well.....there is one anomaly.....absoluteworld in mississauga.....aka marilyn....here we have a standard suburban project, suddenly injected with steroids through the design competition, and presto, it virtually sells out in about a week, at
fifty percent more than the average price per square foot of anything else in Mississauga.....
Until absoluteworld, the average price in mississauga was about $200/sq ft...absoluteworld came on the market, and sold out at an average of $300/sq ft....if the typical unit was approx 1000 sq.ft, that's an extra $100,000 to the developer,
per unit....i.e. sold at $300,000 versus $200,000...what gets interesting...there are a total of about 900 units in the two buildings.. meaning thats about a $90,000,000 premium for good design...sure there are increased costs associated with construction of extraordinary buildings, but I would wager that Fernbrook and Cityzen are making big money here.
So I wouldn't sell any suburban buyers short...I think absoluteworld is proof that good design will sell at a premium, no matter if it is in the core or the suburbs. The problem with downtown right now is that demand is so high, that developers can get away with trashy stuff, and it will still sell..just look at Liberty Village...
I wish all the developers would embrace better design as a tool to make more money, not just Fernbrook/Cityzen...
my 2 cents
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