell lockers to buyers back in 2006 (at 2006 prices) with a clause such as lockers are limited and on first served or lottery basis. Those that lost out would be refunded their deposits on a locker. Simple enough, and up front that way, I would think."

    Allow me to say that i have yet to hear a worse idea. How would you feel if you bought in 2006, and youre in this lottery, where you have already paid for a locker, and lose out to someone who purchased last week? You just had about 5K locked in for almost 4 years for no reason! could have used it for something else in the meanwhile...Is that fair?

    Am I a fan of the way it is done? No! But i am well versed enough in business to know not to fault a company who is trying to maximize profits by selling an item that is in high demand. As much as most of you hate to admit it, and i do as well, this makes business sense. So please see it for what it is. Fact is, if you got on the waiting list in 2005 or 2006 you are highly likely to receive a locker. Yes, you may pay an additional $1000 for it, but if you bought so far back are you really complaining about $1000? You have made a significant amount of money on your purchase and im sure youre not complaining about that Granny.

    almost every developer in the city sells lockers to the first purchasers who come through their doors, and quickly sell out. The way Cresford does it is pretty well the same, except instead of paying for the locker when you first purchased your unit, you pay for it at the end at a (potentially) slightly higher price. This makes business sense due to the demand. I hate to be the one breaking to you that each item you have ever bought is priced based on how badly other people want the same item. Take for example 1 bloor east (before it got canned ofcourse). The day they released their units for sale, they sold units starting at 300K. Once they saw the demand, they have raised the prices to 500K for the same unit. 200K difference in one day!!! I know that for a fact cause i was in line :) . Now tell me, at the time that project was so hyped, how can you fault that developer for trying to maximize their margins if their project was in such high demand? Welcome to the real world son. you may be a bit over your head :)
     
    #14
  15. Pretzel

    Pretzel Not New to UT

    Joined:
    Jun 16, 2008
    Messages:
    144
    Likes Received:
    0
    Location:
    Mississauga
    YR18, if you are selling a product and already incorporated 15% profit in the selling price, then you realize people are lining up to by more. Do you increase the price which increases your profit or do you keep the price the same? Keep in mind you’re already making profit on the product.

    I think you’ve mistaken GREED with “Business sense†(IMHO), unfortunately a lot of people would see nothing wrong with what Cresford is doing!

    As far as I know most builders do sell you the locker upfront and don’t ask you to wait until the end to see how much more they can get for it.
     
    #15

Share This Page