KING Toronto (Westbank/Allied) - Real Estate -

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jaco_says

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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.
 
jaco_says said:
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.
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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.
 
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.
 
westtoeast said:
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.
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Can you share the link? Curious to see a price list for this.
 
ProjectEnd said:
LOL @ greasy res brokers. This isn't on sale yet. It's close but not there.
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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.
 
jaco_says said:
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.
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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.
 
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?
 
I would if I have $$. This project will be the landmark in King West and one of Toronto's touristic point of interest.
 
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.
 
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neuhaus said:
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.
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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.
 
neuhaus said:
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.
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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?
 
I too have reviewed the marketing material and it is indeed spectacular. It is likely too much info for most buyers but I appreciated every word. Since it will not be done until 2023, the hope as owners of these suites is that the market continues to climb and you hit the $/sq.ft. five years from now. If you believe BIG and Westbank deliver everything as suggested and the condo corp's $0.90/sq.ft. in maintenance fees is enough to maintain it, it will be worth it. In King West, this may be indeed be the top of the hill in quality for a decade. Tridel is certainly not going to give you anything close at the Well.
 
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