Toronto King West Life Condominiums | ?m | 25s | Plaza | Gabriel Bodor

[tdot8]

The office agents keep saying they don't know when the 2nd phase will be released, but word on the streets among the outside agents is that it's set for some time in September.

 

[ProjectEnd]

This may be a bit of a stupid question, but is it possible that some developer might try to squeeze in another tower behind the KWL condos? I think about this every time I see the Tip Top Tailor lofts and think about how angry those "lakefront view" owners must be feeling.

Unless the Gardiner comes down, I don't think there would be room.

 

[dc01231]

Just received some more GREAT news...

I just checked my mail today and got another letter from Plazacorp. They have extended the cut off date a second time to November 25th. The last paragraph however states:

The generally improving economic conditions since the spring have resulted in strong sales at our King West Liberty Village project. We expect the conditions of our Agreement of Purchase and Sale will be satisfied or waived in the usual course within the timeframe specified in the Agreement. We will be in contact with you once again in November,2009, regarding our transaction.

Any thoughts on this? Is it normal for buildings to extend dates like this? Sounds like trouble to me.

 

[Gooner]

Just received some more GREAT news...

I just checked my mail today and got another letter from Plazacorp. They have extended the cut off date a second time to November 25th. The last paragraph however states:

The generally improving economic conditions since the spring have resulted in strong sales at our King West Liberty Village project. We expect the conditions of our Agreement of Purchase and Sale will be satisfied or waived in the usual course within the timeframe specified in the Agreement. We will be in contact with you once again in November,2009, regarding our transaction.

Any thoughts on this? Is it normal for buildings to extend dates like this? Sounds like trouble to me.

We expect the conditions of our Agreement of Purchase and Sale will be satisfied or waived in the usual course within the timeframe specified in the Agreement.

^What exactly does that mean. According to my understanding they can extend it all the way until February and if at that point EV is not satisfied they must give purchasers the option to pull out. I definitely dont think they will sell enough before February to meet requirements for financing.

 

[Automation Gallery]

I definitely dont think they will sell enough before February to meet requirements for financing.

You dont know that... Thats still 6 months from now, lets wait and see.

 

[Gooner]

You dont know that... Thats still 6 months from now, lets wait and see.

haha of course i dont KNOW thats why i used the word THINK!

But look at it from a common sense approach. They are about 25-30% sold and having been selling for 1 to 1.5 years. My understanding that sales during the spring / summer months are the highest so we are basically at peak and as we move into the colder / winter months sales will go down. Doesnt seem feasible for them to sell another ~40% in 6 months....

 

[dc01231]

The winter months are for sure going to slow down... but the next 3 months, as long as the release some new units they shoudl be able to sell a bunch. Im in the area almost every day and during times they are open weekdays and the weekends I always see lots of people going in and out. But like i said most of the good units are gone. they need to push out phase 2 and offer some more selection ASAP

haha of course i dont KNOW thats why i used the word THINK!

But look at it from a common sense approach. They are about 25-30% sold and having been selling for 1 to 1.5 years. My understanding that sales during the spring / summer months are the highest so we are basically at peak and as we move into the colder / winter months sales will go down. Doesnt seem feasible for them to sell another ~40% in 6 months....

 

[Gooner]

The winter months are for sure going to slow down... but the next 3 months, as long as the release some new units they shoudl be able to sell a bunch. Im in the area almost every day and during times they are open weekdays and the weekends I always see lots of people going in and out. But like i said most of the good units are gone. they need to push out phase 2 and offer some more selection ASAP

I agree. They need to start selling phase 2, but if they release it before selling nearly all the remaining phase 1 suites then nobody will want to buy the 'leftovers' from phase 1.

dc01231, i didnt quite get your message regarding the letter, your started off by saying 'Great news' then ended on a negative

What exactly was the message saying!

 

[Solaris]

dc01231 could have just been sarcastic with the GREAT news ... (note capitalization)

 

[dc01231]

Sorry I thought was pretty clear... SARCASM!!! Theres never any good news when you receive a letter from a builder! Sorry bout the confusion!

I agree. They need to start selling phase 2, but if they release it before selling nearly all the remaining phase 1 suites then nobody will want to buy the 'leftovers' from phase 1.

dc01231, i didnt quite get your message regarding the letter, your started off by saying 'Great news' then ended on a negative

What exactly was the message saying!

 

[Gooner]

Sorry I thought was pretty clear... SARCASM!!! Theres never any good news when you receive a letter from a builder! Sorry bout the confusion!

No problem. Perhaps I was the only one confused! I thought it was sarcasm but the letter from the builder indicated good sales etc which confused me...

 

[dc01231]

Well it was better than the last letter which was just sad... it just said conditions havent been met, the cut off date is extended and thats it. This one was a little bit more positive.

No problem. Perhaps I was the only one confused! I thought it was sarcasm but the letter from the builder indicated good sales etc which confused me...

 

[simuls]

Any thoughts on this? Is it normal for buildings to extend dates like this? Sounds like trouble to me.

Liberty Towers, Townhomes, lofts and Bliss all received EV extensions (about 2 years worth) and 3 days before the last request was to take effect, CanAlfa got their financing, said the EV condition was met and the project has been moving forward very quickly ever since (they are now on the 8th floor of LVT). It was very touch and go, nerve wracking, etc., especially considering some people had purchased in April of 2006 and the EV wasn't met until Oct.31/2009.

That being said, however, the LVT/Bliss project was 95% sold, not 25% sold.

I guess I'm saying that there is always hope, but you need to be realistic at the same time. It's out of your hands for now, so just forget about it, wait and see how their sales do over the coming months, and if they don't go astronomically well, then make an informed decision as to whether you want to stay or purchase something else. A lot of new, finished product is coming on the market in the second half of 2010 and 2011. There should be lots to choose from, so while you, of course, want this particular project, this might not be an all bad thing.

 

[Solaris]

Daily Commercial News

This suggest KWL Tower 1 is moving forward ... that's good news for purchasers in this project ~
********

CONDOMINIUM BUILDING, TOWNHOUSES
Proj: 9087180-5
Toronto, Metro Toronto Reg ON
NEGOTIATED/WORKING DRAWINGS
King West Condominiums, King St West, Liberty St, Liberty Village, M6K
$49,000,000 est

Start: November, 2009

Complete: May, 2011

Note: Sales and Marketing are ongoing. Schedules for completion of Working drawings, Invited Sub trade tender and construction will be determined based on occupancy. Owner expects construction will be phased and is anticipated to begin Winter, 2009. All Sub trades will be awarded from a Roster list. Further update late Fall, 2009.
http://www.kingwestlife.com UNSOLICITED PHONE CALLS WILL NOT BE ACCEPTED BY THE OWNER.

Project: concrete foundation, cast-in-place concrete structural frame, brick exterior, fuel fired heating system, steam/hot water heating system, proposed construction of a condominium development, including a 25 storey structure and a ten storey structure with an adjacent townhouse development. The project will also include 22,000 sq ft of amenity space, such as Hollywood-style screening room; indoor pool; spa; games arcade; billiards room; bowling alley; and sports simulator with Wii capability. The residential bulidings will be built around a central courtyard. Units will range in size from 296 to 1,151 sq ft.

Scope: 450,000 square feet; 25 storeys; 2 structures; 1100 units

Development: New

Category: Apartment bldgs

First report Tue Jul 29, 2008. Last report Wed May 20, 2009.
This report Tue Aug 25, 2009.


http://dcnonl.com/cgi-bin/top10.pl?rm=show_top10_project&id=e5cfbd738427debf46139e3a114c16952b351784&projectid=9087180&region=ontario

 

[Gooner]

This suggest KWL Tower 1 is moving forward ... that's good news for purchasers in this project ~
********

CONDOMINIUM BUILDING, TOWNHOUSES
Proj: 9087180-5
Toronto, Metro Toronto Reg ON
NEGOTIATED/WORKING DRAWINGS
King West Condominiums, King St West, Liberty St, Liberty Village, M6K
$49,000,000 est

Start: November, 2009

Complete: May, 2011

Note: Sales and Marketing are ongoing. Schedules for completion of Working drawings, Invited Sub trade tender and construction will be determined based on occupancy. Owner expects construction will be phased and is anticipated to begin Winter, 2009. All Sub trades will be awarded from a Roster list. Further update late Fall, 2009.
http://www.kingwestlife.com UNSOLICITED PHONE CALLS WILL NOT BE ACCEPTED BY THE OWNER.

Project: concrete foundation, cast-in-place concrete structural frame, brick exterior, fuel fired heating system, steam/hot water heating system, proposed construction of a condominium development, including a 25 storey structure and a ten storey structure with an adjacent townhouse development. The project will also include 22,000 sq ft of amenity space, such as Hollywood-style screening room; indoor pool; spa; games arcade; billiards room; bowling alley; and sports simulator with Wii capability. The residential bulidings will be built around a central courtyard. Units will range in size from 296 to 1,151 sq ft.

Scope: 450,000 square feet; 25 storeys; 2 structures; 1100 units

Development: New

Category: Apartment bldgs

First report Tue Jul 29, 2008. Last report Wed May 20, 2009.
This report Tue Aug 25, 2009.


http://dcnonl.com/cgi-bin/top10.pl?rm=show_top10_project&id=e5cfbd738427debf46139e3a114c16952b351784&projectid=9087180&region=ontario

Thanks for the info Solaris. However to my knowledge this is definitely incorrect. They are building all 3 phases together, this was reaffirmed by my recent trip to the site for which they told me the tentative occupancy for phase 1 suites was December 2012 (pretty far off from May 2011 as per the info above!). The original date (way back, like over a year) was occupancy in June 2011.