The project is huge so it would have a lot more units than most projects. I believe one of the towers recently closed so of course there would be a lot of units for sale while the other tower may still be in occupancy hence the rentals. Or maybe the long delayed construction is pushing owners to sell. I always liked Ice from the outside. The inside though, is pretty weak. Par for the course with this builder anyways. Ice had some of the highest PPSF when it was selling and I never understood. Tiny units with mid level finishes.
Hmmm....This is an interesting perspective, particular when read from the point of view of a Purchaser and Resident, as well as an investor who is lucky enough to own quite a few units in projects in downtown Toronto, all of which had been purchased as Pre-Construction purchases.
First, the building hasn't Closed. In fact, the project has not even Registered as of this moment; both towers are part of the same Condominium Corporation and will close together.
Secondly, with respect to the number of sales listed on the MLS, this is a reflection of those investors who had purchased units for the purpose of Assigning them to end-users in and around Final Closing, which is a common investment strategy. Lanterra Developments targeted this niche of investors by placing a templated, standardized set of Assignment Clauses in the Agreement of Purchase and Sales (APS) as an incentive, and which didn't require negotiation. This, in my view, was a very good move given the desirable location of this project, and the period of time it went to market. As the building is about to Register, those investors are now selling as part of their investment plan. I think this is wise on the part of investors, and is not a reflection of the quality of finishes, size of units, or other cosmetic imperfections perceived by some, nor some level of dissatisfaction with the project.
Thirdly, although it can be appreciated that people make one of the largest purchases of their lives by focusing upon their individualized needs (such as the sizes of the units and quality of finishes), these items are becoming less and less relevant as location and convenience are given precedence. From the perspective of a Developer, I see no reason why one would invest in the highest end, exotic finishes when they will be outdated by the end of the calendar year. Selling relatively recent, tasteful and functional finishes (which I imagine most suppliers are selling to Developers at a discount to make room for their most recent stock) makes complete sense to me, as the Developer reduces their overall costs of doing business, while still achieving their business goals. As a reminder, this project is sold out, which buttress' this opinion.
I hope this provides the "inside scoop" that some of the other forum users were inquiring about. I must say, as I'm lucky enough to own one of the top floor units, there are few words that can describe the sunrises and sunsets I see on a daily basis from the comfort of my bed, nor the sense of peace and tranquility that comes from having such a lake view while living in the sky. This experiences is not diluted by the lack of 'high end finishes' my unit is fixed with.
The only drawback that I see is when, for example, some guy name Jose Bautista hits a powerful home run to launch our Toronto Blue Jays closer to the World Series Final, that living at ICE can be a headache. It is times like these when a resident can barely walk around outside from all of the excitement and celebrating tourists. But, this won't be an issue once the Path Connection is built in the next couple of years.
