Question re: Price per Square Foot Downtown

[Chiggs@mac.com]

I'm fairly new to this business and have a general question regarding the price paid per square foot for downtown condos. Specifically, I just don't understand the differences in price per square foot between some buildings that are very close to each other.

Specific comparison - I was chatting with a real estate agent at Cityplace and she told me that mid level floors in Parade are pre-selling at about $550 per square foot. Lower floors were closer to $535 with the top floors approaching $600 per square foot.

I live at Cityplace and have been in 4-5 of the buildings. They are nice enough but the standard finishes are just that - standard. Nothing wrong with them but nothing to make them stand out.

Compared to Cityplace, there is West Harbour City. It's a few hundred yards further away from the core yet sells for about $100 less per square foot. Units on the upper floors which are about the same height as the mid-level floors at Cityplace are selling for about $450 per square foot.

I think that if anything, the finishes at WHC are nicer, parking is included in the price, and they building still has a pool and nice features. Can anyone explain why the huge price difference?

 

[AKS]

price of materials and labour has gone up. It's not cheap so it would be reflected in the prices. The older buildings are old so they might not look as nice outside as the new buildings. Also maintenance fees will be higher too. As buildings age, maintenance fees will go up. The newer buildings also have better/more amenities. If you're looking for a place to live by the lake, nothing wrong with the harbour castle area. They're old and reliable. (Over 10 years old and seems no complaint?) But Matrix (10 years old?) is suing city place.

 

[carturo15]

I'm fairly new to this business and have a general question regarding the price paid per square foot for downtown condos. Specifically, I just don't understand the differences in price per square foot between some buildings that are very close to each other.

Specific comparison - I was chatting with a real estate agent at Cityplace and she told me that mid level floors in Parade are pre-selling at about $550 per square foot. Lower floors were closer to $535 with the top floors approaching $600 per square foot.

I live at Cityplace and have been in 4-5 of the buildings. They are nice enough but the standard finishes are just that - standard. Nothing wrong with them but nothing to make them stand out.

Compared to Cityplace, there is West Harbour City. It's a few hundred yards further away from the core yet sells for about $100 less per square foot. Units on the upper floors which are about the same height as the mid-level floors at Cityplace are selling for about $450 per square foot.

I think that if anything, the finishes at WHC are nicer, parking is included in the price, and they building still has a pool and nice features. Can anyone explain why the huge price difference?

simple, despite that buildings are very close, the location of Cityplace buildings is much more desirable, closer to downtown core, financial district, entertainment and fashion district, Union station, Spadina street car. Just have a look to Tip Top Lofts, beautiful building, great units, but people do not like the location too much, that is why prices per square foot are less than other locations.
Sometimes is not just location, it is just the building itself for some reason. a good example is 18 Yonge and 16 Yonge, just a different corner, but 16 yonge sells at $450-$475 per sqft while owners at 18 Yonge are having a hard time getting $400 sq ft for their units. same standards, good amenities on both buildings, but people do not like 18 Yonge.
even Cityplace buildings have different prices between them. the west side of Spadina will be more expensive than the east side, you won't need to cross Spadina to go to Sobey's or the future park, believe it or not it will give differences in price

 

[AKS]

Actually that's not really true I think. The east side cityplace condos are older so prices are cheaper. The west side ones are newer. With each phase going up the prices go up. You can't expect them all to sell at the same prices if the newer unit purchased cost more than the older ones. It's like harbour castle. Original cost is cheaper. Current costs is higher since it costs more to build and newer.

About 18 yonge. The original purchase price of 18 yonge is cheaper than Pinnacle. I had a look at Pinnacle prices way back and flipped. I was going to get 18 yonge but location wasn't so attractive after I saw Pinnacle selling in front (covering all the south view) Hence I ended up opting for slightly cityplace.

 

[CGM]

Many factors come in to play. Look and feel of the building, units, neighbourhood. Approximity to amenities, shops, etc.

 

[western221]

WHC is just outside the boundary of downtown downtown imo. If you worked in the financial district it isnt exactly walking distance. And as the people above me said, parade will have a park across from it, schools, grocery, daycare etc etc etc.

 

[Solaris]

personally I would choose WHC over Parade even if there is a Cityplace Park ... WHC has nice wedge-shaped park(ette) immediately to the west, another parkette to the south (between Fleet & Lakeshore Blvd), plus large parkland south of Lakeshore Blvd, and it has great lake views ... better finishings, and I kinda like the classic architectural elements on WHC too

 

[Solaris]

Agree that west exposure/location of Infinity3 is nice ... its a guessing game how well the management would be

Just found this out from the sales office ... smallest unit (573 sq.ft.) in Infinity3 on the sub-penthouse (34th floor) goes for $340K, I think this is a great floorplan, but I wasn't expecting this price given the complaints on finishing and design of Conservatory Group ... don't think the price tag exactly qualifies as 'cheap'