550 Wellington West (Freed Developments) - Real Estate -

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NYCenter

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Hi,

I'm considering buying a new condo unit that would be ready in about 2 years.

I've been looking at units in mainly highrise projects like Maple Leaf Square, Pinnacle and Londo Condos, however the 550 Wellington development (www.550wellington.com) has caught my eye, both in floorplan and standard features. Sales on 550 seem pretty slow though, they are at about 35%; is the location a bad one? It seems fairly convenient to the core.

What do you guys think of the development? How about the area...I've only been in this area for the nightlife and wonder if it will be a noisy area to live in.

Any insight would be appreciated!

NYCENTER
 
Sales on 550 seem pretty slow though, they are at about 35%; is the location a bad one?
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Amazing what is considered to be slow sales these days :)

I'm not a professional or in the field. Empirical evidence at best for the what follows.


25% to 30% sold on opening weekend is typical. 40% over the next year is normal. The remaining 30% after construction starts is common. Faster than that is an exception, not the rule.

Considering 550 has only been in sales for a few months, I'd say 35% sounds appropriate, middle of the pack, and if that is from The Star then it's probably also out of date.

That said, it will be closer to 2010 to registration (2.5 to build since it's fairly short they should be able to run several 3 to 4 cranes, 1 more for sales). I use registration date because occupancy date doesn't tell you much.

There can be up to 1 year difference between ground floor occupancy and penthouse occupancy dates. They advertise ground floor occupancy dates.

Maple Leaf Square will likely not be registered before 2010. Excavating 4 floors at that location could be tricky and the podium is huge. I'm sure they'll pay extra to move construction along at a fast pace but that's still a large complex.

London or Pinnacle B probably meet your date range better but you will also be paying a touch more since pre-construction pricing will be done.


Honestly, add 25% to any occupancy date you are given as a minimum, they almost always bump the date, and assume it will be closer to 50% extra if you are on the upper floors.


I bought in Atlantis in spring 2004 after it was mostly excavated since they excavated the entire site when doing WPC 1 and will be moving in this September. Atlantis is only 28 floors.
 
Amazing what is considered to be slow sales these days
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Thanks for the reply!

Ok, I've visited the 550 sales center over the past two weekends and it was pretty dead, of course I forgot that it was Canada Day weekend and this past weekend was really busy in the city with special events so that probably explains it.

I just thought it was a slow selling project because they seem pretty confident that it will be finished by August 2008, which seems really optimistic considering they are only 35% sold.

Anyone else have thoughts on that location/area? The club district seems to be slowly expanding in this direction and wouldn't want to be surrounded by an extreme number of bars/clubs in the future.

NYCENTER
 
That was interesting reading, thanks!

It's nice to see that there will be a cohesive plan for the entire area.

So it would seem that there will be greater restriction on bars and clubs on the western side of the King-Spadina area which is good to know.
 
Is their an existing thread for this project?


It is now under construction. The sales centre for 20 Stewart and 455 Adelaide is to be torn down in early June to enable further excavation 550 Wellington.
 
550 Wellington

a 641SF 1 bedroom unit at 550 Wellington was at $254.900 just 4 months ago, now they are asking for the same unit $299.900. This is almost 18% increase in less than 4 months. How realistic are these prices??, what do you think about this project?
 
Pretty realistic. Anything in the King West Area has been going crazy lately but it can be said for most new condos downtown.
 
I think the jump reflected a move away from pre-construction prices.

As far as the project goes, it looks quite nice and is in a great area of the city. Plus, you can get a park view (should any be available).
 
^Yes it is.

Also noteworthy: the area tends not to be affected by the occasional odours from the nearby abattoir. One must cross Bathurst for that experience.
 
carturo15 said:
a 641SF 1 bedroom unit at 550 Wellington was at $254.900 just 4 months ago, now they are asking for the same unit $299.900. This is almost 18% increase in less than 4 months. How realistic are these prices??, what do you think about this project?
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That same unit size (641 sq ft) is currently priced at $320,500...
 
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