Discussion in 'Real Estate - Individual Project Threads' started by bmiller, Dec 15, 2012.
If I'm paying $1,000sf I hope I'm getting finishes like that..
haha yea, but $1k/sf is quite a discount from their starting price though
^fine. *Over 1k a sf.
three packages for the regular unit, you can probably mix and match if you pay a fee
First three pics are from the nicer unit, probably the palatial units. The last few pics are standard
1,200psf and you still get laminate and a mix and match of appliances lol
any sales figure out yet?
I received pricing info on the one bedroom + den units. (and some others).
$780,000 - 640 sq. ft. it doesn't say what the fees are but I'm assuming $1,000+ parking space extra (while they last).
So with the min. down payment (say $53,000) someone - 0r more likely some couple - would have to mortgage $730,000 - around $4,000 per month+ plus condo fees and taxes = around $5,100+ per month - more if you purchase a parking spot. How do people do this? How do banks justify these mortgages?
Perhaps these buildings are designed for people who don't need clothes or groceries?
That's a scam. You're paying for location, meanwhile the finishes will be the same rushed rubbish you get anywhere else. At least that layout is super efficient. Yet again though, not enough storage space, not enough counter space in the kitchen.
I can't believe people go into debt for this crap. 780K for a 1+den? GTFO
Insane, nonsensical pricing.
Jesus, I can’t imagine having a $700k mortgage. 20 years ago when we bought our place I thought a $275k mortgage was terrifying, and it was.
@dracolnyte laminate can be more expensive than hardwood. I had to upgrade to laminate with my last Pemberton purchase.
no parking for units with 1 or 1+1 bedrooms, only reserved for the 2 beds, and they were 65k each. Minimum down payment required is 20% for this project (5% on 30, 60, 180 days something like that and last 5% on occupancy). When I went there, most of the people seem like foreign buyers, my agent said he had another client fly in to sign tomorrow.
Realistically, someone needs to make a household income of 200k minimum to live comfortably there for the 640sqft units. But if we had 200k income, we wouldn't even be looking here, everything seems subpar and the location/name is overrated. With the government shutting down on foreign financing, capping the amount of oversea money transfers, and foreign buyer tax, only very few local Canadians can afford these kind of monster mortgages. I think the developer is banking on foreign buyers to support the project
In regards to sold % - I'm actively selling this project and have been since launch.
Pinnacle doesn't openly disclose their numbers, but they've already started construction so that's always a good sign.
In terms of what I'm seeing for availability, 3 floor plans are already entirely sold out (the SE 2 Bed likely to lots of end-users and the smallest 2 Bed and 1 Bed to lots of investors), and the high floors seem mostly sold out for all of the plans in general. If I had to take a stab at it, I'd say without doubt Prestige alone is over 50% sold.
With East Waterfront launching in the same price ball-park, Lakeside Park Suites launching at $1000 PSF, Aqualuna at $1200+, One Yonge's pricing isn't seeming to scare anyone away. With the rising construction costs, huge developmental levies to extend the Path and make changes to the Gardiner, I'd assume Sugar Wharf will launch in the same price range. I'd be wary of and pre-construction developments priced markedly below competing projects given the recent increase in development cancellations.
Wow, 1,000+$ / sq ft is pretty insane. It worries me that these are being gobbled up by (foreign?) investors but they end up not finding a market after construction, and they whole thing goes downhill. On the flipside, it also scares me that these prices may end up being sustainable, and in 3-4 years, it inches up to 1,500$ / sq ft!
There is a premium to be connected to the path with lakeside living. Considering Aquabella sold for $1K+/sq/ft a few years ago, and this building is closer to the core, with Path access. This makes sense. Also mentioned above, the surrounding arena is priced very similar, if not higher (aka, Aqualuna). Look at what Pier 27 is selling for now, and I wouldn't classify this building, or the Tridel block as investor driven. Seeing where this area is heading and it's location, I believe it will def. be a luxury area. But that's just my opinion.
This is not connected to the Path.