River City Condos Phase 3 (UrbanCapital) - Real Estate -

Casually browsing for a first home here... I received a price list showing the majority of the units to be just under $600/sf. Not sure if that's higher or lower than expected?
 
gentlepuppies said:
Casually browsing for a first home here... I received a price list showing the majority of the units to be just under $600/sf. Not sure if that's higher or lower than expected?
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It's very high for a location that's kinda in the middle of no where. It is an upcoming area but for a project that's going atleast 5 years until competetion it is high.
 
Looks like they may be having some trouble with min. pre-sales to start construction - Just received the usual RE agent hype emails about deep discounts on units incl. rebates, levy caps, discounts on parking and lockers, etc. etc. so they can basically get deposits and start digging.

As someone else noted earlier - there are better deals out there in the area. The discounts bring it back to a reasonable level.
 
I have been receiving emails from various agents pushing the special incentive packages too.
It's a stunning building but I agree it is over-priced, the unit plans could be better, and the 2-in-1 condensing washer/dryer unit is a deal breaker.
The interiors of phase 1 has been disappointing.
 
I recently checked out the "special sale" for phase 3.
The price discounts are very small, about 2.7% to 3.8% off, probably done not to piss off existing buyers. The discounts apply mostly to studio and smaller 1-bedroom units, many on the lower podium levels. The bulk of these units are now priced in the mid- to high $500's per square foot.
Parking and lockers has been discounted $1,500 and $1,000 off respectively, free assignments, development caps, and the downpayment scheduling has been extended further.

There is still a good number of larger 1+den east-facing corner units that are priced from $655/sq.ft. after the discount which is still way overpriced for the area.
 
My Lord. I mean "wow". That's awful. Can purchasers not find better deals that they are willing to pay $655/sq.ft for a up-and-coming area which will take forever to command these prices on resale? By the time the market improves here, condo fees with be through the roof with all the things that will inevitably need replacing after such poor workmanship. That will put downward pressure on any resale prices. SO we are trying to figure out how anyone other than the sales people and the developer and lawyers will make any money. Certainly no investor will make any money. If you want to see your hard-earned money go POOF, then by all means buy here. Or go to a casino.

And the 2-in-1 condensing washer/dryer is horrendous. I use the word 'horrendous' as an under-statement. It's even worse. It should be a deal-breaker :(
 
I know what you mean by the "2-in-1 condensing washer/dryer" comment. They can be frustrating if you are used to a hot air dryer. I live at Harbour Square and we have those units too. I am not sure if this helps you at all but I dry our clothes on a rack and after they dry at bit put them in the dryer for about 10 minutes and they get fluffed up better than a hot air dryer. I hope that helps with your frustration a bit.
NBGtect said:
My Lord. I mean "wow". That's awful. Can purchasers not find better deals that they are willing to pay $655/sq.ft for a up-and-coming area which will take forever to command these prices on resale? By the time the market improves here, condo fees with be through the roof with all the things that will inevitably need replacing after such poor workmanship. That will put downward pressure on any resale prices. SO we are trying to figure out how anyone other than the sales people and the developer and lawyers will make any money. Certainly no investor will make any money. If you want to see your hard-earned money go POOF, then by all means buy here. Or go to a casino.

And the 2-in-1 condensing washer/dryer is horrendous. I use the word 'horrendous' as an under-statement. It's even worse. It should be a deal-breaker :(
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I have seen the area today, and like the building, the park, walkway to Distillery District. Price is very affordable. Just little bit surprise why it is still not sold out?
is it because poor quality builder? Something wrong with area?
 
I am interesting to buy, just worry, why it is not sold out yet. The Building is fancy, the park is close, bike paths, accessible for downtown.
- Why the Riverside Square is sold out in one, opening day, but River City Condos Phase 3 still has not?
- Is it because the poor reputation of developer Urban Capital?
- Something wrong with quality in Phrase 1-2?
- Something wrong with are? All those building looks empty. Why?
 
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Too bad the layouts were crappy. Would have loved to get a unit here. Each phase gets better and better.
 
I was in the same boat - interested in this building but didn't like the layouts. I do like the overall building, and drive by it fairly often.
 
Interesting, but every time I see it I can only think about "condensing washer/dryer".
 
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