Casa Condos (Cresford Developments) - Real Estate -

unfortunately for me at Solaris ... Tridel is doing the same thing, holding back the sale of lockers until closer to completion ... which means I'll be paying 2010 locker prices (~$3500), rather than 2007 locker prices (~$2500)

Tridel's reason behind this is because "we are not able finalize where + what size + how many lockers are available until closer to construction being completed"
 
Pretzel said:
YR18, if you are selling a product and already incorporated 15% profit in the selling price, then you realize people are lining up to by more. Do you increase the price which increases your profit or do you keep the price the same? Keep in mind you’re already making profit on the product.

I think you’ve mistaken GREED with “Business sense†(IMHO), unfortunately a lot of people would see nothing wrong with what Cresford is doing!

As far as I know most builders do sell you the locker upfront and don’t ask you to wait until the end to see how much more they can get for it.
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Pretzel, I appreciate your comment. I do not want to argue this point further, as i believe that each one of us is entitled to their own opinion. I feel like between myself, you and Granny we have pretty well covered what is to be said on this issue. I would just like to pose this question to the forum members: If you decide to sell your home and there are 10 offers, all with identical terms with the exception of the purchase price, would you settle and take a low or a mid range offer, or would you choose to accept the highest offer?
 
Solaris said:
unfortunately for me at Solaris ... Tridel is doing the same thing, holding back the sale of lockers until closer to completion ... which means I'll be paying 2010 locker prices (~$3500), rather than 2007 locker prices (~$2500)

Tridel's reason behind this is because "we are not able finalize where + what size + how many lockers are available until closer to construction being completed"
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Well, at least we won't be paying harmonized tax
 
Foglia

Wow, Cresford is now listing their "sub penthouse" Foglia suite for $579,900 - make that 619,900 with parking - and presumably more for a locker! This doesn't bode well for bargain hunters at Number One Bloor.
 
archetype said:
Wow, Cresford is now listing their "sub penthouse" Foglia suite for $579,900 - make that 619,900 with parking - and presumably more for a locker! This doesn't bode well for bargain hunters at Number One Bloor.
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wow $620,000 for 800 sq ft? you need to be very stupid to pay all that money for such a small place.
 
property value over time

simuls said:
You won't see that money back for a looooooooong time.
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Simlus you keep describing lack of immediate increase of value as a negative trait. I believe there is a fundamental error in your view.

Whenever a property buyer makes a purchase in today's market value (=price agreed and executed upon), there will be no immediate appreciation - regardless of the project.

Murano started selling at 400 PSF and now we see 550-600 PSF. So the early purchasers made some money, and those who are buying today must believe they will be making money otherwise they won't be buying.

I tend to agree with them: value rises over time, not immediately.

Imagine you bought a condo now and expecting an immediate 20% gain - we call that a bubble. In a realistic world, prices should rise over time and slowly.

The thinking of "this is a horrible investment b/c it will take years to grow" is wrong. Instead, think "I should look for an investment that will rise over time".

Cheers,

YK
 
Yossi,

I completely agree with your assessment of a good investment. My issue with a project like Casa is endemic to the entire pre-construction condo industry in Toronto and how they've fundamentally changed the way they do business in the past 2-3 years as opposed to anytime prior.

If you bought a condo as late as, say, 2006, you would pay the current market price for that condo because you were the person taking a RE gamble that when it was finally built it wouldn't be worth less and might be worth more. If you bought in 2006 for a condo to be finished by 2009, you were still paying the 2006 condo market price.

What has happened over the past 3 years is that the developer's have changed their pricing strategy - which might be why new condo sales are down 40% from 2008 and 50% from 2007 - and are now trying to sell not what the condo is worth now, in 2009, but what it might be worth when it's built. So not only is the buyer still making an RE gamble, but the possible payoff for taking that gamble has been stripped away by the developers. CASA is an example of this. There is absolutely no way when it is complete that it will get $870/ft. It might get $6-$700.

With all the condos being completed in the next 18 months in the core (15 000), plus 5-8 luxury condo towers being completed in the next 3 years, there will be little to no price growth. CASA is not even a luxury building. Not even in their wildest dreams would someone purchasing this see any appreciation within the next 6 years and by then it will need some serious updates adding more expense to their bottom line. And no appreciation is actually depreciation when inflation, even of 1 or 2% is factored in.
 
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Casa Closing Costs

Just wondering if anyone has confirmed with Cresford what the real closing costs will be.

I went over the fine print recently with my lawyer and he warned me there were several potential bills that Cresford could stiff us with that were rather irksome.

First... They charge $30 for every check we've ever used to pay a previous bill. (Yes, you read that right). So, since I've written them 6 previous checks to cover the deposits, they could stiff me with another bill for $180.

Second... A "builder fee" that could be $4000-$8000 to cover all sorts of things.

There are other additional closing costs that I was expecting... but the above two are quite troubling. Any other Casa buyers care to weigh in?
 
At the very moment the first purchasers on the 6th floor should be doing their PDI...let's see how quickly we get feedback on here.
 
I have a foglia suite on the NW corner...concrete ceiling...curious about the view and how the ceiling turned out
 
Other than not having a south view...I think the views on the NW are pretty unobstructed for now until 1 Bloor gets built. The view should be pretty good....and I think you'll actually have a view of the skyline and the CN tower from the balcony when standing or sitting on the far north side of the balcony looking south. What floor?
 
Archetype, you might even be able to see the CN tower from your living room, looking south west with your back against your north wall of windows. That's where I plan to put my sofa so I'm hopeful this will be the case. I have a foglia on 41, and have thought about this for the past 3 and a half years. Without a doubt you'll have a spectacular downtown view from your balcony.
 
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