Toronto X The Condominium | ?m | 44s | Great Gulf | a—A

[cdr108]

All it would take for that 20 000 number to come down (and it drastically needs to) is for several large projects to be cancelled, put those buyers back into the market (assuming only 50% of those would want to purchase at this time) and the inventory could very quickly be cut in half. That would be a best case scenario for Toronto I think.

True, I totally agree with you. The question though is how many large projects are there that could be cancelled?

I surmise (sp) anything that has come to market since mid-2008 and has not reached critical mass of 60% sales based on gross SF, and not # of units will hopefully be canned.

That will benefit all those who purchased and the RE market in TO to minimize the oversupply.

If we estimate 9 units per floor, then a 25s building (assuming 1s is used for lobby and amenities) has 216 units = (9 * 24); 45s building = 394 units.

If we average 300 units / building, then cancelling 15 to 20 projects would hopefully make a big difference.

In the thread for Fashion House, I was suggesting that Freed should shelve that project and get his clients into the remaining units he still had. Even after doing all of that, he would still have 25% of a building for sale.

 

[grey]

iirc, your calculation methodology in the fashion house thread wasn't widely accepted...

 

[cdr108]

iirc, your calculation methodology in the fashion house thread wasn't widely accepted...

No it wasn't ... there was some dissent from a banned member; but the numbers were right.
Of course there will be variations on the size of units but if we were to assume all things equal ...


Quote from 10/09/2008:

Freed has 5 projects in TO of which 4 are ~ 70% sold and 1 at ~ 50% sold:
1. 550 Wellington - 336 units @ 70% sold = 235 sold, 101 left;
2. 75 Portland - 212 units @ 70% = 148 sold, 64 left;
3. 650 King - 214 units @ 70% = 150 sold, 64 left;
4. FashionHouse - 361 units @ 50% = 180 sold, 181 left;
5. 500 Wellington - 17 units @ 65% = 11 sold, 6 left.

500 Wellington is an exclusive project so I will exclude this from the total because it's marketed towards a different type of buyer.

If the 180 units that are sold at FashionHouse were re-allocated to the unsold units of 550 Wellington, 75 Portland and 650 King (101 + 64 + 64); there still would be an excess of 49 units for sale PLUS an empty FashionHouse.

 

[grey]

I think Freed would be lucky if even half of the owners of those sold units would be willing to switch buildings. That goes well beyond what ever material change provisions they have in their contracts.

 

[cdr108]

I think Freed would be lucky if even half of the owners of those sold units would be willing to switch buildings. That goes well beyond what ever material change provisions they have in their contracts.

That is true ... but there's hoping.
There's nothing worst than excess inventory ... that ultimately negatively affects the end users when a builder has to slash prices to get rid of the left-overs.

 

[jmacmillan]

construction progress

View from south-east corner facing north-west...

... and view from south-west facing east.

 

[jmacmillan]

Construction update

View to east.

East side.

North side.

West side.

 

[jks]

Thanks for the pics, this will be one of the awesomest condo towers in Toronto! (If it turns out being that shade of black as in the renders, I'm not getting my hopes up, but am still waiting for this one)

 

[Solaris]

New Address

it appears that the new address for X Condos has been assigned to 110 Charles St E (changed from former 590 Jarvis St)

 

[Kahlua17]

They progressing quite well. Today they have started pouring the supports on the second floor.

 

[dt_toronto_geek]

The second floor? I was by there last night & noticed about 1/3rd of the site (the east side) appeared to nearly have level 1 complete and the west 2/3rd of the site was pretty much at grade.

 

[Kahlua17]

^^ On the 1/3 that is almost complete, they've started pouring 2 of the supports, plus the elevator shaft for the second level.

 

[confusion]

it appears that the new address for X Condos has been assigned to 110 Charles St E (changed from former 590 Jarvis St)

haha, of course. People would rather associate their address with the east-west routes like Bloor or Charles instead of Jarvis or Sherbourne.

Impressions are everything in this city.

 

[dt_toronto_geek]

^^ On the 1/3 that is almost complete, they've started pouring 2 of the supports, plus the elevator shaft for the second level.

You are correct, I saw the forms at the south/east part of the site when I went by early this afternoon.

 

[barrytron3030]

haha, of course. People would rather associate their address with the east-west routes like Bloor or Charles instead of Jarvis or Sherbourne.

Impressions are everything in this city.

you may be right but i find that really silly considering the history and beauty that can be found on jarvis and sherbourne. love those names too. i love when marketers try to advertise a condo as being "steps from yorkville" and "minutes from the entertainment district"...this is true if you have a helicopter.

anyway, yes this building is making some nice progress. it's great that it is now above ground. like mr. hume said, this building along with other developments will force people in toronto to once again take notice of jarvis.