Theatre Park Condos (Lamb Development Corp , Niche Development) - Real Estate -

UrbanVigor

Active Member
Member Bio
Joined
Nov 7, 2009
Messages
428
Reaction score
0
It's very interesting.

I've noticed first with the Festival Tower that very high prices are being commanded for this part of King St. West which is best described as "right downtown". The $ psf is extremely high and most investors on this forum will scoff at the prices. They may be right. But the question really is who is buying them? And for the units purchased by investors, who is renting them? The answers to those questions may prove them wrong.

I'm playing devil's advocate and am very curious as to which market these condos cater to? The best answer I can come up with on my own are extremely well heeled people who own multiple homes in different cities, Toronto isn't their primary residence, and the downtown core is all they know when visiting here. They can afford these prices.

I view the downtown core as a destination. It's certainly vibrant, but isn't much in terms of a "neighbourhood". But that is because there aren't many homes there. So if one wants a home right there then the laws of supply and demand must apply for the developers to be able to charge these prices. There aren't that many homes to choose from so if you want to live there and don't want to pay over $300K then you can. But you're left with under 400sf.

It would be interesting to see the price list for all the floor plans. They have 1 bedrooms with over 800sf which, of course, is unheard of today. But they are awful floor plans and the bedrooms have no windows.

Very interesting.
 

interested

Senior Member
Member Bio
Joined
Dec 6, 2009
Messages
2,740
Reaction score
12
Carturo15, besides some of the good things that have been mentioned above by Slocro: the unit has a decent floor plan, good view, the quality of the finishes by this builder will be good, the building design is nice, good location - nice area, close to subway...etc; what makes me believe in it the most is that I find myself desire to live there - so if I want it that much, there probably are others who will want it too - good for resale. And also, you can't get any closer to Roy Thompson Hall than this, and there is really no other parking lot left to be built up in that block. So in terms of location, it may be just as good as it can get.
I agree with alot of your points Carturo, but what makes it a good investment? You won't be able to get enough rent to justify the price. So, unless prepared to wait at least 5 years and you are convinced prices will go up, while the other reasons may well be correct, none of them make for a sound investment decision.
You know I too like this project. I just don't like the price of anything today in downtown. All overpriced as "investments to rent out". Remember, you will be competing against other's like me who bought well under the $680/sq. ft. price and will be unable to charge much more rent. As someone pointed out, present rent for mid range product downtown is $2.50/sq.ft. I think you should run numbers based on $1500 rent (assuming no rent increases or drops) and see if it makes sense to you.
If you still decide to proceed, I wish you all the very best and hope you are successful because it will mean rents are up (which helps me) or they at least held (which also helps me).
 

interested

Senior Member
Member Bio
Joined
Dec 6, 2009
Messages
2,740
Reaction score
12
why not ... what are your reasons? your opinion on this project?
I too am intrigued CG. What are your reasons for not selling. Is it purely price or is there something else that others have failed to appreciate.
Most of us who have posted like the location which to me is paramount. That said, I don't know details that well of the project so I am intrigued.
Is it because you believe it is 100% or close investors? Look forward to your response.
 

2tuff

New Member
Member Bio
Joined
Oct 29, 2010
Messages
4
Reaction score
0
... quite likely the unit was already sold.
It is straigh forward. This project is perhaps the best development right now for those ones living downtown. (Hard to think about any better location...)
 

neuhaus

Senior Member
Member Bio
Joined
May 18, 2010
Messages
1,401
Reaction score
431
Location
Toronto
only 2- and 3-bedroom units left -- there maybe a couple 1-bedroom units remaining (three months ago there were five 1-bedroom units available).
Mostly in the $650,000 to $1.5 million+ range.

Lamb Developments is now concentrating on the sales of King Charlotte.
 
Last edited:

neuhaus

Senior Member
Member Bio
Joined
May 18, 2010
Messages
1,401
Reaction score
431
Location
Toronto
You don't really need a car if you live in the downtown core.

Nearby developments such as Festival Towers has very limited parking spaces for sale (and only available to it's largest units). The Residences at RCMI doesn't even offer parking. And 32 Camden only offer parking for sale to its PH and lower PH units.

I am guessing people would rather spend $40k on interior space rather than parking space, espcially with the growing popularity of Zip Cars, Autoshare and Bixi.
 

Top