I bought as my primary residence, as the features, quality and level of detail are mind-blowing in this building -- it will be nothing Toronto has ever seen. I'm pretty tired of fixing and renovating brand new condo units for myself due to the cheap and poor level of standards of many Toronto builders.
A good majority of buyers here are end users so I don't have to worry about the big amount of turnover or renters in the first few years of occupancy which you see in most condos.
As long as the builder is highly reputable and the project has been approved, or well into the process, the risks are low.
Buying pre-construction is very common here in Toronto, you just need to do your research and due diligence.
Interesting conversation about the project. It was interesting to hear about Allied/Westbank's plans for retail. Of course there's a marketing element here but there are some good tidbits about the project.
I think those who bought here will do very well. The level of detailing that is going into this building is eye-opening.
This seems like a very unique development and it's something I have been researching into. I do have a couple of questions
1) Price Per Square Foot: Considering the highest price per square foot is currently around 1,450 (December 2019) - wanted to know if people view this development priced too high, or considering the lack of comparable properties it is evaluated fairly.
2) Winter and Plant Maintenance: Any expectations on how the building will look 8 months of the year during the winter months? How complicated will the upkeep of plants be considering have to prevent rodents, unwanted growth etc. Has any building in the world experienced a challenge similar to this? Also considering Toronto's climate
3) Mortgage: When the Hotel/ Condos came up (Shangrila, Four Seasons etc) there was a lot of challenges getting mortgages, is there any risk that something similar might happen here?
4) Is there any metrics on how Vancouver Place did -- from Per Purchase to Closing? How was Vancouver Place priced in comprable terms per square foot to the existing vancouver market?
Pricing starts at $1,500/sq.ft. (for the courtyard facing units) and goes up to around $2,100/sq.ft. depending on layout, orientation, outdoor space, floor level. 70% of the units have unique floor plans and they vary greatly so pricing will be reflective of that. When it was first launched a little over a year ago, the pricing was eye-popping, but considering the high level of design, detail and quality of this development it's actually reasonable considering what you are getting and you won't see such features and design in other condos. 123 Portland (Minto) launched about a month ago and it has been selling briskly (now almost 70% sold) and the prices were $1,350 to $1,900/sq.ft. and their finishes seem pretty average (the renderings show interiors with lots of extra-cost upgrades). The Well (Tridel) just south of KING Toronto has been selling quickly and last time I looked pricing was $1,500 to $1,900/sq.ft.
Everything at KING Toronto has been thought out and well designed down to the littlest detail, so you do get what you paid for. That being said, KING Toronto is almost sold out with about 90% sold, and the sales centre will close after this week (to be relocated in the Shangri-La) to make way for demolition and construction.
Landscaping including the planters in all of the residence's terraces and balconies has been thoroughly studied and worked out. The microclimate of each terrace has been analyzed to determine the best plant species to thrive and require less maintenance. They are all irrigated and have a deep enough planting bed to allow it to stand up to our 4-season climate.
There is no hotel component here, so there are no special considerations when it comes to financing/mortgages. There will be ground-floor retail/commercial along with 5-story office spaces along King Street, but those spaces are not part of the condo corp and have their own addresses, so again there will be no financing concerns.
Vancouver House has been selling well and is out-performing other condos in their market. The chart below shows the comparison of Westbank projects compared to their closest competing buildings (courtesy of Westbank). I'm hoping Westbank will set a precedent and trend of high design and quality in condo design over our sea of cookie-cutter towers across the city.
I recently received a notice regarding material selection for my unit. It comes as a surprise as the project hasn't broken ground yet, but because the interior finishes are custom designed/made specifically for this building the developer requires plenty of time to order and coordinate all of the material and fixture selections. Here are some screen shots:
The two fluted glass/stainless steel cabinet options (bottom two images) are a $15,000 upgrade, which I think I will be selecting. It's in the sales centre and looks incredibly stunning. The amount of detail down to the LED light cove, concealed motion-activated light switch, and precision/fit of the thick stainless panels are impressive.
Bathrooms include as standard high-end matte black Kohler plumbing fixtures, wall-mounted toilet, and Artemide pendant lights and terrazzo tile floors designed by Bjarke Ingels/BIG.
The blush pink and pale teal vanities look pretty trendy and will most likely look dated by the time this building gets completed. The pale grey vanity will probably the most popular choice simply because it is safe and neutral (this will be my selection).
The only other upgrade besides the kitchen cabinets is a 40v EV charging station in your parking space.