Pace Condos (Great Gulf Homes) - Real Estate -

gentlepuppies

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I noticed that the entry doors to the units all rattled when pushed, and felt very hollow/lightweight/not sound-proof. Compared to the few suburban condo buildings I've been to, the front door and millwork seem cheap. The walls felt like they were made of foam. Kinda annoyed by all the sliding doors, which meant that I won't be able to mount a TV on the wall at the one place the TV will have gone. The washroom is basically in my ideal configuration with everything flanking a 2-way aisle, but some of that spaciousness could have been for a bookcase/credenza facing the living area. The full height exterior window spanning the width of the common corridors at every floor was a pleasant surprise (wish it was like that at both ends)

Totally agree about the shallow balconies and cramped space. Though I do prefer tiny bedrooms in exchange for more living area. I also viewed the 2 bedroom unit posted above, and the living area is even more cramped. I'm not nearly as concerned about development along Church St (since it's a block away, with a mid-rise building in-between - Radiocity, which is already well-buffered from adjacent development, will have it's sunset light blocked by 2 new projects in identical proximity), as I am concerned with the parking lot just south of Dundas along Mutual. My other worry is that this will become a Ryerson student ghetto. There's a lot of undeveloped parking lots nearby, so the area is a bit rough compared to a couple blocks north.
 
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gentlepuppies

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Right now there are 32 listings in this building, a bunch of them from 2-3 months ago. The unit I thought was the best deal (per square foot wise, and also in terms of the view/height/layout), has been on the market for 59 days. Is that a bad sign?
 

ccdd

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I noticed that on there are 30+ listings on that building, some sitting for more than 3 months. I got hold of the pre-con sale price of one unit and it was only 20k less back in 2011. It may be the plateau before the crash
 

TheKingEast

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I noticed that on there are 30+ listings on that building, some sitting for more than 3 months. I got hold of the pre-con sale price of one unit and it was only 20k less back in 2011. It may be the plateau before the crash
It's hard to sell units in a building that has under construction and yet to close. We go through this all the time. Brand new building going into occupancy, a bunch of units going on MLS and people freaking out. This happens with every new building during occupancy and after closing. It is hard as hell to sell a unit on assignment and make much of a profit.

Why do units sit? Well, maybe they suck. The sizes of the units in this building are tiny. The location is not highly desirable. Location is important. I highly doubt the price only went up $20K. But lets say it did...it's hard to compare pricing with an assignment. I bet when it closes, the price will be quite a bit higher.

But yea, the crash commeth. :confused::eek:
 

gentlepuppies

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So I'm thinking $550 per square foot is more reasonable for this building? Given the lower-quality envelope compared to Charlie (the most similar project to this) and non-full-height window wall. And the fact it'll be a noisy student ghetto.
 

TheKingEast

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I don't understand?

This 1+den in the building seems to be priced ok @ $369k for 667sf ($553psf)

https://www.realtor.ca/Residential/...-Toronto-Ontario-M5B1E4-Church-Yonge-Corridor
Lazy agent. Using lead picture from a different project.

Are you only looking at assignments or are you looking to buy through the builder as well? The thing with assignments and selling before the building closes is there are no accurate comps...like if you were to buy resale. So it's hard to judge the real value by comparing assignments. Some people are desperate and just want to get their money out....they may not want a profit. Others can wait it out. There are always people who buy with the intention of assigning as they can't afford the extra $20/3o K+ to close..
 

gentlepuppies

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Of course the goal is to sniff out the desperate ones (based on noticeably-below-average listing price) and trying to see how far I can push the price even lower before building closes :)
 

ksun

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I don't understand?

This 1+den in the building seems to be priced ok @ $369k for 667sf ($553psf)

https://www.realtor.ca/Residential/...-Toronto-Ontario-M5B1E4-Church-Yonge-Corridor
wow the kitchen is so small! Can't imagine cooking over that tiny space. I live in a one bedroom condo with slightly smaller size but the counter space is about three times as large. I guess all that space goes to that "den" which isn't that useful anyway. What can one do with that tiny room?

And using Dundas Square Garden's photo is so stupid. It amazes me how unprofessional some of Toronto's agents are. This profession really needs to raise the entry barrier.
 

gentlepuppies

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So I closed on the SW corner unit last month. After closing fees, and assuming I get my HST rebate, the real price comparable to a resale listing is about $384K, for 619sf (sale price was $376K). The assignor paid some of the closing fees and accidentally promised to eat those costs, otherwise final number would have been higher.
 

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