Yonge & Rich Condos (Great Gulf) - Real Estate -

[Cdnchallenger]

A very handsome project in a prime location. It was nice to hear from GG today that they have sold 300 units already.

Excuse my ignorance on how all of this works, but this process is all new to me. I was "preregistered" for this project and have received an email to make an appointment for this Saturday June 8th to have what I was assuming was an early chance to view the floor plans and purchase. Who are these 300 people who have already purchased? How does the process work? Thanks

 

[azureray]

There have been at least three rounds of sales in the past four months, before it opens for public sale on June 8th:

- Friends & Family
- Platinum VIP
- VIP

This is a typical process for preconstruction condos.

But many floorplans were reserved for later public sales, for example, none of the above 33rd floor units were released.

Excuse my ignorance on how all of this works, but this process is all new to me. I was "preregistered" for this project and have received an email to make an appointment for this Saturday June 8th to have what I was assuming was an early chance to view the floor plans and purchase. Who are these 300 people who have already purchased? How does the process work? Thanks

 

[Cdnchallenger]

There have been at least three rounds of sales in the past four months, before it opens for public sale on June 8th:

- Friends & Family
- Platinum VIP
- VIP

This is a typical process for preconstruction condos.

But many floorplans were reserved for later public sales, for example, none of the above 33rd floor units were released.

Wow. I don't like that but it is what it is.

So should I now expect an increase in advertised prices. Is it something where they sell 3 or 4 units at the $289,900 price and then make a big jump to the mid $300's?

 

[azureray]

Yes price have gone up, as far as I know the smallest units are sold out - i.e., Richmond and Adelaide. You are now probably looking at $300 start, but that being said, none of the higher floor units were released, so the price jump was irrelevant if you want to buy higher than 33rd floor with better view and better finishes, also larger floorplans.

Wow. I don't like that but it is what it is.

So should I now expect an increase in advertised prices. Is it something where they sell 3 or 4 units at the $289,900 price and then make a big jump to the mid $300's?

 

[RiverCity1]

Excuse my ignorance on how all of this works, but this process is all new to me. I was "preregistered" for this project and have received an email to make an appointment for this Saturday June 8th to have what I was assuming was an early chance to view the floor plans and purchase. Who are these 300 people who have already purchased? How does the process work? Thanks

Yes, don't despair...often developers will save and release entire floors (sometimes better floors and views) at a later date to the general public. If you really do want to buy pre-construction and be one of the first to buy, it's best to get a good real estate agent (which is free for you anyway since the developer pays the agent commissions and not you!). That way you can be a "VIP". It doesn't mean that you have to be Donald Trump lol. Most VIP's are hard-working investors...without them very little of what is built now would get built as end-users often don't want to put down a 20% downpayment and wait 4 years until occupancy...so they prefer to buy resale and see what they are buying vs. investors who can visualize the unit and view from plans.

That said, some of the best incentives for new projects are in ones that have been on the market for a bit but still haven't got their financing in place to start construction.

Good luck. Yonge & Rich is a great project and a great investment. This neighbourhood bordering the financial district needs more residential buildings and people living here so that there is some more vibrancy in the area on weekends!

 

[leejabron]

Yes, don't despair...often developers will save and release entire floors (sometimes better floors and views) at a later date to the general public. If you really do want to buy pre-construction and be one of the first to buy, it's best to get a good real estate agent (which is free for you anyway since the developer pays the agent commissions and not you!). That way you can be a "VIP". It doesn't mean that you have to be Donald Trump lol. Most VIP's are hard-working investors...without them very little of what is built now would get built as end-users often don't want to put down a 20% downpayment and wait 4 years until occupancy...so they prefer to buy resale and see what they are buying vs. investors who can visualize the unit and view from plans.

That said, some of the best incentives for new projects are in ones that have been on the market for a bit but still haven't got their financing in place to start construction.

Good luck. Yonge & Rich is a great project and a great investment. This neighbourhood bordering the financial district needs more residential buildings and people living here so that there is some more vibrancy in the area on weekends!

Popped by the sales center yesterday. I must say, given the price/sq foot for some of the units, the standard finishes are sub-par to say the least. I know the price premium is largely attributable to location, but some of the features really surprised me. For instance, pop corn ceiling is standard, and the large, expansive terraces they rave about, have no gas hookup, nor do they have water bibs. Appliances were very sub-par as well too. Disappointed to say the least. Layouts are not the greatest either.

 

[UT Admin]

Floorplans of units are available now. Check them out here.

 

[justken]

Great News! As of the writing of this news article. It appears its 68% sold out. http://www.cbc.ca/news/business/story/2013/08/07/business-toronto-condo-market.html.
i'm assuming that this means its 68% sold for the entire building. Keep in mind this condo has two condo corps. One to represent floors 6-32 and another to represent 33-50.

 

[kalvinone]

^ that's interesting... 2 separate corps in different sections of the building...does that mean the maintenance is different between the 2? How about common areas?

 

[justken]

^ that's interesting... 2 separate corps in different sections of the building...does that mean the maintenance is different between the 2? How about common areas?

the sales rep told me that maintenance in the areas will also be separate. the elevators will be separate, the amenities will also be separate. The Amenities for the first condo corp floors 6-32 will be located on floor 5. the Amenities for the second condo corp floors 33-50 will be located on the floor 45. (the top part of the lower half of the building)

The only thing shared will be garage. Else, separate.

 

[deerparker]

^ that's interesting... 2 separate corps in different sections of the building...does that mean the maintenance is different between the 2? How about common areas?

It's not unusual to have two condo corps in a multi-tower development. Mine is split and has separate boards, but in our case, the two corps have a shared services agreement whereby all residents share all amenities, along with management, cleaning, and concierge services.

 

[Youranthony1]

It's not unusual to have two condo corps in a multi-tower development. Mine is split and has separate boards, but in our case, the two corps have a shared services agreement whereby all residents share all amenities, along with management, cleaning, and concierge services.

This building isn't multi-tower. In this project, the floor you live on dictates the corporation representing you.

 

[TheKingEast]

$62,500 for parking is an absolute joke. LMAO!

 

[neuhaus]

It's $69,000 at Massey Tower (it was even more when it was first launched), and there a few other condos in the city that are selling parking spaces north of $60k.
These are usually buildings that have very limited parking to begin with which explains for the huge premium to obtain them.

The Condo fees at 0.56 per sq.ft. is hard to believe and I'm sure it will rise dramatically. There's only 150 units and they have their own large rooftop swimming pool, gym, party room, lounges and other luxury amenities separate from the riff raff below at Yonge+Rich.
At least I won't be constantly reminded that I live at Yonge+Rich everytime I come home!

 

[RZ12]

Has anyone tried reaching out to the developer to see if they are starting to allow assignments?