River City Condos (Urban Capital) - Real Estate -

You sound like a very pleasant and positive person. Refreshing to see on this forum.

NBGtect said:
Okay, thank you for the advice. We will 'chill out' and have an extreme level of patience and tell all of our disgruntled neighbours (who have become friends) who have the extract same thoughts as us to do the same. It's obviously all of us and not the developer here who is to be given unsolicited advice. Again, thanks so much.
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NBGtect said:
Okay, thank you for the advice. We will 'chill out' and have an extreme level of patience and tell all of our disgruntled neighbours (who have become friends) who have the extract same thoughts as us to do the same. It's obviously all of us and not the developer here who is to be given unsolicited advice. Again, thanks so much.
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Seriously, as crappy as your experience has been, it's all normal. It could be much, much worse. Trust me on that one.
 
NBGtect said:
Okay, thank you for the advice. We will 'chill out' and have an extreme level of patience and tell all of our disgruntled neighbours (who have become friends) who have the extract same thoughts as us to do the same. It's obviously all of us and not the developer here who is to be given unsolicited advice. Again, thanks so much.
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It really will get much better! I purchased a unit from Urban Capital's Boutique Condos project, and the first few months were really rough. I moved in at the beginning of January and the site still felt like a construction zone well into the summer/fall. Hallways were bare concrete shells and elevators were boarded up for a long time. But, everything was eventually completed and those months are a distant memory.

With that being said, I ended up purchasing pre-construction from Great gulf and the interim occupancy was a completely different experience. It really was a shock to find the lobby fully completed and the hallways wallpapered and carpeted lol. But, at the end of the day once I was in my unit it didn't matter what was happening in and around the building.

I've purchased yet another unit from plans, so in a few years time I will have to go through this process again!
 
NBGtect said:
Okay, thank you for the advice. We will 'chill out' and have an extreme level of patience and tell all of our disgruntled neighbours (who have become friends) who have the extract same thoughts as us to do the same. It's obviously all of us and not the developer here who is to be given unsolicited advice. Again, thanks so much.
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You're getting really tiresome.
 
deadbirdguy said:
Happily, deficiency fixes are grinding along, and we have a new property manager who has begun imposing some standards, so the place is slowly coming together.
But to quote NBGtect, it has come at the cost of more than a few gray hairs.
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Wow, that's a terrible story, and I'm sorry you've had so many issues.

I agree, the new property manager is really assertive and gets things done.
 
Yeah, they really got things going with a bang last night - the wafting fumes from their grill filled my place, and the booming bass from the DJ could be heard all over that end of the building.

Also thought it was especially nice how all of their VIP realtors clogged up Trolley Crescent with their cars.
 
wow, that's quite sad and shocking.
when did you buy (and at what $ psf) such that you'd still lose money !?!?

NBGtect said:
In the past week, we've had 3 different real estate agents through just for an appraisal and ALL of them came back with figures less than what we paid. Apparently this building is hard to sell. We don't NEED to move anytime soon, but hypothetically, factoring in original closing costs and real estate commissions, we could lose up to $45,000! Again, one more strike against unit owners here.

Little do people know that most condo investors are hard working people and far from rich. Just average Joes trying to better their financial situation for their family. So we genuinely feel bad for people loosing money down the drain here. It really does suck to know that you bought a dud. The CBC condo documentary said it all, unfortunately.

As for us, we are now officially stuck here, while everyday some awful thing happens that we have a bite our tongue. We are just a young couple who can't afford to lose $45,000. I mean, who could? We will grin and bare it until the market and this building improves, but we will rejoice when we are finally free from the daily dose of BS.

This Forum has been somewhat therapeutic, but sad in a way that very few other people speak out. I guess we all have some pride and don't want anyone to know we actually bought a dud :(
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NBGtect said:
We bought last fall at around $540/sq.ft. which SEEMS okay, but there is zero evidence of making any money on resale right now, but another way to look at it is it's an awesome time for a buyer to buy resale. It's a buyer's market here for sure. So I guess someone wins! So we recommend holding on until things improve. Which we will do.

That said, not sure how anyone could profit buying phase 3. The tiny units and high prices per-square-foot do not justify all the hype. People need to do a ton of research before plopping down $$$ and then being stuck with a place you either can't sell or rent for high enough to cover your expenses. Put money under your mattress if you have to, just don't give it to Urban Capital.
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That's your problem right there. You overpaid for it. My question is, if you paid $440/ft would you be as disappointed? Probably not. This is the type of area where you need to wait a good 5 years before making a profit. Quick flip days died a long time ago. The area is in the early stages of a complete transformation. It will take some time before people flock to that area. I think you will have to stay there for a while before you see a profit. You really can't listen to sales agents because they're full of shit. They always tell you that the value will go up instantly. All BS to make you sign. They're the equivalent of the sneaky used car salesman (not all of course).

If it makes you feel any better. My girlfriend bought into a project 5 years ago and the value hasn't gone up at all. So when she sells, she will actually lose money. Good builder too. It happens.
 
I finally got a chance to take a look at RC and was impressed for the most part but came away with a few things that I didn't like. The exterior design is a 10+. I love the modern design. It's a little sparse in some areas (ie: lobby, party room). The carpet in the hallways was not installed properly it seems as it was already coming up. Hallways are very dark and plain. The pool is also ridiculously small. I don't understand it. I think my biggest issue of all is the all in one dryer. RC residents can correct me, but these things are notorious for not working properly. As for the interiors. They're very spacious and well designed. I'm not sure how I feel about the abundance of sliding doors and lack of walls in the larger units. There are some 1000sqft units with masters that have no walls. That's a bit much. I get the whole open concept thing but I'm not sure how functional it is to have rooms separated by a row of sliding doors. Prices seem to be a bit high. Overall Urban Capital did a very good job here. My issues are minor.
 
We are glad you had an opportunity to final check it out! Most people only see the exterior and go gaga over it. We love the exterior, too. That was never an issue though. The thousands of other things that are so wrong don't make up for the cool exterior. Buyer beware.
 
NBGtect said:
We are glad you had an opportunity to final check it out! Most people only see the exterior and go gaga over it. We love the exterior, too. That was never an issue though. The thousands of other things that are so wrong don't make up for the cool exterior. Buyer beware.
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Well, what are some major issues? I'm considering buying something here.
 
So I'm considering a couple units in this building and have some questions.

a) How are the noise levels between units?
b) How bad (or good) is the combined washer/dryer unit? How long does it typically take for a wash and dry?
c) Is there a lot of underground parking? Both visitor and resident? Not sure if I want to rent or buy parking.
d) I know there were issues earlier, but how are you enjoying RC now?
e) What are the demographics of the people that live there? College kids? Young professionals, etc?
f) Would you buy from UC again?


Units are going for $550psf which I think is a little high right now but love the unit sizes and the design of the building.
 
Noise levels are fine. We never hear our immediate neighbours. But there are three terraces below which belong to people who LOVE to party. If it's not one unit it's another. It starts Thursdays and runs all weekend. Zero respect for anyone not in their crowd. So if you love outside party noise, then this is an awesome place.

Washer/dryer is horrendous. Your clothes will be incredibly wrinkled, wet, and need to be hung up and ironed. If you want them "dry" you will have a gross burning smell throughout your place. If you don't wash clothes, then this is an awesome place.

There's 5 visitor parking spaces that they finally have under control. Renters with no parking felt they could park here free for months. So if you know exactly when your guests are coming and can plan ahead, then this is an awesome place.

It's mostly professionals and renters, 21-35. Zero children and a few people with grey or white hair. People were not friendly for the longest time, but have gotten friendlier the past few months. We figured that everyone was so upset with everything that happened that no one was happy and it affected their relationships with their neighbours. If you respect developers who merely throws parties to make up for horrendous deficiencies, then this is an awesome place.

No, we'd never buy from them again. It's all BS and cleaver marketing. All sizzle and no steak.

It is pricey for what you are getting. With all the West Don Lands condos and Riverside Square condos, there will be a TON of supply here to keep prices from appreciating.
 
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