Pace Condos (Great Gulf Homes) - Real Estate -

pmilo

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VIP sale started April 2011. I purchased in June 2011. Construction started 1.5 years later in December 2012, when they put up a "Sold Out" sign. It took about one year to dig the foundation (2013) and fill it up with basement levels (winter 2013-2014), now they're almost done with the podium, so overall the timeline is still reasonable.
I agree with the timeline from digging to now being reasonable. My suspicion is that the developers didn't have the city's OK to go ahead and build, hence the delay of 1.5 years. I was curious more to see if I should be expecting the same delay time frame on a Great Gulf purchase I made with Yonge + Rich.
 

David1

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I agree with the timeline from digging to now being reasonable. My suspicion is that the developers didn't have the city's OK to go ahead and build, hence the delay of 1.5 years. I was curious more to see if I should be expecting the same delay time frame on a Great Gulf purchase I made with Yonge + Rich.
You're right. Found out that the city's final report on PACE's zoning application was January 2013, one month after construction started. This may also explain the delay at Yonge + Rich, as judging by the city's reports the zoning application approval has not been finalized as of August 2014.
 

NIL OMNI

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a look at MLS has units selling in the $620-$720 range. There is only a single one bedroom unit listed and its $618.. most of the 2brms are in the $680 range. So yea, not super cheap, especially for the area. I would have expected a range from $580-$660 sort of thing.
Listings as of today on realtor.ca (formerly mls) show no currently available unit on offer higher than @$499,800 for a 2 bed on 40 with the majority of the listings in the $350Ks to mid $400Ks (mix of 1, 1+1 and 2). Lowest 1 bed is $316K right now (on a low floor of course). Of course these days "measurements are unavailable" in so many listings, so who knows what square footage you're getting...
 
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TheKingEast

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Trust me, the square footage is minuscule. I'm talking 2 bed 2 bath no more than 700 swift. Think I saw one at 650ish.
 

ksun

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Trust me, the square footage is minuscule. I'm talking 2 bed 2 bath no more than 700 swift. Think I saw one at 650ish.
Someone showed me a listing of a 2 bedroom/2bathroom/1 den suite at Core condo not far away, with a total square footage of 725. I have no idea how they can fit so many rooms. Price is $586k. $808/sf, seriously? at Moss Park? Although it has parking, still quite insane.

Additionally, is Pace already ready to move in? My friend was looking for an apartment and came across one listing at Pace. A 2b/2b for $2200 a month.
 
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innsertnamehere

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$800 a square foot seems insane in this area. I had my eye on this building originally to rent a unit next year possibly, thinking it would be more affordable than most new condos downtown given its location. If square footage rates are in that range, it'll be way out of my range.
 

TheKingEast

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Someone showed me a listing of a 2 bedroom/2bathroom/1 den suite at Core condo not far away, with a total square footage of 725. I have no idea how they can fit so many rooms. Price is $586k. $808/sf, seriously? at Moss Park? Although it has parking, still quite insane.

Additionally, is it one already ready to move in? My friend was looking for an apartment and came across one listing at Pace. A 2b/2b for $2200 a month.
These cramped units are not functional. The ktichen is in the living room, a pillar, doors/entrances on 2 sides and no wall space to fit a decent sized couch. Just unliveable crap. Makes my 2 bedroom look like a mansion. I can breathe without fogging the windows.

Yikes
 
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maestro

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Kitchen in the living room is an exaggeration. It is cramped. Does it really need two full bathrooms? The poor guy that gets stuck with the den in a shared rental situation. I see no other reason for two full baths.
 

ksun

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$800 a square foot seems insane in this area. I had my eye on this building originally to rent a unit next year possibly, thinking it would be more affordable than most new condos downtown given its location. If square footage rates are in that range, it'll be way out of my range.
That begs the question: why do brand new condos in Toronto command such a high premium over older buildings? This is something I never understood. At $800 or even $600-700/sf, there are tons of nice older condos, many with better locations than this. Why buyers like to set eyes to new buildings, with cramped space and high price when the older ones (not necessarily very old) offer much better value? I simply don't get it.

I have never seen a 725sf 2b/2b, but I have seen 2b/2b with about 900sf, which don't seem overly spacious, only decent sized living/kitchen and small bedrooms. I think you may get away with 850sf, but it is hard for me to imagine the same number of rooms with 175sf less space.
 

gentlepuppies

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I'm thinking of buying the SW corner 1 bedroom unit on the 25th floor. $379K for 619sf. Seems like a slighty better deal than other units in this building, but I just visited the unit the yesterday and the quality of construction seems sub par. The view is terrific (direct view into Dundas square), but there's a chance that half of it may be blocked if the lot south of it gets redeveloped in the future. Any thoughts?
 

pmilo

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@gentlepuppies

I disagree with you on the craftsmanship. I had looked at a few units in the building and remember thinking it was all good. I didn't see any buckling of floors or counter tops that were not fully sealed down, or irregular tile work as I've seen in other constructions. Perhaps you can argue some of the materials look cheap but the construction seems good.

I would say overall the building is ok. I wouldn't recommend buying the unit because as you've said, the view will be blocked. Don't forget a building is proposed for SE corner of Church and Dundas which will block your west sun and view. As for the unit, the bedroom is tiny, I'm not a fan of the wasted entry space, and the living kitchen seems cramped. Also, I don't like the fact that the windows aren't full floor to ceiling (makes the space seem smaller), and the balconies I felt were narrow to the point where its unusable for the little time we have of good weather.

Those are my thoughts.
 

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