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$100,000 price cut gets things moving - could this be telling of things to come ?!?!?

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cdr108

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could this be telling of things to come ? ! ?

a 1,632-square-foot sub-penthouse suite in a still fairly new building selling for ~ $410 psf that includes a locker and two parking spots ! ! !



http://www.theglobeandmail.com/real-estate/front-and-blue-jays-way/article1642573/

Done Deals Toronto
Front and Blue Jays Way
$100,000 price cut gets things moving

Sydnia Yui

From Friday's Globe and Mail
Published on Friday, Jul. 16, 2010 12:55PM EDT
Last updated on Friday, Jul. 16, 2010 1:51PM EDT

397 Front St. W., sub-penthouse 7, Toronto
Asking price: $799,900
Selling price: $670,000
Previous selling price: $516,783 (2003)
Taxes: $4,419 (2009)
Days on the market: 87
Listing agent: Boris Kholodov, Royal LePage Real Estate Services Ltd., Johnston and Daniel Division


For months, the price tag of $799,900 kept buyers away from this rare two-bedroom-plus-den corner suite on the sub-penthouse level of a 36-storey high-rise downtown.

But as soon as the asking price was reduced by $100,000, a buyer promptly began negotiations with agent Boris Kholodov.

“It’s one of the nicest units in [Concord] CityPlace, and it is definitely one of the biggest in the complex,†he says. “Most of the units tend to be one-bedroom or smaller two-bedroom suites.â€

Floor-to-ceiling windows allow sunlight to brighten the 1,632-square-foot suite, which has a central kitchen overlooking a living room and a dining area with sliding doors to one of two balconies.

“It offers premium views and a very large living area,†Mr. Kholodov says. “It’s a very nice unit for someone who likes to entertain.â€

The unit also offers a lot of privacy, with the bedrooms located on opposite ends. Both have large private bathrooms, though the master suite also has a walk-in closet and access to a second balcony.

The den is also enclosed with French doors, and there is a third bathroom, which “is not common, especially not in this Concord CityPlace complex,†Mr. Kholodov explains.

For easy cleanup, there are hardwood floors in most areas and ceramic tile flooring in the kitchen, as well as en suite laundry.

A locker and two parking spots are also reserved for this unit. All utility and cable costs are included in a monthly fee of $956.

In addition, residents share the use of a gym, indoor pool and sauna, plus a recreation room.
 
I don't know as to why anyone would want to live in City Place at any price. A few years down the road, I have a feeling, it will turn into another Regent Park.

When I was young, handsome and single, St. James Town was the "In" place to live. That was the place to socalise with the best of the 'chicks' in town. And I lived there for a few years.

Look at it now.
 
KA1 Writes
" I don't know as to why anyone would want to live in City Place at any price."

Go have walk at Cityplace, there are no issues filling in the spaces with people. you would get to know alot of people that live there.

"St. James Town was the "In" place to live. That was the place to socalise with the best of the 'chicks' in town."

This is a huge selling point for me man! SIGN ME UP!!!!!!!!!!!!!!!!!!!!
 
KA1 said:
I don't know as to why anyone would want to live in City Place at any price. A few years down the road, I have a feeling, it will turn into another Regent Park.
Click to expand...

While I probably won't want to City Place, it is ridiculous to compare it to Regent Park, the latter is a public housing for crying out loud. You can't even afford a parking lot at those places in City Place.
 
CN Tower said:
http://www.fin.gc.ca/n10/10-011-eng.asp
Click to expand...

quote from the Department of Finance site - i find the wording quite telling as they used speculation, not 'investment' and the DoF must have indications that some FIs are over-extending loans


* Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner-occupied properties purchased for speculation.

"There's no clear evidence of a housing bubble, but we're taking proactive, prudent and cautious steps today to help prevent one. Our Government is acting to help prevent Canadian households from getting overextended, and acting to help prevent some lenders from facilitating it," said Minister Flaherty. "If some lenders aren't willing to act themselves, we will act. These measures demonstrate the Government is committed to taking action when necessary to support the long-term stability of a sector that is so vital to our economy and the financial well-being of Canadian families."
 
big deal, the unit was overpriced to begin with at the height of the economy.

If I had that money to spend I would buy into a more upscale, exclusive, newer and more sophisticated building. There are way too many units here and many of them are occupied by renters.

It's the agent's fault for letting his listing go stale.
 
I read this in the paper as well and thought it was at least interesting that they put in something that sold well below asking price than suggesting that 1/2 of everything goes above asking price.

That said, I can only say that I have never had a good feeling about City Place. It just makes me uncomfortable. I think trying to sell a large unit at a relatively high price $670K opens up alot of choice to other more desirable developments. Entry level small rental units at City Place, OK, and even that I don't care for much as an investment as too many units there can come on sale as so much of the same thing is available. I am just expressing my own personal feelings and others who have purchased there feel I am sure differently and love it. I just believe while this may be indicative of things to come, it may also be a discount for City Place since one has so much choice there if one wishes a suite.

As well, one does not know the individual sellers situation and it may well be that the seller had to move, perhaps transferred, life situation change etc. I don't think we can draw too much from this one listing but I thought too it was interesting when I read it in the paper. A first for a realtor to post a deep discount in the core.
 
I just saw photos of the listing and it's a rather dated basic looking condo.
It just can't compete with newer, better finished condo units out there.

I agree with interested, as they are selling one of the largest and pricer units in the building, just like trying to sell the most expensive house in the neighborhood -- it's going to be a hard sell.
 
Sepiraph said:
While I probably won't want to City Place, it is ridiculous to compare it to Regent Park, the latter is a public housing for crying out loud. You can't even afford a parking lot at those places in City Place.
Click to expand...

While I would agree that comparing it to Regent Park is a bit overkill, the valid point is that if a highrise goes bad - it can't be saved. It's why Adam Vaughan is being so particular about cityplace - I think he fears the problems that can arise. They've already found a crack producing apartment in one tower and there are several units across the project that are being used as rooming houses with exchangable keys because the security isn't as high as it should be and the keys are easily replicable. Personally I like Cityplace and think it adds a lot to the downtown, but vigilance will be necessary until it can actually create some kind of community and that'll take another 5-10 years.
 
simuls said:
While I would agree that comparing it to Regent Park is a bit overkill, the valid point is that if a highrise goes bad - it can't be saved. It's why Adam Vaughan is being so particular about cityplace - I think he fears the problems that can arise. They've already found a crack producing apartment in one tower and there are several units across the project that are being used as rooming houses with exchangable keys because the security isn't as high as it should be and the keys are easily replicable. Personally I like Cityplace and think it adds a lot to the downtown, but vigilance will be necessary until it can actually create some kind of community and that'll take another 5-10 years.
Click to expand...

I would, once again, stick my neck out and repeat that whole City Place development is on a downward spiral, and the spiral in gaining momentum, towards being the next St. James Town at Wellesley and Parliament and, eventually, a Regent Park.

In the thread "Baby, we got a bubble?" Urbandreamer has stated (post # 1006) that in one building "... over 60 condos for sale in one City Place building...".

About 18 month's ago, CBC's Market Place had documented the case of a unit owner in the complex. Whenever it rained, and there was a slight wind, water would pour into the unit through the windows. Developer had been trying to solve the problem but without any success.

Uptill about a year ago, there was a website exclusively documenting, despite threats of legal action from the developer, about quality problems with units in various buildings.

In the post above, it is stated cracks in a building and units being used as rooming house with exchangable keys.

Lots of apartments are for sale for different reasons -- investors getting cold feet, moving away or just plain being fed up with the state of affairs. There are only 2 options -- rent the unit to cut down cash flow drain or sell the unit at whatever price it brings. That, in turn, will attract individuals with no pride in the ownership and no care and concern for the neighbourhood. This is already happening. Soon, drug dealers and others of the like will move in the 'rooming houses' shattering peace and security of the individuals wanting to stay put.

It is only a matter of time that quite a few of these individuals will be forced to go somewhere else.They would look for a bit more expensive apartments in the desirable buildings and neighbourhood. That, in turn, will enable owners of these units to move "up the ladder" and go for more expensive units.

That, my friends, is a good news for investors in luxury developments like Shangri-la and AURA. Good Times will be here soon. Recession for the owners of units in these developments will end sooner rather than later.

Bottoms up.
 
Thing about Cityplace is they're the only builder I know that actively caters to investors. Go into the sales office....they have "investor finishes" basically basic finishes (basic, small appliances) but you save like $15K off the price which is a no brainer for an investor.

This is what happens when you let one developer build up such an important piece of land. I feel like Cityplace is a missed opportunity but I'm still holding out hope that there's greatness around the corner. The lack of retail is disturbing and baffling at the same time. They need to have a giant block of stores, bistros, cafes, bars, etc...
 
Developers of City Place and Concord Place are wealthy individuals from Hong Kong. They had built a massive apartment complex in Vancouver. They have deep,very deep, pockets.

Government did not wish to get actively involved in the development process -- selling small parcels to different developers. There was no master plan.

This was the only company willing to undertake development all by itself. Like any other developer, they are in it to make maximum amount of money. Every one can see the results.

My heart goes out to various individuals who are stuck with their investment and face possible huge losses. But, then, this is what happens when you roll high stakes dice.
 
KA1 said:
In the post above, it is stated cracks in a building and units being used as rooming house with exchangable keys.

... Soon, drug dealers and others of the like will move in the 'rooming houses' shattering peace and security of the individuals wanting to stay put.
Click to expand...

I think you misunderstood ... the poster didn't say cracks were in the building (although that may/may not be true) but that there's already a crack house/condo there

simuls said:
...They've already found a crack producing apartment in one tower ...
Click to expand...
 
Meh, they have drug operations in upscale buildings as well...I can't knock the builder for that.
 
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