River City Condos (Urban Capital) - Real Estate -

NBGtect said:
Agree 100%. Many of us here did not do our due diligence buying pre-construction. It's 100% our problem that we didn't research this developer and construction firm at all. We got caught up in the sales and marketing hype as well as so many positive (and defensive) comments from UT'ers. But WE live here, so our opinions hold more weight than non-residents. Because current market values are less than what we paid, partly because medicine cabinets fall off walls and it's known as the Frat House, we can't sell and are forced to look at things like unpainted balconies and crappy lobbies every day with a heavy heart. The black panels are nice though. Nothing else is sadly.
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How much information is out there about any developer, really? It's luck of the draw and they all pretty much suck for the most part.
 
hawc said:
You bought pre-construction and the price has fallen below the pre-construction price? Seriously? Buying pre-construction has its headaches (I know I've done it) but the one upside is supposed to be at least your place is worth more than what you paid for it by the time you eventually move in. That's awful that it's actually depreciated to less than what you paid for it. Is that happening in the city now?
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Yes, that's exactly what's happening and not just here. As a glut of new units come on the market, resale prices are lower than what they originally sold for. We went through a rough time here and seriously considered moving although we didn't ever plan on flipping. What an eye-opener!! We now can't leave.

One needs to do their research before handing over their hard earned money to people who could care less about providing a decent place to call home. The shoddy workmanship in condos across the city is insane and only going to get worse as we get massive over-supply and trades being spread thin.

Don't be seduced by the sexy architecture like us. Consider it to be a FEMME FATALE, as that would have been a much more accurate condo marketing name!

So don't buy into the hype for Femme Fatale Phase 3, or FF3, as we call it.
 
That's awful. Really sorry to hear that. The media and a lot of people out there tend to look down on condos and condo owners as what's wrong with this city, but that's nuts. Hundreds of thousands of hard working Torontoians live in and own condos. I was one of them (CityPlace.)

I was really surprised when I sold my condo how little it had appreciated relative to my loft that I had owned previously. I owned both for the same amount of time - 3 years.

The Loft appreciated $100,000 in that time and the condo only appreciated $55,000 in that same amount of time.

Hope things start to turn around for you.
 
$55K appreciation in 3 years in Cityplace? That's some good appreciation. That's close to $20K a year. I'd take that any day.
 
It was a two level 1,000 sq/ft unit, so the size might have helped. I've heard they're not keen on building that big anymore.
 
Agreed that the exterior should look awesome. But the exteriors haven't been much of an issue here; it's the interiors that get an utter fail.

The developer needs to stop having silly parties to celebrate, like the one coming up debating east vs. west, and spend more attention to finishes and details. All sizzle and no steak has created the worst interiors of any new condo in Toronto.
 
Even though I have no interest in the buildings, it's concerning to hear that the interiors have issues. It would be a shame to see these buildings end up stagnating in value and neglected--they're some of the best condos of this era in terms of architecture. But when I see the ugly unpainted undersides of the balconies, they already don't inspire confidence. The owners should address all the issues. Buyers should demand better from the builder before giving them any more money for the next phase.
 
And it's just not the unpainted concrete on the underside of the balconies nor the concrete ceilings in the hallways and common areas, it's all the interior finishes: the walls, carpet, floor tiles, wood base boards, the elevators (particularly awful), the horrendous vinyl flooring on the bridge...the list goes on.

Note to anyone interested in purchasing new construction from floor plans: be wary of condo marketing materials that don't show any interior renderings like we had here in Phase 1 or 2. It means the developer is going to go super cheap upon execution. Don't fund someone else's BMW or Mini Cooper.
 
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junctionist said:
Even though I have no interest in the buildings, it's concerning to hear that the interiors have issues. It would be a shame to see these buildings end up stagnating in value and neglected--they're some of the best condos of this era in terms of architecture. But when I see the ugly unpainted undersides of the balconies, they already don't inspire confidence. The owners should address all the issues. Buyers should demand better from the builder before giving them any more money for the next phase.
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To be honest, the inside is a letdown IMO. The good thing though is in a few years when people renovate their units I'm sure we'll see some great looking interiors as the bones are there. I do agree that the quality of the interiors do not match that of the exteriors. The common areas are even more of a disappointment. It's like there was no money left so they went as cheap as could be.

As for the balconies...over here at kingeast, the undersides are painted white and I like it that way. Builders here either suck at doing exposed concrete or just can't be bothered with doing a good job so I'd rather them be painted.
 
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NBGtect said:
Yes, that's exactly what's happening and not just here. As a glut of new units come on the market, resale prices are lower than what they originally sold for. We went through a rough time here and seriously considered moving although we didn't ever plan on flipping. What an eye-opener!! We now can't leave.

One needs to do their research before handing over their hard earned money to people who could care less about providing a decent place to call home. The shoddy workmanship in condos across the city is insane and only going to get worse as we get massive over-supply and trades being spread thin.

Don't be seduced by the sexy architecture like us. Consider it to be a FEMME FATALE, as that would have been a much more accurate condo marketing name!

So don't buy into the hype for Femme Fatale Phase 3, or FF3, as we call it.
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I am an owner at RC Phase I (have the unit rented out) and I have to say that I cant agree with this comment. 1) I bought a unit in spring 2011 when the building had already broken ground and I paid ~$500 per foot. Today units in the building are selling for between $550 and $600 per foot (I get all sales results from my realtor and all have been this range). 2) I have bought 6 condos pre-construction over the last 8 years, and there are always aspects that I dont like but this experience has overall been on par or better than other cases - in the present case I would say that the biggest disappointment is the bleakness of the common areas, but overall I am happier with execution and service from the developer than in other cases (including significant and fair cash compensation they gave me for failing to provide something that was agreed in the contract). 3) with only two phase 1 units currently on MLS I cant understand the suggestion that there's a supply glut - quite the opposite compared to most other newly completed buildings.

Pre-construction is a pain in the ass, but you do make money and this case is no exception. Most importantly the architecture and attention to architectural detail at RC is unparalleled. I spoke to David Wex (the owner of Urban Capital) when I was seeking compensation, and he said that they blew their brains out executing this very unconventional design. I wouldnt be surprised if they just ran out of money when it came to common areas
 
It's true! The exteriors are really sexy ;) The interiors, however, have proven to be a horrendous nightmare.
 
TheKingEast said:
Luckily, interiors can be changed. The exteriors are simply beautiful. Hope they can stand up to the test of time.
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One can, of course, change the interior décor quite easily but I understand that the unit layouts are really the problem and they are hard (virtually impossible) to fix.
 
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