Murano Condos (Lanterra Developments) - Real Estate -

confusion said:
Why do people think Murano and U Condos are overpriced? 600sf for being right beside Queen's Park and directly in the heart of downtown just south of Yorkville, I'd be thinking buy at those prices because in 5-10 years they will be extremely unaffordable.
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bc less than 3years ago RE around Yonge/Bloor was selling for $500PSF.
 
I know we're talking RE here and we shouldn't be, but I just don't see U/Murano, etc., increasing in price over the next 5 years. They'll remain stagnant. It's a problem with developers now that they're pricing according to speculation on what the market might be like in a few years, where as recently as 2007, they were pricing based upon what market conditions currently were. That's why you'll see a severe dropoff in investor bought units. The rewards for the risk have been completely taken away by the developers.
 
simuls said:
I know we're talking RE here and we shouldn't be, but I just don't see U/Murano, etc., increasing in price over the next 5 years. They'll remain stagnant. It's a problem with developers now that they're pricing according to speculation on what the market might be like in a few years, where as recently as 2007, they were pricing based upon what market conditions currently were. That's why you'll see a severe dropoff in investor bought units. The rewards for the risk have been completely taken away by the developers.
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Murano has been essentially sold out for about two years. The north tower opened at $325 psf and the south at $350 psf. By the time the towers were sold out few if any units (other then penthouses and people buying tons of upgrades) reached sales prices beyond $450 psf.

The recent prices being quoted are all based on resales - the people who bought in Murano have done quite well so far.

The development industry is well aware of the important role investors play in certain projects. The industry doesn't price according to what they think might be the situation in a couple years - they need to sell units today.

edit: I do agree that the investor share of the market has dropped off substantially, the current mini-boom in sales the last three months has largely been driven by improved affordability conditions primarily due to stagnating prices, incentives and historically low mortgage rates... once rates start to rise again affordability is going to drop sharply.
 
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Anyone moving into the lower floors in the South building? Apparently Occupancy is next week but I just can't see them having the lobby ready in time. It's not even enclosed yet.

unless... occupancy has been delayed.
 
Lobby will not be ready for occupancy ..

Is it me or does the lanterra service team not care ..

I heard from my lawyer that they will be registering both buildings at the same time which means there may not be an occupancy period for part of the South Tower that occupies DEC/JAN
 
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No way the building registers by then. I'm thinking February/March

As far as Lanterra Customer Care, I finally got through to them after I don't know how many tries. My occupancy date hasn't changed so I'm happy about that. Will have to find a place to live for 5 days lol.

I believe some people moved in today too.
 
They built an overhead covering that leads into the south tower's lobby. A friend of mine said she was suppose to move in today, but didn't since they sent out last minute requirements for insurance coverage or something. Kind of fuzzy on that part though.
 
Xenosblitz said:
They built an overhead covering that leads into the south tower's lobby. A friend of mine said she was suppose to move in today, but didn't since they sent out last minute requirements for insurance coverage or something. Kind of fuzzy on that part though.
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What does that even mean? LOL
 
does anyone know who should i complaint to or talk to regarding my flood repair? it have been almost 2 months, and they still haven't do anything yet. I talked to the property manager Jennifer, she keep ask me to wait, wait, wait. and they planning to change the whole unit laminate floor in order to match the colour, but there are so many furnitures in the unit.

i want to complaint and see if i can get hardwood floor at no cost. anyone successed? please pm.....thanks
 
From my understanding, they required home insurance coverage to move in during occupancy. They required documented proof it is in place the moment you get your keys.
 
plugk said:
does anyone know who should i complaint to or talk to regarding my flood repair? it have been almost 2 months, and they still haven't do anything yet. I talked to the property manager Jennifer, she keep ask me to wait, wait, wait. and they planning to change the whole unit laminate floor in order to match the colour, but there are so many furnitures in the unit.

i want to complaint and see if i can get hardwood floor at no cost. anyone successed? please pm.....thanks
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You need to contact Lanterra Customer Care through the main HO.
 
Murano Residents - Issues?

I heard from a friend of a friend of a friend that lives in a 2 bed. unit in Murano North Tower that there are a number of issues with the building. Now this can all be one great big exageration but I'd like to know what other residence experiences have been like. The building also hasn't registered yet so some of these problems can go away when a Condo board is created.

Here's what I was told:

- A lot of renters...it's like a frat house (parties, noise, etc)
- Noisy, you can hear your neighbours through the walls
- Grafiti in one of the elevators
- 2 floods
- Disappointing quality

Comments from Murano residents are encouraged.
 
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