Toronto Charlie Condos | 122.83m | 36s | Great Gulf | Diamond Schmitt

How was it confirmed that the sale has ended? Any idea of the number of units sold during the sale, and the percentage of total sales for the building?
 
tenyears said:
I read in an article somewhere that Charlie sold appox 16 units in March. The last time I spoke to them in Jan they told me they were 20 units away from securing financing. They were lying I'm sure - 20 probably meant 40 at minimum :rolleyes:.
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Interesting... I spoke to a sales rep there about 3 weeks ago and was told that they needed roughly 15 units by the end of June for the project to go through.
 
I went to the sales centre today. the sales rep. told me that they have already enough money to start construction. the promotion is gone. Contruction will start by the end of this year. Prices went up again. the cheapest one bed. unit now is $296.000 for 580 sq ft., 663 sq ft (1 plus den) for $315', 831 sq ft (2bed) for $396' and 2 plus den 1023 sq ft for $569'.
 
carturo15 said:
I went to the sales centre today. the sales rep. told me that they have already enough money to start construction. the promotion is gone. Contruction will start by the end of this year. Prices went up again. the cheapest one bed. unit now is $296.000 for 580 sq ft., 663 sq ft (1 plus den) for $315', 831 sq ft (2bed) for $396' and 2 plus den 1023 sq ft for $569'.
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Hey ... You snooze, you lose.:rolleyes:
 
carturo15 said:
I went to the sales centre today. the sales rep. told me that they have already enough money to start construction. the promotion is gone. Contruction will start by the end of this year. Prices went up again. the cheapest one bed. unit now is $296.000 for 580 sq ft., 663 sq ft (1 plus den) for $315', 831 sq ft (2bed) for $396' and 2 plus den 1023 sq ft for $569'.
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Exactly...I don't know why I was being questioned. The sale had been on for a while. 400 to 450 psf
 
Do you know what floor was available for $396k for the 2 bed 831 sq.ft unit? Do your prices include parking/locker?
 
Bubba said:
Do you know what floor was available for $396k for the 2 bed 831 sq.ft unit? Do your prices include parking/locker?
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I think that's a ridiculously high price. I'm pretty sure it doesn't include parking or a locker.
 
The sales rep told me last week that construction will not begin until the end of fall of this year (not June as planned :mad:). Also, they are 10 units away from meeting thier finance quota - blah, blah, blah
 
aiekon said:
Interesting... I spoke to a sales rep there about 3 weeks ago and was told that they needed roughly 15 units by the end of June for the project to go through.
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tenyears said:
The sales rep told me last week that construction will not begin until the end of fall of this year (not June as planned :mad:). Also, they are 10 units away from meeting thier finance quota - blah, blah, blah
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I guess they should have continued their 'sale' otherwise they will continue to move that target construction date further out.
 
cdr108 said:
I guess they should have continued their 'sale' otherwise they will continue to move that target construction date further out.
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Pretty much. It will take them time to sell those remaining units. The $PSF is quite high.
 
Perhaps they have sold enough units to begin construction. However, they would like to extend the completion date as far out as possible so that when the building is complete, the recession has passed, and the remaining units will be able to be sold at a premium.

The remaining units are mostly large and penthouse suites, which will command a higher sale price once the surrounding buildings are completed (M5V and Bell Lightbox/Festival tower). I believe this area will be selling at least $500 per sq. ft. once things turn around. There are few condos on King east of Spadina, and the ones that do exist have generally sold well at a premium price. Even if areas with high investor based units driven prices down (Cityplace etc), this part of King St. will not be affected greatly given its location, and low availability of units. Take a look at MLS and use the map function to zoom in on King St. East of Spadina, very few units are for sale, and the ones that are, sell for a high price.

This builder has performed well and likely has the ability to obtain financing from a lender, given their long history of strong performance.

From what I know, they can extend the viability date 18 months from this June (permitted to extend 3 times for 6 months). I could see them not beginning construction until next April or so....

Just my thoughts..... But could be completely wrong!
 
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