King West Life in Liberty Village (Plazacorp) - Real Estate -

[Gooner]

Plazacorp

As my posts indicate im very pumped about the project. Only thing I cant find too much info on is the builder....anybody have any info on Plazacorp?

 

[CGM]

^... From what I've heard from some of the trades people is that they don't cheap out and use better quality materials and finishes than most builders for the same price. Their marketing and buildings are conservative by approach and design.. They don't have any "flashy" buildings. Their current projects are 900 Mt. Pleasant, Feather Factory Lofts, West Harbour City (beside Malibu) and The Regency in Yorkville which comes with its own butler service and starts from 2.5 million.
Their web presence is rather weak though (www.plazacorp.com)... They don't give a complete picture of King West Life and don't even mention Feather Factory Lofts (http://www.torontolofts.ca/ff_gallery.html)

 

[drum118]

Dec 12 Visit

The sales office and parking lot was a zoo on Sat

 

[JayBee]

I was there for the VIP event. The standard finishes are pretty amazing. Undermount sinks, fireplace, oversized fridge, etc.

What are your thoughts on a 9th floor 1 bed unit 570 sqft for $250K includes parking and locker?

 

[interested]

I was under the impression that 1 bedroom units included locker but did not include a parking spot. Is the parking spot extra and included in your price of $250K.

 

[interested]

Sorry mods: If you wish you may transfer this discussion to the real estate section.
Also, could I ask how were sales at the VIP event. what are the sales like in KWL 3 which I assume you bought in? Were they close to sold out when you were there today?

 

[Anthony]

Phase 3 is almost done under secrecy! I was told it's 70% sold. Not many 1b or 1b+den units left for the public opener in January. Prices are ridiculously cheap for this condo. $210,000 for a 530sf one bedroom with locker. It's definitely under the resale market. Where are you going to find a one bedroom anywhere downtown for this kind of price today. I sold a bunch of units quite easily but they've ran out of selection. There are some on hold of the public event but not so much.
I really like co-operating with Plaza Corp. They are not over priced like many greedy developers and the quality you get beats a lot of higher priced condos like ICE, Tridel etc, etc.

 

[interested]

Thanks Anthony.

I guess this puts virtually to rest that this "won't get built". Provided they can arrange financing, they would be over 70% sold on the whole project in a short time.

I agree that Plazacorp does offer a nice product and it appeals that their model suite is "standard" and what you see is what you get as opposed to massively upgraded model suites.

 

[JayBee]

I was under the impression that 1 bedroom units included locker but did not include a parking spot. Is the parking spot extra and included in your price of $250K.

parking is extra, but included in the 250K price.

 

[dc01231]

I was under the impression that you weren't allowed to purchase parking if it was a studio or 1 bedroom. They said people who purchased the smaller units would go on a waiting list...

parking is extra, but included in the 250K price.

 

[Gooner]

Does anybody have phase 3 pricing? I am curious if the suites not directly opposite another tower (ie - unobstructed 'view') were of a significant premium to those which were not (ie - phase 1 suites facing west).

Also based on the phase 2 pricing it appears the pricing went down slightly from phase 1 (somebody mentioned they kept pricing the same on all 3 phases)....

 

[urbandreamer]

Do not purchase to live here--majority of units purchased by investors, some to flip, but mostly to rent out.

 

[dc01231]

Where are you getting this info from? I am pretty sure they are only letting people buy one unit. I asked and they said 1 title per person in order to keep it as an owner occupied building.

Do not purchase to live here--majority of units purchased by investors, some to flip, but mostly to rent out.

 

[Solaris]

when a project (such as KWL) is sold nearly exclusively through agent/broker events, it would be inevitable and expected that the building will contain mostly investors to flip or rent out their unit ... hence very few owner occupied units

 

[interested]

when a project (such as KWL) is sold nearly exclusively through agent/broker events, it would be inevitable and expected that the building will contain mostly investors to flip or rent out their unit ... hence very few owner occupied units

I agree there will likely be alot of investors. That said, not every agent is there working for investors only hence a fair number will end up in the hands of end users. Also, a number may be offered for sale by the "flipper/investor crowd".

I spoke with the agent on site today. KWL sales have been brisk and the 70% sold figure for the 3rd building seems to be correct. the question is how many in the ten day recission period will come back and how many when opened to the public in January will buy as end users. However, I believe that in most buildings at the $400 price range within the core and nearby are likely being fueled by "investors/flippers/speculators(though less in this last group) to the tune of 50% of sales. I cannot support this number, it is just the feeling I get despite the 30% figure of investors usually quoted.