L Tower Condos (Cityzen, Castlepoint Realty, Fernbrook Homes) - Real Estate -

riley said:
We upgraded nothing. in the past we spent money on all upgrades and found the same or better fixtures for WAY cheaper that we could have just put in ourselves. For our most recent condo, we only paid for some upgrades, and then added our replacements after we moved in and were much happier with the results and it was MUCH cheaper. So this time around, we upgraded nothing, and will do everything after the fact (if at all).
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The developer priced everything so that it was not cheaper to do it myself (in my opinion). Maybe its because I'm not too handy, so I would have to hire people to do the tasks. For example, the kitchen tap was about $400 with taxes. Before I went to the decor centre, I went to Home Depot to see how much good taps costs. They were in the $250-300 range typically. With installation, that would put me at $400 - not worth my effort so I paid for the upgrade. The same goes for the floors. I wanted the whole unit to be the engineered hardwood. The upgrade to replace the tiles in the kitchen to this material was $1000+ tax. No way it costs them that much to do, but if I had to do it, it would be next to impossible since I would never find a good match for the wood, and it would cost me more to do the whole unit again. So on and so forth. They made a killing off me, but what can I do unless I forego what I want. They priced it all just under what it would cost me to do it myself (i.e. hire a contractor). But I drew the line at the mirrors in the washroom - $200 to extend it by 1 foot (to the ceiling). That is outrageous. (Plus I ran out of money...) There is also the warranty issue. At least for the upgrades, if the tap doesn't work or the engineered wood curls in the first year, I can tell them and they will fix it. I'll put a small premium on that.

But as I stated, huge profit margin for them. At least 100% in my opinion.
 
I'm guessing $1800 - $2400 based on the rental listings of other buildings in close proximity
 
I just asked my real estate agent this question. Without having time to actually look up the prices, she mentally considered the rent prices she's recently seen in the neighbouring buildings like the London on the Esplanade, and factored things like having an unobstructed view of the CN tower and the lake and parking (obvs only applies to units that have these qualities), together with the amenities and 'landmark' look of the building, and she thinks getting $1900+ for a 630 sq ft unit is realistic, but could probably get even more. I think if people walk in and see a stunning view and they're already in love with the neighbourhood, this building will be very easy to rent. And its literally across the street from all the Bay st office towers, which are filled with young new lawyers and investment bankers, many of whom are just moving to the city and will have the cash and desire to move into a sleek, cool and convenient condo.
 
Did anyone get a letter from Fercastle highlighting a drywall and elevator worker strike? Looks like we might be getting another small delay.
 
I got that letter today. Because of the strike there will be another delay, but it says they will be sending yet another letter to advise on the new occupancy dates. It feels like this building is never going to be finished.
 
CityPlaceN1 said:
You can see it getting built from the outside so it is coming.
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They are still working (cladding and such are still being applied) ... but I can tell the pace has slowed a bit on Ltower. I work near the building some mornings ... the activity has been noticeably less since May 1 and 6. I talked to one of the workers on-site. Let’s hope both strikes ends quickly and they come to an agreement. Hope this second letter won't be a big hit on the schedule.

I'm sure this strike won't last long - there will be too much pressure after awhile.
 
I'm not sure how drywallers or elevator strikes delay the construction of the lower floors. My reasoning is this: If the lower floors already have drywall in (confirmed via Cityzen's blog) and the construction elevator doesn't break down, how does it affect the finishings for those units? The floors can still be laid, the cabinetry can still be put up. I can see a problem with the upper floors without dry wall since you need that in place before you can do other items in the unit. I'm thinking the builder is grasping at any reason they can to delay occupancy without paying penalties. The building isn't far enough along for it to need the permanent elevators to be in tip top condition to move in residents.

Now that the drywallers have reached an agreement, I don't see any further delays from the strikes - unless the construction elevator breaks down and there is no repairmen for them. Even then, I think there are still people working on fixing elevators. The condo where I am living in now is able to call for a repair. The catch is they charge you extra.

Anybody know why my reasoning is flawed, or is my assumption right?
 
Xenosblitz said:
I'm not sure how drywallers or elevator strikes delay the construction of the lower floors. My reasoning is this: If the lower floors already have drywall in (confirmed via Cityzen's blog) and the construction elevator doesn't break down, how does it affect the finishings for those units? The floors can still be laid, the cabinetry can still be put up. I can see a problem with the upper floors without dry wall since you need that in place before you can do other items in the unit. I'm thinking the builder is grasping at any reason they can to delay occupancy without paying penalties. The building isn't far enough along for it to need the permanent elevators to be in tip top condition to move in residents.

Now that the drywallers have reached an agreement, I don't see any further delays from the strikes - unless the construction elevator breaks down and there is no repairmen for them. Even then, I think there are still people working on fixing elevators. The condo where I am living in now is able to call for a repair. The catch is they charge you extra.

Anybody know why my reasoning is flawed, or is my assumption right?
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I don't know if there is a benefit to the developer wanting to delay occupancy. Don't they want to just get their money out and move on to the next site as soon as they can? But it certainly FEELS like they don't care about delays given the long long history of this building. Hopefully the end result will be worth the wait.
 
I received my new occupancy letter as well. Originally suppose to occupy on November 12, 2013. Has now been changed to March 12, 2014.
Im on the 36th floor so Im not sure if the elevator/drywall delay will affect me.

As for finishes, I found it hard to justify with the prices they were asking. During my appointment with Paris Kitchens I extended my upper cabinets which I am happy about and during the decor appointment I upgraded my backsplash to a lighter contrasting colour. I chose the grey cabinetry with the dark granite counter top. I was very happy with the engineered hardwood colour in this package especially.
 
Mark_Mal said:
I received my new occupancy letter as well. Originally suppose to occupy on November 12, 2013. Has now been changed to March 12, 2014.
Im on the 36th floor so Im not sure if the elevator/drywall delay will affect me.

As for finishes, I found it hard to justify with the prices they were asking. During my appointment with Paris Kitchens I extended my upper cabinets which I am happy about and during the decor appointment I upgraded my backsplash to a lighter contrasting colour. I chose the grey cabinetry with the dark granite counter top. I was very happy with the engineered hardwood colour in this package especially.
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You actually got a letter with a new occupancy date? The last letter I received just informed me of the two strikes, estimated that the elevator strike would take 6 weeks, and then ended by saying they will issue another letter with new occupancy dates after the strikes are both over. if you got a new letter with a new 'firm' occupancy date, then the strikes must be over. Hopefully I'll receive my letter too.

If you don't mind my asking, what was the date of your letter with the March 12 date. Because prior to the strike, I received a letter pushing my date from September to January, 2014, and I'm lower in the building than you, so your March date sounds in-line with that schedule that they had PRE-strike. Did you already received your letter about the strikes? I'm hoping that your new date IS post-strike, but just wondered if you could clarify. That would be excellent news if they were already back on track.
 
riley said:
You actually got a letter with a new occupancy date? The last letter I received just informed me of the two strikes, estimated that the elevator strike would take 6 weeks, and then ended by saying they will issue another letter with new occupancy dates after the strikes are both over. if you got a new letter with a new 'firm' occupancy date, then the strikes must be over. Hopefully I'll receive my letter too.

If you don't mind my asking, what was the date of your letter with the March 12 date. Because prior to the strike, I received a letter pushing my date from September to January, 2014, and I'm lower in the building than you, so your March date sounds in-line with that schedule that they had PRE-strike. Did you already received your letter about the strikes? I'm hoping that your new date IS post-strike, but just wondered if you could clarify. That would be excellent news if they were already back on track.
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My apologies, I received the letter indicating that there were 2 strikes that could affect the completion by 6 weeks. When I had my appointment to select finishes I was informed about the new predicted occupancy date of March 2014. My appointment was on May 16th. I haven't received a letter pushing my date from November to March.
 
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