Toronto Emerald Park Condos | 128.92m | 40s | Bazis | Rosario Varacalli

[condoboy]

Does anyone happen to know what sort of prices they had around launch? I called to inquire about an ~800 sf. unit, and was told it was $370,000 before parking???

Is it just me, or does this seem like complete insanity?

It's like squeezing that last bit of toothpaste out when you know you are just about to run out . That's what builder's like Tridel are doing right now...squeezing the last bit of market left out there, before they run out of purchasers! Newer builders usually offer lower prices but because they are new to the game, it may be harder for them to secure financing. In my opinion greater returns are made on unproven builders who actually make a good quality product when all is said and done. Shopping around these days is the key...there is a lot to choose from, something for everyone! Emerald Park although not downtown is located in a booming area and the builder is banking on purchasers from abroad that probably see $450/sq.ft as not such a bad deal. In my opinion it is feasible considering the demographics of that area.

 

[Edward]

This isn't Tridel. They are across the street.

 

[condoboy]

This isn't Tridel. They are across the street.

Somebody mentioned Tridel at over $500/Sq.ft...Bazis is close at $450/Sq.ft. Both similiar projects at similiar price points. I personally like the Emerald Park Towers, interesting project.

 

[Carter]

Their is a article in the condo guide for the weeks (Dec 8 to Jan 5) saying that "Emerald Park is now over 80% sold". It goes on to say that the towers are 41 and 32 stories tall.

 

[Solaris]

Carter ... this may answer your question on the building heights discrepancy

Report to be consider by North York Community Council on November 18 2008 ... and yes this confirms Bazis has formally submitted OPA and rezoning applications for 30 + 39 storey buildings, although are selling units based on 32 + 41 storey towers (tells you Bazis are good solid developers huh?)

http://www.toronto.ca/legdocs/mmis/2008/ny/bgrd/backgroundfile-16855.pdf

 

[taal]

I'm sure this probably means nothing but the sign on the site has been removed ...

I'll keep tabs on it and post updates.

 

[Carter]

I think the signs came down last week during high winds, but iam not 100% sure on that.

 

[taal]

No I don't think so, they've been slowly removed (first the back of the sign then the front)... but it could be that they're just going to be replaced.

Anyway most articles point to this being 80% sold so I'm sure it's not canceled.

 

[MBS-Guru]

Decent price for a fast-developing area. However,I think having a 5% deposit structure may be setting themselves up for a disaster if people walk away from their contracts when the market continues to tumble. Hypothethically speaking, say i buy a suite there for $300,000 and i put down 5% which is $15,000. By next year, if prices fall by 20% and unit is only now worth $240,000 then i for one would definitely consider walking away.

 

[Ummer]

Regarding the sign, their representative said that it was knocked down but will be repaired.

As for the prices falling... is there a real good way to quantify that to a building that hasn't been built? wouldn't it be all speculation and that would be hard to determine...

 

[Solaris]

Emerald Park has not sold 75% of their units.

Thanks Mike ... Urbanation again?

 

[Mike in TO]

Thanks Mike ... Urbanation again?

Other sources...

 

[BMyers]

Mike if your source is not Michael Gold, Veronica Belovich or Barbara Lawlor, I doubt very much that it is accurate.

 

[cdr108]

Mike if your source is not Michael Gold, Veronica Belovich or Barbara Lawlor, I doubt very much that it is accurate.

MikeinTO has had pretty reliable information so far.

In fact, I would take any 'information' from Michael Gold, Veronica Belovich or Barbara Lawlor with a grain of salt, especially Barbara Lawlor, the master of spindoctoring with stats and figures.

You should go and see/hear some of her presentations and verify the numbers yourself than listen to her = it's like listening to BigDaddy ...

 

[BMyers]

There is a difference in what is said in a presentation, to the media, or what is said at the sales office, and what is said to someone in the industry (ie a cost consultant, a mezzanine financer, someone at the advertising agency, etc) that is why I am curious.

Based on the info Mike in TO provides to this forum, I figure we works in the industry, likely as an engineer or an architect (my best guess). That is why I am curious who his "insider" source is.