monty76
New Member
im going but i highly doubt i will buy
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Feather Factory Lofts (Roncesvalles/Dundas, Plazacorp)
- Thread starter riley
- Start date
Tza
New Member
I was walking by the building yesterday and decided to go in since it was not locked. There were no sales people so I went to all of the different units on the second floor. Finally some cleaning people showed up and told me I had to leave.
They have four separate floor plans betwenn 430 - 685 sqf. They use a 7ft partition to divide the bedroom from the living room but has no doors. At first I thought this was dumb but afterwards I thought it makes the room appear larger then if it was one space because you feel like you have an actual bedroom. For the price range though, I will admit that the materials and appliances used are top notch. Lots of units come with stainless steel counters, nice tiling work and even frameless glass sliding doors for the large shower stall (basically same size as a tub but no 1.5ft stepover).
If everything goes well with the OMB I could see this building going quick as it is great value for a real hard loft.
They have four separate floor plans betwenn 430 - 685 sqf. They use a 7ft partition to divide the bedroom from the living room but has no doors. At first I thought this was dumb but afterwards I thought it makes the room appear larger then if it was one space because you feel like you have an actual bedroom. For the price range though, I will admit that the materials and appliances used are top notch. Lots of units come with stainless steel counters, nice tiling work and even frameless glass sliding doors for the large shower stall (basically same size as a tub but no 1.5ft stepover).
If everything goes well with the OMB I could see this building going quick as it is great value for a real hard loft.
riley
Active Member
That's hilarious that you got an early preview tour. I wonder if they always leave it unlocked. So if 430 is the smallest unit and their prices start at $199,900, their price point would appear to be $465 psf. Is that good for this area or high? What is the psf at Roncesvalles Lofts or High Park Lofts?
monty76
New Member
So they actually put in the appliances this time. Were the sinks in the bathrooms installed? I actually disagree with the quality of the materials based on seeing it last year. I found the flooring to be low quality laminate. The cabinets were hedious and the stainless steel countertops are cheap compared to higher quality materials like quartz or granite that many of the condos come with.
I also recall the ceiling in some of the bathrooms using the modular panels like you find in most office buildings. The only good things about the units are the original features like the ceiling height, window size and exposed brick.
I would say $465 psf is on the higher end for the area. I think its even higher than what robert watson lofts have been getting lately (which is a much higher quality development).
I also recall the ceiling in some of the bathrooms using the modular panels like you find in most office buildings. The only good things about the units are the original features like the ceiling height, window size and exposed brick.
I would say $465 psf is on the higher end for the area. I think its even higher than what robert watson lofts have been getting lately (which is a much higher quality development).
Solaris
Senior Member
arrr... beauty !! modular ceiling panels ... just like what I saw in Daniel's One Park Tower ~
Tza
New Member
well i said quality in comparison to the price .... 199 for brand new, you really cannot find that in the city unless you maybe go to Cityplace and lets face it no where close to the features of a hard loft. I love stainless steel counters, could they be of better quality? Of course. But I have been in brand new buildings like in Liberty Village that go for $250 and the flooring, counters and appliances are just complete garbage. In my mind, FFL is great for young first time buyers who do not conform to downtown living and want to live in something different. IMO the worst part is the parking and the fact there is none. Obviously I am bias because I do own a car.
monty76
New Member
Just came back from the opening. Prices are up $20,000 per unit placing some units at over $500 psf. I only bothered getting pricing on two units:
560 sq ft unit on the first floor 239,900 last year is now 259,900
same unit on the penthouse 269,900 last year is now 289,900
It seems overpriced to me but people still seemed to be buying, though not as quickly as last year.
They also gave out a letter (only if you asked) detailing the the application for residential use. The letter makes it seem as if this issue is only relevant in relation to obtaining parking permits.
It says that they anticipate that all the approvals will be finalized by July 31, which is well past the 5% down that needs to be paid 15 days from signing (quite sketchy to me). So, it's possible that Plazacorp/Toronto Lofts will have 5% + $2,000 (deposit) of people's money even before the building has been approved for people to live in.
560 sq ft unit on the first floor 239,900 last year is now 259,900
same unit on the penthouse 269,900 last year is now 289,900
It seems overpriced to me but people still seemed to be buying, though not as quickly as last year.
They also gave out a letter (only if you asked) detailing the the application for residential use. The letter makes it seem as if this issue is only relevant in relation to obtaining parking permits.
It says that they anticipate that all the approvals will be finalized by July 31, which is well past the 5% down that needs to be paid 15 days from signing (quite sketchy to me). So, it's possible that Plazacorp/Toronto Lofts will have 5% + $2,000 (deposit) of people's money even before the building has been approved for people to live in.
riley
Active Member
Thanks for the report Monty. I didn't make it to the opening but was curious what the prices were going to be. I'm really shocked that they would not be upfront about the zoning issues. So if people buy, their cooling off periods will end before the zoning decision is made. They should have exit clauses in their agreements that make the sale subject to a favorable zoning ruling.
Solaris
Senior Member
is there anything that can be held against Plazacorp for selling residential units that are not zoned for 'residential' (assuming if OMB rules against Plazacorp) ... something tells me Plazacorp is not providing clauses in the APS to protect naive purchasers not realising the ongoing rezoning application
urbandreamer
recession proof
6 June 2009 photo update
I was tempted to stop and take a peek inside the units, but I was in a hurry, so I snapped photos of the hordes of ppl coming out from the sales pitch. Honestly, I was surprised at how packed the model suites looked (with young twenty-somethings--I'm so jealous....)
Must be nice to have a rich daddy to co-sign the mortgage.
I was tempted to stop and take a peek inside the units, but I was in a hurry, so I snapped photos of the hordes of ppl coming out from the sales pitch. Honestly, I was surprised at how packed the model suites looked (with young twenty-somethings--I'm so jealous....)
Must be nice to have a rich daddy to co-sign the mortgage.
A
Artee
Guest
I bought last year and I bought my same unit this year. When I asked the manager about what happened last year I got a letter explaining that everything is expected to be totaly approved by the end of July and I would be eligible for a street parking permit. They explained it took so long because the neighbours opposed them because the building would compete for their parking. There was this wacko outside trying to convince me not to go in!!! He told me there's no parking for me and that people like me ruin everything. Hey dude - GET A LIFE.
A
Artee
Guest
Actually he's the guy on the lower right in the blue shirt of URBANDREAMERS's photo!
Solaris
Senior Member
I know sometimes opposing neighbours can be annoying ~
but in all fairness sake ... it is partly because of the negative publicity generated on this project that alerted 'some' of the previous purchasers to find out about Plazacorp's scamming scheme ... something that for sure the sales people would have never told you about
but in all fairness sake ... it is partly because of the negative publicity generated on this project that alerted 'some' of the previous purchasers to find out about Plazacorp's scamming scheme ... something that for sure the sales people would have never told you about
catcher_of_cats
Active Member
I hate to burst your bubble but there is no way in hell that any purchaser in that building will be eligible for street parking given the complete lack of unused space in the neighbourhood. When applying for a parking permit, the city will punch your new address into their computer and proceed to inform you that you are screwed.
monty76
New Member
If you dont mind me asking, how much did the price rise on your unit from last year?
You see the worry is not just with parking - the main concern, if plazacorp doesnt get the approval from the OMB, is that the unit will be registered as commerical and therefore it will be illegal to use the units for residential purposes.
Have you shown the agreement to a real estate lawyer? What has he/she said?