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News Roundup for May 13, 2024
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From a Perch Over The City
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45 Storeys Proposed to Replace 10 Storeys in Islington Village
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1 Bloor East, DEAD AND BURIED (Bazis, -2s, Varacalli)

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so 300 K goes to 500 K and 2 million goes to 8 million!!!:eek:

Does that mean that even the cheapest units have gone up 200 K? WHOA! So when it is actually open to the public, it'll even be higher than that?

I know demand is strong, probably the strongest out of all the developments, but won't raising the price an hour before the sales center opens alienate many of those previously interested? Or do people actually think it'll go much higher?

I find this fascinating being an observer...
 
yyzer said:
usually first there is a VIP event for past customers...i.e., anyone who bought at Crystal Blue....then secondly there is a VIP event for agents...and this is basically any agent in the GTA, as they are all contacted by e-mail and postal mail....then finally, there is the grand opening for the public..
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I remember going with my agent to the "opening" of RoCP. It was agents and their clients only. They opened at noon; we walked in at 12:05. All of the choice 1+1 units (exactly what I was looking for) were already sold - the entire line from ground to penthouse. They didn't all sell within 5 minutes, so unless there was a previous "VIP" event, that means the sales agents had taken first pick.
 
Insane crowds there tonight--tv cameras and mass fools with agents hovering with cell phones, all that crap i hate with a passion! 200 ppl perhaps? I told them to go ____ themselves as I attempted to get to TTC in a hurry. Ha. We say in the stock market that pigs get slaughtered!
 
It really was a bit much today. I'm surprised the police let it get as busy and disorderly as it did. If I was in charge of that patrol, I would have sent everyone home empty-handed for behaving like such rubes.
 
Shoppyfun said:
My agent said 1 Bloor has already gone up in price by about $80,000. Not sure whether it's true or not but she actaully got a small unit herself.
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so I guess my agent wasn't lying...
(I just need to point that out :D)
 
Shoppyfun said:
so I guess my agent wasn't lying...
(I just need to point that out :D)
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You were right shoppy! At least your agent was!
How high can it possibly go?
I guess it'll end up being like Ritz and Trump being over 1K a square foot?
Sigh...must be nice to be rich!
I read an article saying that some rich guy was willing to go to 24 million for the penthouse! So is this the 2500 square foot one (which is supposedly the biggest suite) or are there even more exclusive units that are even bigger?

I just wonder what the precedent is for recently completed "luxury" condos, has there been a lull phase after the hype has died down where the price dips or does it just stabilize? Anyone know the market?
 
All the 1 bedroom units at Tridel's James Cooper Mansion "sold out" quickly.

Similarly, all the 2 br units on the southwest corner of the X-condo above 16 storeys (i.e., 16-44) were mysteriously unavailable on the day the building opened to the public (actually, the so-called "preview" BEFORE the public grand opening). (I notice these things.)
 
asiancolossus said:
You were right shoppy! At least your agent was!
How high can it possibly go?
I guess it'll end up being like Ritz and Trump being over 1K a square foot?
Sigh...must be nice to be rich!
I read an article saying that some rich guy was willing to go to 24 million for the penthouse! So is this the 2500 square foot one (which is supposedly the biggest suite) or are there even more exclusive units that are even bigger?

I just wonder what the precedent is for recently completed "luxury" condos, has there been a lull phase after the hype has died down where the price dips or does it just stabilize? Anyone know the market?
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Well my agent said a lot of people feel 1 Bloor is cheap compared to similar luxurious condos which starts at close to a million. Personally I think it's a bit of a risk getting such a small unit at $400,000. Unless it's for self-use, how much rent people going to charge to justify the cost? I know if I am a renter I will rather walk 5 minutes to save half of the rent cost. It also leaves little room to "grow" in value when other surronding buildings are selling $100,000 less as others point out. And who knows there won't be more condos going up along Yonge street now 1 Bloor is such a success. The whole street is waiting to be revamped anyway. But hey they say its the best corner in the world so you never know. As long as there is demand the price can keep going up. This is the exciting part of real estate.
 
Walked by 2 guys in Little Italy with large 1 Bloor booklets tonight and could swear I heard one say to the other that parking was $59,000.
 
Well...

I was in line tonight with my broker. The doors opened at 6pm and by 8pm they announced that everything under 1million was sold out. Suffice to say that was above my budget and I went home to think about things.

I think the level of hype surrounding this project is just insane. When the person came out to make the announcement the already irate crowd started to lose their patience. Brokers and their buyers started expressing their frustrations. I honestly felt bad for some of the brokers that shelled out a good deal of money to hold a spot in line.

Will I end up purchasing a unit there? Who knows? I'll keep my eye for any units that mysteriously pop up over the next little while. Whether they be rescinded offers or 'holdouts' that Bazis decided to keep back.
 
I think the level of hype surrounding this project is just insane.
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Yep...more hype than anything surrounding, say, the Four Seasons, which has, arguably, a better location.

The brokers would have been given a 'preview' look at the prices, in writing, before today, although there was probably some fine print which allowed the developer to change the price...but if Bazis now has jacked them up as much, as reported, they will have pissed off a lot of the real estate agent community. It's one thing to increase prices later, as later units are 'released', say, after construction has started, but to increase prices after the initial announcement to the brokers, would strike me as not being in good faith.

And what is especially amazing, the building is not even approved yet - who would overbid on a penthouse, with no guarantee to the floor count?
 
Not to mention the builder hasn't really "proved" themselves building residential condos in Canada yet (no track record)
The other thing people haven't really discussed is the hotel. The builder said it will be a "boutique" style hotel but without bid names such as Four Seansons to back it up, who knows what it is going to be like. I think by having a mix-use condo can work in both ways. You can enjoy the "hotel quality" amenities but it can also bring issues if it's not run properly.
 
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