Living Shangri-La Condos (Westbank, Peterson Group) - Real Estate -

[interested]

Yeah I'm in love with that view and layout. 19th floor sold for 843k. 18th floor leased cheap at $2800

I agree. In fact, I originally reserved the 2 bedroom/den on a high 20's floor. I like the view lower down there as you get the sense of everything but ended up deciding on a 1 bedroom/den West because my spouse likes sun and was worried would not get it with NE face.
The great thing is the view will remain as you are at the angle of University and so look up the middle of the street.
I agree, that view is to die for.
A sale at $843K....as I recall that was an 1100 sq.ft. 1 bedroom. If I am right, that is $766/sq.ft. Granted floors 18 and 19 go at discounts but given the balcony, a good price...nice view and a fabulous living area (the same size as the 2 bedroom living room area).

 

[Auraz]

I agree. In fact, I originally reserved the 2 bedroom/den on a high 20's floor. I like the view lower down there as you get the sense of everything but ended up deciding on a 1 bedroom/den West because my spouse likes sun and was worried would not get it with NE face.
The great thing is the view will remain as you are at the angle of University and so look up the middle of the street.
I agree, that view is to die for.
A sale at $843K....as I recall that was an 1100 sq.ft. 1 bedroom. If I am right, that is $766/sq.ft. Granted floors 18 and 19 go at discounts but given the balcony, a good price...nice view and a fabulous living area (the same size as the 2 bedroom living room area).

Yeah. But you get the biggest balcony in the building(minus penthouse). It's a good trade off. I'm hoping to get into a lease regardless in shangri-la this spring.Hopefully the 18th floor unit. I'd buy that unit in a few years. Would rather pay cash for it though. As I'm scared to find out what commercial mortgage rates are. The value of this building compared to rents nearby is astonishing. Literally time slows down when I'm in this building and I feel so relaxed in the midst of the craziness of downtown.

 

[interested]

Yeah. But you get the biggest balcony in the building(minus penthouse). It's a good trade off. I'm hoping to get into a lease regardless in shangri-la this spring.Hopefully the 18th floor unit. I'd buy that unit in a few years. Would rather pay cash for it though. As I'm scared to find out what commercial mortgage rates are. The value of this building compared to rents nearby is astonishing. Literally time slows down when I'm in this building and I feel so relaxed in the midst of the craziness of downtown.

Right now there is a relatively good price on 1903 asking $950K. Probably could be bought cheaper and that is a 1 bedroom/den with the balcony. The den I would think would add more value than the living space in the living room/dining room but it depends on one's needs. However, later on for resale and livability I think the den is a bonus. Every other one is higher floor and asking much more. I would wonder if you might be able to approach the 1903 with a "rent" to buy option at maybe $900K. Just a thought for you. I believe you are the realtor so you would know.; Again, only if you are prepared for the swap of view for increased balcony size / west exposure.

 

[Auraz]

Right now there is a relatively good price on 1903 asking $950K. Probably could be bought cheaper and that is a 1 bedroom/den with the balcony. The den I would think would add more value than the living space in the living room/dining room but it depends on one's needs. However, later on for resale and livability I think the den is a bonus. Every other one is higher floor and asking much more. I would wonder if you might be able to approach the 1903 with a "rent" to buy option at maybe $900K. Just a thought for you. I believe you are the realtor so you would know.; Again, only if you are prepared for the swap of view for increased balcony size / west exposure.

I like your way of thinking. 2103 actually sold for 795k. So I can't fathom paying more than that for the 1+1. However I'm not a fan of the west exposure. I would however pay 900k for the North east corner one bedroom. Just cause I can see perfectly were everything would go and awesome having a window in the bathroom. Definitely will call some people up. So exciting !!

 

[interested]

I like your way of thinking. 2103 actually sold for 795k. So I can't fathom paying more than that for the 1+1. However I'm not a fan of the west exposure. I would however pay 900k for the North east corner one bedroom. Just cause I can see perfectly were everything would go and awesome having a window in the bathroom. Definitely will call some people up. So exciting !!

My suspicion is that you will not geta $795K deal unless someone is really pressed. That was almost certainly a distress sale. I think that the people who are still holding on will now hold on longer.

I agree the view to the NE is interesting and alive. However, unless I was going to keep it "forever" if I was looking at the investment potential I think the den in the space is worth quite a bit more than having the larger living room / dining room. Interesting how different people view different things/views etc. I agree the NE view will remain. At $795K you are talking about $722/sq.ft. making that suite a bargain by any standards in the current market....I believe you would agree.
If you could buy SL for $722 as you said it is a great buy compared to a lot of the $650 to $750/sq.ft. competitors. These in the current market are not deals but steals in my view.

Once those people who have to put up 35% downpayments have done it and are OK I think you will see SL suddenly jump up quite considerably...just my view/thoughts/maybe wishful thinking.

Either way, it is fine at present values. Good luck and maybe you will get the 18th floor you seek. Why not knock on the door and see if they want to sell or rent with a view to purchase? What have you got to lose?

 

[Auraz]

My suspicion is that you will not geta $795K deal unless someone is really pressed. That was almost certainly a distress sale. I think that the people who are still holding on will now hold on longer.

I agree the view to the NE is interesting and alive. However, unless I was going to keep it "forever" if I was looking at the investment potential I think the den in the space is worth quite a bit more than having the larger living room / dining room. Interesting how different people view different things/views etc. I agree the NE view will remain. At $795K you are talking about $722/sq.ft. making that suite a bargain by any standards in the current market....I believe you would agree.
If you could buy SL for $722 as you said it is a great buy compared to a lot of the $650 to $750/sq.ft. competitors. These in the current market are not deals but steals in my view.

Once those people who have to put up 35% downpayments have done it and are OK I think you will see SL suddenly jump up quite considerably...just my view/thoughts/maybe wishful thinking.

Either way, it is fine at present values. Good luck and maybe you will get the 18th floor you seek. Why not knock on the door and see if they want to sell or rent with a view to purchase? What have you got to lose?

I just think corner units hold a ton of value in our city or any city perhaps. Definitely wanna crunch some numbers with 35% mark cause means I could jump on ownership quicker. Forever to me is 10 years+. The value will increase. S L has something very special and I'm always having a good time there. Hope to run into you! Cheers

 

[interested]

I just think corner units hold a ton of value in our city or any city perhaps. Definitely wanna crunch some numbers with 35% mark cause means I could jump on ownership quicker. Forever to me is 10 years+. The value will increase. S L has something very special and I'm always having a good time there. Hope to run into you! Cheers

I agree that corner units are a nice feature for sure.
Also, with the building going on on Adelaide and Richmond, the West view will deteriorate unless on a very high floor.

If you are looking at 10+ years, are you sure that a 1 bedroom will be adequate for that time frame? I am assuming you are a relatively younger individual.

 

[Auraz]

I agree that corner units are a nice feature for sure.
Also, with the building going on on Adelaide and Richmond, the West view will deteriorate unless on a very high floor.

If you are looking at 10+ years, are you sure that a 1 bedroom will be adequate for that time frame? I am assuming you are a relatively younger individual.

I'm young enough that 10 years+ would be the time to start raising kids but multiple homes is already in consideration(Buying Land). Don't wanna disclose my age. Just working my ass off in the real estate business. Yeah my view protected forever.

 

[interested]

I'm young enough that 10 years+ would be the time to start raising kids but multiple homes is already in consideration(Buying Land). Don't wanna disclose my age. Just working my ass off in the real estate business. Yeah my view protected forever.

10+ years is plenty of time. That makes perfect sense.
What I notice is that some think in terms of less than 5 years and unless one has a lot of price appreciation, that is just not wise. Being in R/E at least you avoid 1 side of the commission which helps.
Working hard is great....congratulations. Good luck and I hope you achieve your goals.

 

[condobuyer1980]

Hi all,

Few questions:

1. Any reason why 19th floor is cheaper?
2. Any reason why 19th 1br is 853 sqft and larger than floors higher up?
3. Any problem with 19th floor?
4. What is the going rate per sqft for this building?
5. I'm looking at 224 King which is priced at $840/sqft which is comparable to some of the Shangri La listings. 224 has better layout. Is Shangri La a better deal?

 

[interested]

Hi all,

Few questions:

1. Any reason why 19th floor is cheaper?
2. Any reason why 19th 1br is 853 sqft and larger than floors higher up?
3. Any problem with 19th floor?
4. What is the going rate per sqft for this building?
5. I'm looking at 224 King which is priced at $840/sqft which is comparable to some of the Shangri La listings. 224 has better layout. Is Shangri La a better deal?

The 18th and 19th floors are unique. I believe there are mechanicals on 18 and I believe possibly on 19.
The regular repeating floor pallette starts from 20 to 50.

The 18th and 19th floor do trade at discounts.

Personally I would recommend getting above floor 20. there is a fair amount for sale in the building so you might try and bid a bit lower.

Theatre Park is in a great location. Remember they will build to the West of it. Shangrila has more cache and is a higher level building BUT condo hotel suites have not accelerated as much as regular buildings. So it boils down to what you would like ultimately. Hope this helps a bit.

REgarding cost/sq.ft. you would have to ask an agent with access to sale prices to figure out the cost of sales vs. the ask prices.

 

[TheKingEast]

Personally think Shangri La to be more of a luxurious building than 224 King. Only thing is the 224 King may actually be the better investment since it's not a hotel. I figure maintenance fees are lower and will remain lower than SL. At the end of the day Theater Park is a regular loft condo with concrete walls and ceilings (typically noise is amplified) and SL is a luxury condo/hotel, all drywall, a warmer look. Not sure of the sound transmission there.

224 King strictly off of investment. If we're talking about just living there and taking money out of the equation....SL could be the better pick.

 

[condobuyer1980]

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Thanks interested and TheKingEast for the helpful replies.

I also looked at the Helsinki suite at Ice Condo 1 @ 50 floors+ . The lakeview looked beautiful but 10 York is popping up with 67 stories which will destroy that view in 2 years...

Going back to Shangri La and 224 King, I'll primarily be living there. Appreciation is not a key motivator but it is nice to have some.

I haven't looked at Shangri La yet but 224 overall seems too "constricted". The parking entrance is at the back alley with elevator instead of ramp. There is also no visitor parking. The overall layout is great in 224 especially with the corner units but the overall colour theme is black which is a bit depressing.

The remaining factors are amenities and cachet... I was leaning toward 224 King until I envisioned how Shangri La will be so much better: the lobby, dining without leaving the building, meeting rooms, and etc.

 

[Benito]

I really like SL and was considering it when we were looking a year ago. The negative for us was that it was farther a walk than what we bought and not as good for grocery shopping. However, I found that the prices seemed very good for the quality of the building and amenities. As well, even the condo fees weren't high considerin pf he amenities available.

 

[condobuyer1980]

I really like SL and was considering it when we were looking a year ago. The negative for us was that it was farther a walk than what we bought and not as good for grocery shopping. However, I found that the prices seemed very good for the quality of the building and amenities. As well, even the condo fees weren't high considerin pf he amenities available.

Thanks. Where did you end up buying?

Does anyone know if the Gym is free for its residents or we need to pay a membership fee to use it at Shangri La? I notice there is some mention about health club membership (monthly, 3 months, 6 mo. 12.mo) at its website.