Westside Gallery Lofts (Urbancorp) - Real Estate -

Discussion in 'Real Estate - Individual Project Threads' started by valves, Nov 14, 2007.

  1. valves

    valves New Member

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    Urbancorp has changed the westside lofts to the westside gallery lofts. In the process they have altered every floor plan, lowered ceiling heights from 10 ft to 9 ft and increased the height of the building from 15 to 20 stories.
    Previous purchasers are allowed to switch units for a "comparable one" or are asked to take their deposits back.
    "Comparable" layouts are determined by the builder and anyone who wants to move up in floors, ie purchased the penthouse on the 15 floor originally and wants to remain the penthouse, would now have to pay market rate for the "comparable unit" or be left with the 15th floor without any price adjustment. Average price per sq ft is now $430.
     
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  2. unimaginative2

    unimaginative2 Senior Member

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    9 foot ceilings? Do they have even the slightest clue what a loft is?
     
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  3. Hydrogen

    Hydrogen post-young

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    Your version of a loft might be too lofty for them.
     
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  4. jadestone

    jadestone New Member

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    Hello,

    I bought a unit on the 3rd floor, which is now being removed for the new art gallery. They're offering my deposit back, or a unit in a different building. Since I bought it has gone up nearly 50 grand. My deposit back would not be fair and the other location is not as valuable as this one. Is there any advice anyone can give me? I'm guessing there are a lot of people like me being screwed over, lol. Thanks in advance!
     
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  5. yyzer

    yyzer Senior Member

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    you should talk to your real estate lawyer...:)
     
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  6. valves

    valves New Member

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    your options are limited...either take back you deposit with a whopping 1% interest or take their offered comparable unit...I chose to take back my deposit and 15 days later I'm still waiting for my funds, which legally they have to provide back within 10 days...reassures me that I'm doing the right thing by getting out...Urbancorp has to be the worse developer out there and I for one will never do business with them ever again...
     
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  7. cuzzin_elias

    cuzzin_elias Banned

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    Westside gallery lofts - opinions?

    I was checking out this development over the weekend and they have some decent floorplans and the prices seem reasonable. There was some nice ground-floor units with private terraces, any opinions on these?
     
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  8. CGM

    CGM Active Member

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    I haven't heard much other than they're about start digging...so I guess it's sold well...
     
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  9. facebookruinedmylife

    facebookruinedmylife New Member

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    What a bunch of evil bastards the Developers are. How do they get away with that crap? This sort of thing cries out for consumer protection legislation for home buyers.
     
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  10. CGM

    CGM Active Member

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    WestSide to your left, Bohemian straight ahead

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    [​IMG]
     
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  11. panekkkk

    panekkkk New Member

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    Westside Gallery Lofts - Updated opinions, buying?

    It seems that Westside Gallery Lofts has broken ground and are offering some pretty attractive buying options.

    I'm looking pretty hard at their 2 bedroom units. It seems there are a lot of ppl pissed off about the changes to the proposal and floor plans last year but since then I haven't heard anything bad. Urbancorp sounds pretty reputable with units like Electra Lofts and 915 King West.

    Anyone else considering purchasing? Any downsides with the areas: active 18, CAMH being close by, the proposed pedestrian cycling bridge over the tracks falling through, etc. Thoughts?
     
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  12. AKS

    AKS Senior Member

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    rule of thumb. Once they break ground, the prices get hiked up (after other hikes between friends and family, VIP and public sales). They probably tacked on incentives to make it more attractive after the price hike.
     
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  13. panekkkk

    panekkkk New Member

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    They seem to be offering a 5% credit which lowers the price considerably.
     
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  14. AKS

    AKS Senior Member

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    Well, you would have to see the original VIP price to tell if that's a deal or not. The price could have jumped 20-50k since then.
     
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  15. panekkkk

    panekkkk New Member

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    Yes, I'm trying to find this info. If anyone could help that'd be nice...
     
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