Feather Factory Lofts (Roncesvalles/Dundas, Plazacorp)

[monty76]

Some of the units were quite nice (most, however, were tiny!), but my real estate agent told me that it wouldn't be a good buy. According to her, that area is going to see little future development (property values won't increase by much, if any), the units were priced quite high (one of the units I was interested in was going for $460/sq ft), and there are similar properties available that are closer to downtown. Added to that, there's no parking.

I was really hoping my agent was going to say otherwise, because I love the Roncesvalles strip and could imagine myself living there. Oh well, looks like my search continues.

i dont know how much you trust your agent but because feather factory wasnt cooperating with agents i would imagine there is a conflict of interest there...

If you look at comparable projects in the area that are listed on mls ie. robert watson lofts (MLS®: W1416067) and sorauren lofts (MLS®: W1446865 ), prices are actually quite comparable.

comparable projects closer to the downtown core currently listed on mls would be chocolate lofts (MLS®: C1410394) and liberty lofts (MLS®: C1460710) which seem more expensive and less impressive. Too bad they dont list the square footage, then we could do a better comparison.

in terms of furture development i can think of one off hand right across the street from feather factory called "roncesvalles lofts" http://www.roncesvalleslofts.com/flash.php

the building not having any parking is a problem though...

i dont know i think overall its a good buy for something that is new and ready to move in in 30 days... too bad there are only 14 left

 

[nuttym]

i dont know how much you trust your agent but because feather factory wasnt cooperating with agents i would imagine there is a conflict of interest there...

That's a good point, Monty76. To tell you the truth, I don't know if I entirely trust her. However, she did tell me at first to buy (she knew they weren't co-operating with other agents at this time), but then she realized that we were talking about different properties (she thought I was talking about a property closer to the lakeshore). She then looked at other properties that sold in the area and couldn't find any (I think she said that there was one property that was listed for $500/sq feet but it didn't end up selling), so then she looked at others closer to the downtown area (again these are properties that actually sold).

In the end I'm not sure what to think. I guess I'll just give my agent the benefit of the doubt for now and see what happens. I'm not sure what else I can do.

 

[pickleberry]

my real estate agent told me that it wouldn't be a good buy. According to her, that area is going to see little future development

I took a look this weekend.

I personally wouldn't buy in due to the details;
crappy built-in desks making the suites seem like hotel rooms, the cheap laminate flooring (polished concrete would have been much more suitable) and lack of parking (parking is a must for me - but for those working downtown you're on one streetcar line, a short walk to another two and the subway + I believe you get zipcar membership included).

I think your agent was putting her interests before yours.
As mentioned, there is the new Roncesvalles Lofts across the street, Giraffe is being planned just up Dundas. Add to these High Park Lofts and the various Loft buildings on Souraren and the area is slowly becoming much more attractive.
My personal belief is that the commercial buildings behind the Roncesvalles Loft development will be developed before long - and I would not be suprised if Loblaws sold off some of their underused parking lot to a developer too.

I could think of a few more reasons to put you off buying here before having the pull the lack of development card.

 

[CGM]

Still no mention of this project on the Plazacorp website... how are they promoting this project if no agents are allowed either?

 

[monty76]

the cheap laminate flooring and desk are denfinetely unattractive... but i dont think this should put you off buying... these are small details that can be seen as opportunities (if you have the extra money) to increase the value of the property by upgrading the flooring and replacing the desk. (Although you probably wouldnt see a return on that investment in the current market, maybe a few years down the road)

parking is definetly an issue that cant be ignored however...

PICKLEBERRY: im curious to know the other reasons that put you off the project.

I was a bit concerned about the similarities between feather factory and noble court in terms of the actual look of the building and size of the units. Noble court has this unattractive college dorm atmosphere and, from what i gather, their prices have not been demanding the loft premium of other authentic loft conversion. But that may be due to the awful layouts in the noble court units.

 

[myxamatosis]

the cheap laminate flooring and desk are denfinetely unattractive... but i dont think this should put you off buying... these are small details that can be seen as opportunities (if you have the extra money) to increase the value of the property by upgrading the flooring and replacing the desk. (Although you probably wouldnt see a return on that investment in the current market, maybe a few years down the road)

parking is definetly an issue that cant be ignored however...

PICKLEBERRY: im curious to know the other reasons that put you off the project.

I was a bit concerned about the similarities between feather factory and noble court in terms of the actual look of the building and size of the units. Noble court has this unattractive college dorm atmosphere and, from what i gather, their prices have not been demanding the loft premium of other authentic loft conversion. But that may be due to the awful layouts in the noble court units.

I actually think that the Noble Lofts have some of the more inventive, interesting layouts of any conversion project. The reason for the lack of premium re-sales in the building is the area, which is rapidly improving and you'll soon see the units commanding comparable value to other conversions in Toronto.

 

[pickleberry]

I live in this area so I know it quite well. I have a friend who rents in one of the buildings on that side of the street, just a few buildings up from FFL (near the "Plush Spa" - which is not a Spa btw ).

To access his apartment I go via the service road/alleyway to the rear of FFL. There is heavy, heavy graffiti on everyone's garage/fences/windows.
Not only is the building itself at risk from this 'treatment' - but that's the view any North/West facing unit will have to deal with (unless you're in the miniscule bachelor apt on the ground or first floor - in which case you just see a wall).
Some could live with this - I couldn't.

This project to me is very similar to the Tannery Lofts. I turned that down not only because of the lack of amenities in the area - but a general feeling of lack of safety for my female friends who would visit. I don't think that would be the case here though.

I know the laminate can be replaced at a later date, but it would have been nice to have the option to have something else from the outset without having to mess around. Same with the desk - just don't include it, the developer saves money and you don't have to waste time filling holes in and repainting the wall.

The ceiling tiles in the bathroom are ugh, and the overall general finish would warrant some hefty PDIing. I thought the appliances were cheap (despite being stainless steel) and a lot of them were dented/damaged which although would be fixed under warranty, goes a way to explaining the care used by the contractors.

And as you say, no parking is a show-stopper for many, and it will certainly be a disadvantage at resale time.

Having said all that - this is just from my POV and requirements. It is an attractive building (and let's hope it stays that way), the Roncesvalles area is awesome and if you're a metropass holder then the parking is not so big a deal.

 

[sharkey]

The Feather Factory Lofts

Here's the whole dope on this project. Buyer beware!!!!!

9/7/2008

Councillor Gord Perks – Toronto City Hall

Re The Feather Factory Lofts

Dear Councillor Perks,

The Feather Factory Lofts had their Grand Opening this weekend. 60% of the units were tentatively sold on Saturday & by 3.00 on Sunday, when I attended as an interested buyer, there were only about 1 dozen units left. I spent a lot of time there asking questions and listening to the buyers and sales staff interact.

As I suspected, I never heard any interested party ask why there was no stove, no showers and what the situation was with parking (buyers don’t look at these “small†details). I asked the questions and the answers were as follows:

Parking: “No parking in the building, but street “permit parking†is available.â€

Your staff did assure me that no “street parking permitswould be available as these units are supposed to be commercial studio/office space & not to be used as residences under the current zoning.

No stove: “The developer is giving a $1,000.00 credit for “The Brick†to allow purchasers to select the appliance of their choice. If they don’t want a stove they can spend it at the Brick as they please.â€

Your staff did assure me that no stove would be installed in the building due to current zoning regulations.

No exhaust for stove: “The exhaust is run through the microwave oven situated over the stove.â€

No shower: “The lofts are zoned for studios/office and would not require a shower. For those requiring a shower, it will be installed by the developer.â€
Later I heard a sales associate tell someone that the developer will install a clothes washer/dryer for those requesting it.

Your staff informed me that one of the criteria showing that these were not residential lofts, was that there was no shower or bathtub.

Garbage: There is a garbage chute on each floor.

I still have no clue how it will be separated for food waste, recyclables and regular garbage. Considering the City’s major commitment forcing all residents of the City to take a “pro active†position on recycling and garbage disposal, it seems somewhat ludicrous that a project (be it commercial or residential) is given approval with no recycling and sorting of waste facility.

Councilor,

You indicated in your phone call left on my voice mail Thursday of the past week, that “you were on top of the situationâ€, taking it “very very seriously†to ensure all City by -laws, rules and regulations will be followed up on by City staff to ensure that this building will be a commercial studio/office loft project as it is zoned to be, not a residential illegal conversion.

At this point, since all “allegations†brought to your attention many weeks ago now have all proven to not be allegations, but fact, what is your position, & how will you resolve this situation? I would think that considering what I was told by your staff at City Hall and that if all their stated facts are correct, that you would ensure that all the purchasers who have signed a tentative offer to purchase be immediately advised that they have bought a studio/office loft & that they will not be allowed to occupy them as residences. Are you or your office aiding & abetting an illegal conversion in the self-interest of a developer over & above the interest of your constituents.

Because of your past assurances that this development would not become a residential loft, I have abstained from bringing this to the attention of my neighbors and residents of our area, but rest assured that this will be done on Tuesday September 9th at the same time as being brought to the attention of the media.


My comments: Quick sale. Tough closing. Ain't going to happen under my watch....Developers by-passing all the rules and regulations to achieve their own greedy goal. Don't think so. Liars, Scammers and Scumbags....

 

[monty76]

MYXA: hmm im dont know so much if the low price of noble court is because of the area.. i mean it is almost directly next to the centre of the trendy Queen West area (drake, gladstone). Brock Lofts, which is 2 seconds down the street from noble, is getting ridiculous prices... i remember a 450 sq ft. unit there going for a little over 200,000

Pickle: Are you implying that "Plush Spa" is a rub and tug? Cause that would kinda put me off the neighborhood.

I turned down the Tannery because, when i came close to buying, there were 2 shootings in Regent Park within a month.

Agreed that the details and finishings are poor and you're right that the bathroom ceiling is really bad, along with the laminate flooring, i think the kitchens are okay though. These details will put off the people who want to be able to move in without the hassle of making any renovations.

However, i think the bones of the building are great. The original wooden beams and ceilings, huge windows, high ceilings and exposed brick walls, these are things you couldnt get even if you renovated.

Anyways, if i had the money to purchase the unit and renovate it i would probably purchase here, but all the good units are probably gone anyways. Will have to wait for resale or the next project comes along.

 

[monty76]

just out of curiousity and excuse my ignorance, but how would the building being used as residential lofts negatively effect the neighborhood?

You are right about the showerhead and washer/dryer, buyers had to specifically request to have these installed

 

[pickleberry]

Pickle: Are you implying that "Plush Spa" is a rub and tug? Cause that would kinda put me off the neighborhood.

Yes it is - I wouldn't be too concerned about it though - I know a lot of people who have mistook it for a genuine massage parlour and in all my time in the neighbourhood I have never seen anyone come or go. My friend who lives next door is perplexed as to how they are still in business, such is the low level of custom.
Sure beats being shot at - or the arguing prostitutes I saw outside the Tannery Lofts!

And yes - FFL is still zoned commercial (I totally forgot to mention this!). I am very close to someone involved in the project and this is the reason that none of the model suites have a bed in them!

 

[sharkey]

just out of curiousity and excuse my ignorance, but how would the building being used as residential lofts negatively effect the neighborhood?

You are right about the showerhead and washer/dryer, buyers had to specifically request to have these installed

60 more cars in the hood. There's no more parking available. The units have no "fire Exit. Do you want to live in such a space.

 

[pickleberry]

just out of curiousity and excuse my ignorance, but how would the building being used as residential lofts negatively effect the neighborhood?

I don't think it would, but it explains some of the "flying under the radar" that's been going on by the developer. I don't think it would be too hard to get the city to re-zone, so i'm confused by the goings on.

Surely any lawyer worth their salt is going to pick up on the zoning issue right away when presented with the agreement of purchase and all those that have bought it will be able to cancel in their 10 day cooling-off period.

 

[sharkey]

Great use of land, great location, and great price. The developer or reno company thought this one out brilliantly. Why you ask? Will I'll tell you why, No community consultation and minimal city counsel consultation. The developer thought this one out. Hopefully people can move in this fall.

It's so wonderful to see old buildings in this hood being renoed to keep the feel of the community instead of those developers trying to Manhattanise High Park.

Are you for real? WTF is going on. Illegal, not safe, not rezoned legally. Who the fuck do these greedy pricks think they are to by-pass rules and regulations put in place to protect the people. BTW do you work for Plaza Corp.

 

[sharkey]

I don't think it would, but it explains some of the "flying under the radar" that's been going on by the developer. I don't think it would be too hard to get the city to re-zone, so i'm confused by the goings on.

Surely any lawyer worth their salt is going to pick up on the zoning issue right away when presented with the agreement of purchase and all those that have bought it will be able to cancel in their 10 day cooling-off period.

The rezoning application was not applied for as the developer was well aware that it would not be approved. In the last two years of the conversion, no building permits or rezoning application were posted as required by law. Duh.....