1 Bloor East, DEAD AND BURIED (Bazis, -2s, Varacalli)

[lordmandeep]

with such big hype for this project...

I think Signature an Aura will face the same thing, maybe not as crazy.

Both will be landmark towers and be marketed like crazy like 1 Bloor.

 

[balmoral]

We've still got a looooong way to go...

Toronto is on a roll, but I think this new developement adjacent to MOMA on 54th neatly encapsulates just how far we've got to go to be compared to the world's great cities. A 75 storey Jean Nouvel residential/hotel/gallery space tower is being developed by Hines.

All similarities in terms of height, use and location with 1 Bloor are blown out of the water by the architecture and ambition of this project.

If anything shows we're still in the minor leagues, it is this:

http://http://www.nytimes.com/2007/11/15/arts/design/15arch.html?_r=1&hp&oref=slogin

 

[asiancolossus]

Manipulation?

In addition to last minute marked increase in price, apparently they only let out 100 units on broker sale day? WTF?

Why would they do this? I bet that they've alienated a lot of potential buyers.

 

[Bogtrotter]

Nice. Yeh Toronto's condo boom is amazing, but undoubtedly for all this activity there are no buildings U/C here that are as daring and cutting edge as some of the new NY and Chicago towers. The L tower perhaps.

 

[RJR123]

sorry, just had a quick look at the pricing, not only are they charging 45k for parking but 40 bucks a month maintenance? A locker is 5k, but again, they want 15 bucks maintenance a month, so someone please tell me how you maintain a locker? Give it an oil change ? And no one buying a life,style 895 or style 770 can't even buy a car parking space!! I know a lot of people will not care about this, but its astounding.

Charging maintenance for parking and lockers is very common, and ceertainly not limited to this project. I pay monthly maintenance on my parking spot and locker and it's in line with what this project charges. The parking garage needs to be maintained and cleaned so this goes towards power cleaning, changing lights, etc.

 

[AndreaPalladio]

Ditto.

 

[Mike in TO]

^ Exactly - The maintenance fees don't go to Bazis, they go to the condo corp to maintain the structure once it is complete. Virtually all condos have fees for parking and lockers - someone has to clean the garage, repaint lines, pay for the lights, pay to keep the garage door going, pay for security, keep the structure intact - this stuff isn't free. 10% of all maintenance fees also go to a reserve fund to cover major repairs in the future such as new elevators or a/c units etc.

 

[TrickyRicky]

I'm not ready to say "bubble" or "burst" yet but "correction" and end of boom yes. We all know there is a strong underlying demand for condominiums in the city but just not near enough to absorb all the product coming on stream. I suspect the oversupply and froth is particularly acute at the higher end of the market.

From the Star today:

Re/Max says "investors have also jumped into the fray, now representing a sizable segment of the downtown market" with a significant 60 to 85 per cent of sales in new condominium developments involving investors this year, up from below 50 per cent last year.

 

[alklay]

There seems to be as much hysteria about the 'greed and/or shadiness' of the developer, the hurt feelings of real estate brokers, the market prices of units, etc., as there is about this building.

The prices for the units are not out of line with other high end developments. Real Estate brokers really do not have feelings. The building will get built and somebody will make some money. Relax everybody.

 

[RJR123]

^ Exactly - The maintenance fees don't go to Bazis, they go to the condo corp to maintain the structure once it is complete. Virtually all condos have fees for parking and lockers - someone has to clean the garage, repaint lines, pay for the lights, pay to keep the garage door going, pay for security, keep the structure intact - this stuff isn't free. 10% of all maintenance fees also go to a reserve fund to cover major repairs in the future such as new elevators or a/c units etc.

One other thing I forgot to mention in response to BUDGEYBRIT's post is that it's also very common for developers to limit the right to purchasee parking spots to larger units. Believe it or not, but developers do not make any money on parking spots, and hate the fact that the city mandates builders to include a certain minimum number of spots. They therefore restrict the privilege to higher-priced units.

 

[Mike in TO]

One other thing I forgot to mention in response to BUDGEYBRIT's post is that it's also very common for developers to limit the right to purchasee parking spots to larger units. Believe it or not, but developers do not make any money on parking spots, and hate the fact that the city mandates builders to include a certain minimum number of spots. They therefore restrict the privilege to higher-priced units.

I wouldn't be surprised if even at 45K parking was not profitable for the developer considering the tight urban location and underground utilities and connections at this site.

When the Uptown went on sale across the road in late 2005 parking ranged from 30k - 35k or 40k- 45k with a locker included. So 45K really isn't pushing any boundaries that haven't already been crossed.

 

[poppajojo]

From the Star today:

Re/Max says "investors have also jumped into the fray, now representing a sizable segment of the downtown market" with a significant 60 to 85 per cent of sales in new condominium developments involving investors this year, up from below 50 per cent last year.

If this figure is true, it's pretty surprising and good reason to be cautious, especially if it's in the higher 80% range.

 

[Tewder]

Oh wow, that is purty!

 

[urbandreamer]

What if...no parking spots allowed (maybe 50 spots per building for visitors, deliveries etc) and instead everyone got transit passes? Then all along the 401, major expressways etc would be built 25 story parking garages with entry/exit ramps directly onto the collector lanes? Fantasy or coming soon to a city near you?

 

[Roy G Biv]

Perhaps more developers should consider stack parking?

Trump is installing hydraulic parking lifts. You can get 3 spots for 1.

I'm not sure if any of the other luxury buildings are going with stack parking, but they'd be fools not too look into it.