hatfield
New Member
I bought one of the 844sq units. He said they were about 20% sold at that point. Anyone else here buy ?
Upside Down + Fuse Condos (Channington/Brownstone, 14s x2, 26s x2, Burka)
- Thread starter AlbertC
- Start date
Rikk
Active Member
Hi Hatfield,
I bought a unit on the 14th floor last Sept. At that point the sales were very slow, and I was told that 10% were sold. I have been following the sales due to the fact 50% need to be sold before they break ground, and I have been already been sent a letter six months ago that they are exercising the right to delay six months. They can do this 2 times and at that point they either will have to construct or give your money back with interest.The construction was scheduled to start Spring '09, so it is now Summer '09, so now I am getting optimistic a little that the sales have picked up in the last 3 months from 15% to 20%. I am sitting on the fence, meaning I hope it goes to construction because it is a great price, and the other projects in the area will boost the value of the unit. But then I hope it does not because of the area let’s say Colourful issues. I have lived here for two years, and I do not go out walking at night past 10pm, and the Lansdowne TTC station is not safe at night. Mind you the Tor. Police have been very visible but there is still an element of the people hanging around those stores on the corner who do not look or act like good citizens.
I live in one of The Standard Lofts, and the issues that I have are the people parking on the side of the building that buy at the Dollar store, the congestions has caused 4 car accidents since I have been her, and with an added building you’re talking more congestion that will be using the exit/entrance to Lansdowne. The people who use the lawn for a toilet for their dogs this has gotten out of hand, and that same land is where the condo is going to be built on. The major issue I have is this; will my condo fees be used to maintain the land that The Standard Lofts sit on because the lands is adjoining property?
The staff who work at the The Standard do not enforce the parking at the side of the Dollar Store nor do they enforce the dog issue regarding the poop. There are some great people who live in The Standard, and there are some types who should not be her. But you cannot control that, but I would expect the landlord to do more...which they have not, many times I had to step over a yellow puddle in the elevators..
This is why I am on the fence with Electric City...........
I bought a unit on the 14th floor last Sept. At that point the sales were very slow, and I was told that 10% were sold. I have been following the sales due to the fact 50% need to be sold before they break ground, and I have been already been sent a letter six months ago that they are exercising the right to delay six months. They can do this 2 times and at that point they either will have to construct or give your money back with interest.The construction was scheduled to start Spring '09, so it is now Summer '09, so now I am getting optimistic a little that the sales have picked up in the last 3 months from 15% to 20%. I am sitting on the fence, meaning I hope it goes to construction because it is a great price, and the other projects in the area will boost the value of the unit. But then I hope it does not because of the area let’s say Colourful issues. I have lived here for two years, and I do not go out walking at night past 10pm, and the Lansdowne TTC station is not safe at night. Mind you the Tor. Police have been very visible but there is still an element of the people hanging around those stores on the corner who do not look or act like good citizens.
I live in one of The Standard Lofts, and the issues that I have are the people parking on the side of the building that buy at the Dollar store, the congestions has caused 4 car accidents since I have been her, and with an added building you’re talking more congestion that will be using the exit/entrance to Lansdowne. The people who use the lawn for a toilet for their dogs this has gotten out of hand, and that same land is where the condo is going to be built on. The major issue I have is this; will my condo fees be used to maintain the land that The Standard Lofts sit on because the lands is adjoining property?
The staff who work at the The Standard do not enforce the parking at the side of the Dollar Store nor do they enforce the dog issue regarding the poop. There are some great people who live in The Standard, and there are some types who should not be her. But you cannot control that, but I would expect the landlord to do more...which they have not, many times I had to step over a yellow puddle in the elevators..
This is why I am on the fence with Electric City...........
hatfield
New Member
Hi Rikk,
I hope the project goes through, i believe the area is ripe for this development and ultimately this will be a good investment if we hold on to it long enough to see the area improve. The value for the money is incredible which also helped sell me on it. Let's hope they reach 50% soon ! He did say he saw sales picking up over May, we were the 8th unit sold in the last few weeks. He anticipated over the summer things will pick up.
I hope the project goes through, i believe the area is ripe for this development and ultimately this will be a good investment if we hold on to it long enough to see the area improve. The value for the money is incredible which also helped sell me on it. Let's hope they reach 50% soon ! He did say he saw sales picking up over May, we were the 8th unit sold in the last few weeks. He anticipated over the summer things will pick up.
urbandreamer
recession proof
If you really believe in the 'hood and want to make maximum dollars, why not buy several commercial buildings along Dupont, or a house nearby?
jim99
New Member
I too bought a unit - 650 sq feet, along with a friend of mine that did the same.
I've been reading the threads about this project and I can't believe some people are against it. There is no doubt that the area is in transition, so no sense on dwelling on the obvious. But isn't building new buildings and having new residents move in the way of turning an area around? Isn't this project and many more others like this what this area needs??
I was there 6 years ago when Toy Factory lofts were launched in Liberty Village and I had the exact same "vibe" walking into this sales centre before purchasing one. The area was so raw with what essentially looked like wasteland, it was hard to believe that the project would have been successful...look at the area today.
I'm by no means a real estate expert but the reality is with devlopment or re-development of an area, you need to have that vision of what the place will look like post-development, not what it looks like today. The fact is, if you build it then people will come.
I drove around and walked around the area for a few days (at different times of the day) prior to purchasing. I like the fact that the area is surrounded by those neat little houses filled with Portugeuse families and those cute little "mom and pop" stores along the side-streets. The Price Chopper and Dollarama are a bonus for me because I don't like overpaying for anything, especially goroceries (has anybody ever compared prices between a "Metro" and Price Chopper?? I have)
I think if the project was priced "out-of-reach" like the rest of the Toronto property market, then it would be a no-brainer to walk away. But at $300/sq foot and $.26/sq foot for maintenance fees, how can anyone go wrong? You're getting quality finishes from a builder who thrives on reveloping transitional areas within the city. I like his vision and I like what he wants to do with the area. I'm a believer...my father has been a real estate investor for close to 30 years now in Toronto and you should have seen the look on his face when we drove by the site...he couldn't stop salivating
There is no doubt that there is a long road ahead before completion but I can' twait to see the area improve along the way as these projects come to fruition.
With all arguements aside (for or against this area being the next big thing), I think the price-point is enough to sell...I was told when I bought my unit that sales had now reached 22%...it's a shame the project was laucnhed last year in and around the time that marekts began their shake-up and sales for everything - cars, homes, etc., began to stall...if you ask me, there is no better time than a recession to pick up a property when the whole world is on sale
I've been reading the threads about this project and I can't believe some people are against it. There is no doubt that the area is in transition, so no sense on dwelling on the obvious. But isn't building new buildings and having new residents move in the way of turning an area around? Isn't this project and many more others like this what this area needs??
I was there 6 years ago when Toy Factory lofts were launched in Liberty Village and I had the exact same "vibe" walking into this sales centre before purchasing one. The area was so raw with what essentially looked like wasteland, it was hard to believe that the project would have been successful...look at the area today.
I'm by no means a real estate expert but the reality is with devlopment or re-development of an area, you need to have that vision of what the place will look like post-development, not what it looks like today. The fact is, if you build it then people will come.
I drove around and walked around the area for a few days (at different times of the day) prior to purchasing. I like the fact that the area is surrounded by those neat little houses filled with Portugeuse families and those cute little "mom and pop" stores along the side-streets. The Price Chopper and Dollarama are a bonus for me because I don't like overpaying for anything, especially goroceries (has anybody ever compared prices between a "Metro" and Price Chopper?? I have)
I think if the project was priced "out-of-reach" like the rest of the Toronto property market, then it would be a no-brainer to walk away. But at $300/sq foot and $.26/sq foot for maintenance fees, how can anyone go wrong? You're getting quality finishes from a builder who thrives on reveloping transitional areas within the city. I like his vision and I like what he wants to do with the area. I'm a believer...my father has been a real estate investor for close to 30 years now in Toronto and you should have seen the look on his face when we drove by the site...he couldn't stop salivating
There is no doubt that there is a long road ahead before completion but I can' twait to see the area improve along the way as these projects come to fruition.With all arguements aside (for or against this area being the next big thing), I think the price-point is enough to sell...I was told when I bought my unit that sales had now reached 22%...it's a shame the project was laucnhed last year in and around the time that marekts began their shake-up and sales for everything - cars, homes, etc., began to stall...if you ask me, there is no better time than a recession to pick up a property when the whole world is on sale
urbandreamer
recession proof
^Yikes. I suppose you write infomercials for a living?
maestro
Senior Member
I'm just surprised how many are shelling out their dollars to live there. It's beside a rail corridor in, as you say, an area in transition to be built over a cap of some of the most polluted soil imaginable.
Building a bunch of cheap, high density apartments could have the reverse effect over the long run. Just look across the street. Okay, not quite the same but ,hey, you ultimately get what you pay for. I mean they are practically giving away re-sale condos built in similar transitional areas 20 years ago. (and this was before the sub-prime scandel went bust)
Building a bunch of cheap, high density apartments could have the reverse effect over the long run. Just look across the street. Okay, not quite the same but ,hey, you ultimately get what you pay for. I mean they are practically giving away re-sale condos built in similar transitional areas 20 years ago. (and this was before the sub-prime scandel went bust)
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cdr108
Senior Member
he might be vying for Billy Mays job.
Tuscani01
Senior Member
The Galleria has multiple owners. One wants to redevelop the site, the other does not. (I think its the teachers pension fund against the redevelpment IIRC) That is why nothing has come out of that plan.
cdr108
Senior Member
really, that's a shame ...
i would have thought the teacher's pension fund would love such an opportunity to make higher returns with lower managed risk since they already partially own the site.
jim99
New Member
I have no idea if the soil is polluted or not...looked fine to me when I went for a walk on the site...my "wasteland" comment was referring to what King West was like many years ago.
Observer Walt
Senior Member
Jim99, welcome to the forum. You appear to have done some checking around and made a decision that suits you, and my advice (not that you would need it) is to just pass over the negative comments.
The price point is right, as you suggest, although the 23 cents for the condo fee may well prove to be low once the building has a year or two of operating experience.
You offer a good perspective on neighbourhoods in transition. Like you, I remember Liberty Village before it took off, and there definitely are parallels here.
The price point is right, as you suggest, although the 23 cents for the condo fee may well prove to be low once the building has a year or two of operating experience.
You offer a good perspective on neighbourhoods in transition. Like you, I remember Liberty Village before it took off, and there definitely are parallels here.
riley
Active Member
What kind of a brainless response is that to a someone's very well-thought out post. He elaborated on his thought process and his analysis about buying places in areas that are redeveloping makes a lot of sense. I think a reasoned post like this deserves a better response than your lame retort which has nothing substantive to add to the discussion at all. Just because you hate the area and are not supportive of its development (which baffles me), you certainly don't have to just hate on people who think differently.
Rikk
Active Member
I agree.....if you can't be polite do not respond to any post. This thread is about Electric City and now about your ego...urbandreamer!
gristle
Senior Member
But he's not shouting.