Project Essentials / dataBase – detailed project information, floor plans, renderings
Projects & Construction Thread  I  Real Estate Thread
KING Toronto 
489 King St W, Toronto
Developer: Westbank Corp, Allied Properties REIT

KING Toronto (Westbank/Allied) - Real Estate -

Discussion in 'Real Estate - Individual Project Threads' started by jaco_says, Oct 11, 2018.

  1. jaco_says

    jaco_says New Member

    Joined:
    Sep 27, 2016
    Messages:
    32
    Likes Received:
    63
    Got an email that this project is now on sale. Let's hope it sells out quickly before this bubble bursts, it would be a shame if this one doesn't get built.
     
    #1

  2. Contra

    Contra Active Member

    Joined:
    Jan 4, 2012
    Messages:
    870
    Likes Received:
    426
    Location:
    San Francisco
    The Bubble has been due to burst for like...15 years now. I think we'll be fine for a little while now with all these office towers going up.
     
    #2
  3. westtoeast

    westtoeast New Member

    Joined:
    May 26, 2018
    Messages:
    24
    Likes Received:
    45
    I saw a price list on the Toronto subreddit, prices seem to hover around $1.5k to $2k a square foot - didn't see a real estate thread, so I thought I'd post here. Steep prices for a quick sell out, but seems in line with Westbank's newer Vancouver developments.
     
    #3
  4. Mo York

    Mo York New Member

    Joined:
    Jan 10, 2018
    Messages:
    11
    Likes Received:
    0
    Can you share the link? Curious to see a price list for this.
     
    #4
  5. ProjectEnd

    ProjectEnd Senior Member

    Joined:
    May 28, 2007
    Messages:
    7,632
    Likes Received:
    5,141
    LOL @ greasy res brokers. This isn't on sale yet. It's close but not there.
     
    #5
  6. jaco_says

    jaco_says New Member

    Joined:
    Sep 27, 2016
    Messages:
    32
    Likes Received:
    63
    I think it is fair to say if floorplans and price lists are available, but they are not yet signing contracts until a future date to give more people a chance to request a specific layout, it can still be considered on sale.
     
    #6
    TheSix likes this.
  7. westtoeast

    westtoeast New Member

    Joined:
    May 26, 2018
    Messages:
    24
    Likes Received:
    45
    I can't find it anymore, it looks like it got taken down?
     
    #7
  8. ProjectEnd

    ProjectEnd Senior Member

    Joined:
    May 28, 2007
    Messages:
    7,632
    Likes Received:
    5,141
    If you were talking about any other consumer product, you wouldn't say that an item in the scenario you described above was 'on sale', would you?

    In any case, that's all semantics. It's not currently on sale.
     
    #8
  9. Mo York

    Mo York New Member

    Joined:
    Jan 10, 2018
    Messages:
    11
    Likes Received:
    0
    With prices for units in the $1600-$1800 sq ft range (highest in king west). Do you guys feel this would still be a great investment opportunity to get in early on this project?
     
    #9
  10. Jowblow333333

    Jowblow333333 New Member

    Joined:
    Jun 6, 2017
    Messages:
    48
    Likes Received:
    20
    I would if I have $$. This project will be the landmark in King West and one of Toronto's touristic point of interest.
     
    #10
  11. RZ12

    RZ12 Active Member

    Joined:
    Aug 2, 2012
    Messages:
    346
    Likes Received:
    11
    Location:
    Downtown Toronto
    NO for investment. YES for long term use(10 Year Hold)
     
    #11
    TheSix likes this.
  12. neuhaus

    neuhaus Senior Member

    Joined:
    May 18, 2010
    Messages:
    1,310
    Likes Received:
    300
    Location:
    Toronto
    As an investment, it's a very specific high-end niche market and very few could afford the rent that you can charge to make any money back, so I doubt many will buy to rent out. It will be bought by flippers for the smaller units and end-users looking for something that's uncompromising and unique. There's wont be a development like this in downtown Toronto for long, long time.
    Two the four peaks are currently for sale -- each peak will have its own lobby and elevators. Pricing is approximately $1,500/sq.ft. for the units in the courtyard and $2,000/sq.ft. for the units facing outwards, though this is very rough as the price per square foot varies greatly depending on floor level, bathrooms, views and amount of outdoor space. Parking is $100,000 each (only for 2 bedroom units and larger) and maintenance fees are 90 cents a square feet (sounds high, but the amenities and services are 5-star hotel-quality and the maintenance of all the planters and trees in each of the terraces is pretty sophisticated). The project will be LEED Gold Certified, while most condos don't barely meet the LEED minimum certification, which here in Toronto it is not a requirement as we have our own green program which not that comprehensive.

    Over the weekend I reviewed the complete marketing package (the brochure is an impressive 338 page coffee table book) and floor plans (over 220 for the north and east peaks) and the level of design, quality and details is mind blowing, that the typical homebuyer will either not notice or appreciate. I'm very familiar with Westbank/BIG's Vancouver House development, which is incredible, and KING Toronto will be along this caliber of development.
    This is the kind of condo building that is missing in our market and the demand has been excellent as there nothing on the market that compares to it and in a central and popular area -- The Well development to the south will add more desirability and value to this condo.

    Vancouver House when first launched was priced extremely optimistically, even in Vancouver's super expensive market (it sold out in a matter of a couple weeks), but today assignment sales (the building will be finished after the new year) has far outperformed Vancouver's condo market just by the power of uncompromising design and quality.

    I'm seriously considering purchasing a unit here for myself as I have been frustrated by condos failing to meet expectations in design and quality as its marketing are always trying too hard to picture these developments . The marketing here is humble, honest and not trying oversell anything -- the design speaks for itself.

    I may sound like I work for the developer, but I'm not -- just a frustrated retired-condo architect in my relentless OCD search to find the perfect home and this may be it! Yes, this will be a small downsizing for me, but I value quality and design over floor area.
     
    Last edited: Oct 16, 2018 at 10:23 AM
    #12
    Mo York and Jowblow333333 like this.
  13. TheKingEast

    TheKingEast Senior Member

    Joined:
    Feb 16, 2011
    Messages:
    4,721
    Likes Received:
    1,898
    I guess you weren't happy with the last purchase? Do you think the product will meet expectations here though? I like you have bought enough new construction to realize it's all BS. If you want something done well, you'll have to hire your own contractor and oversee the work. Maybe super high-end has better results. Even One Bloor was disappointing.

    Looking forward to this one though.
     
    #13
  14. TheSix

    TheSix Active Member

    Joined:
    Nov 2, 2016
    Messages:
    125
    Likes Received:
    152
    Love this project, but I'm honestly surprised they aren't reaching for Platinum LEED certification.

    We've seen a number of Toronto condos with gold LEED to-date (some which are 5 years old now, aka, Berczy). Plus, there are a handful of future condos scheduled for Platinum in Toronto (Aquabella, the condos in Bayside, and I believe 10 York). Plus we know Sidewalk will raise the bar even higher.

    I know the LEED status is not common for Toronto (outside of Tridel and a few others), but given the unique and extensive green foot print, it just has me puzzled why not push for the best, especially given the price. Curious to know what is holding them back. Maybe the glass block exterior isn't as environmentally friendly?
     
    #14
  15. neuhaus

    neuhaus Senior Member

    Joined:
    May 18, 2010
    Messages:
    1,310
    Likes Received:
    300
    Location:
    Toronto
    Ha, I think we followed and responded to each others post for a while now.
    Well I used to be a project architect/designer for condo developers but retired from that work for good reasons, though there are few couple developers that do good work here. I was involved in a Westbank project and they have been the best by far and wished they do more projects here in Toronto.
    My current place is a Harhay-built building and it has been a nightmare. It was completed 2-1/2 years ago and we are still struggling to get the building fixed and finished to an acceptable level (we have another year of the Tarion warranty process to deal with). Their standards are very poor and they just don't seem to care about their reputation and customer service. I feel sorry for those who bought into their projects on the Esplanade and Queen East.

    I know I'm much more critical and have much higher standards than the typical homeowner, but being in the industry for so long I have learned to accept what is the norm, so I'm ok with spending $50k+ in upgrades and post construction renovations/improvements to make it right for my own home which I have done in my past condos. The reality is that the majority of the condos in Toronto are built for the masses and investors, so It's so nice that this is a developer that thinks about everything and care enough as if it was their own home.
    KING Toronto is not a condo for everyone, one big point being the price point they are charging, but sales so far has been excellent which is a sign that people want a quality product like this. It's like buying a Mercedes over a Chrysler.
    It's great to know that I won't be spending much stress, time, effort and money fixing and improving in my own unit while the rest of the building (such as the common elements) will be designed and built to the same standards.
    While I am about 90% done on my renovations to my current condo I still have to walk home through the lobby, hallway and common elements and see all the craphay workmanship and design faults which I can not change. To some this may be ok and many of the units are rented, but to me this is really depressing and frustrating as it doesn't feel like my home that I could truly feel comfortable and happy in.
     
    #15
    TheSix and TheKingEast like this.

Share This Page