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775 King West Condos (Minto) - Real Estate -

Reading the condo docs and looking at the model building ...

The retail space in the building has potential to be interesting. They'll also have commercial parking in P1. But I hope it doesn't end up looking like the retail space of the neighbouring building that's ... well ... kind of ugly !

Anybody know what the average price for renting a parking spot in the neighborhood ? Seems like 775 West is charging $58/mth + taxes in Maintenance Fees (seems like a lot)... add to that the cost of parking is $39,000+ taxes = $43K !!
 
from what I gather ... maintenance fee of $50 per parking space is pretty average ~
 
$58 per month is a bit high.

Gooderham and Festival Tower are at $50, Market Wharf is at $45, but most sites seem to be between $30 and $40 per month for parking maintenance.

Infinity - Ph III is $8 per month, or at least it was that last time I visited!
 
I asked the sales rep about the $58/mth ... and he simply shrugged !!!

What does $58+ tax get you ... should include a car wash at least !

Nearby Fashion House has parking for $37.5K (not sure what maintenance was) which is just under the $39K+tax Minto is asking. Again I asked the sales rep ... he shrugged ... his theory is that parking will be become very high demand in the area after all the development ... It'd just say it's a pure cash grab by Minto charging above market for parking knowing most units will buy because of re-sale potential.

At that rate it's cheaper to rent a spot rather than buying and incurring maintenance/mortgage costs, etc.

With parking my one + den would be nearly $340K !!! ... seems out of control to me. so no parking just yet.
 
Minto has a fairly good reputation but some of their pre-construction prices are higher than they should be.

I was told by Minto people the pricing would be "$475" a foot a couple months ago. But the market's hot and they're trying to squeeze out every dollar they can.

I took a pass on this one.

I wonder if the "flippers" realize and know that Minto does not allow "Assignments" unless it's to a direct relative. I suspect we'll be seeing some really upset people 3 years down the road.
 
Agreed that Minto is definitely maximizing price per sq ft. My unit was a desirable layout but located off tecumseth ... so it was "less desirable" as everyone wanted to face king according to sales rep.

Therefore my unit was priced lower @ $452/sq ft. whereas other units were pushing $490 sq ft. and up to

That said ... the location is still very good. It's central and downtown but not too too busy. Hopefully that will ensure that the per sq ft. goes higher once there's reduced pre-construction as land becomes more scarce.

I did notice that clause of "Assignments" in my purchase agreement ... my understanding is that it's up to Minto's discretion whether or not they will allow you assign your condo. so pretty much they won't allow it.
 
ususally the "Assignment Clause" is provided to VIP Agent Pre-Sales ... sometimes at no charge or reduced cost ... to enable 'flipping' of units
 
another thought .... the building doesn't have any wet amenities (no pool, no steam room, no hot tub) ... reason being either:

1- builder is being cheap
2- they don't think buyers want to pay for it (added maintenance, etc.)

But with 300+ units in the building ... it make sense to have wet amenities since the cost is easily spread out ... or is there a trend to go away from those "costly" amenities in the pre-constructions.

From what I've seen on king west ... it seems mixed...Victory condos has steam room but no pool ... Fahsion house and Charlie has pool and everything. Anybody has any ideas on what the case is going forward ?? Are wet amenities high on a new or re-sale buyers list??
 
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brendo said:
Nearby Fashion House has parking for $37.5K (not sure what maintenance was) which is just under the $39K+tax Minto is asking. Again I asked the sales rep ... he shrugged ... his theory is that parking will be become very high demand in the area after all the development ... It'd just say it's a pure cash grab by Minto charging above market for parking knowing most units will buy because of re-sale potential.

At that rate it's cheaper to rent a spot rather than buying and incurring maintenance/mortgage costs, etc.

With parking my one + den would be nearly $340K !!! ... seems out of control to me. so no parking just yet.
Click to expand...

Constructing underground parking (digging, shoring, etc.) seems to be getting more expensive these days and Minto charging $39k sounds about right for the average cost of constructing a parking spot (dividing the cost of pouring the foundation by the number of parking spots).
 
gmeo said:
Constructing underground parking (digging, shoring, etc.) seems to be getting more expensive these days and Minto charging $39k sounds about right for the average cost of constructing a parking spot (dividing the cost of pouring the foundation by the number of parking spots).
Click to expand...

Parking in the newest development in Liberty Village (less than 1km away) is $27 500 or 27% cheaper.
 
back in October I was looking at 500 Wellington and parking was going for I believe $37,500. The Freed rep was convinced parking would be worth at least $50K in 2 years.

I did the math to carry an extra $37,500K on a mortgage and then compared it to parking prices that were being advertised on craigslist and I found that renting would be "cheaper"
 
EXgeMMY: you are right. it is much cheaper to rent parking than to carry it. Not to mention the maintenance cost and taxes on it.
 
I'm not entirely convinced it's costing the developers more to create parking spots, they are just charging more.

From what I recall during my search parking was going for around $150-$175. I rarely saw parking at $200 or more.

This talk may be better suited for the real estate section.
 
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