Toronto Charlie Condos | 122.83m | 36s | Great Gulf | Diamond Schmitt

Bubba said:
Perhaps they have sold enough units to begin construction. However, they would like to extend the completion date as far out as possible so that when the building is complete, the recession has passed, and the remaining units will be able to be sold at a premium.

The remaining units are mostly large and penthouse suites, which will command a higher sale price once the surrounding buildings are completed (M5V and Bell Lightbox/Festival tower). I believe this area will be selling at least $500 per sq. ft. once things turn around. There are few condos on King east of Spadina, and the ones that do exist have generally sold well at a premium price. Even if areas with high investor based units driven prices down (Cityplace etc), this part of King St. will not be affected greatly given its location, and low availability of units. Take a look at MLS and use the map function to zoom in on King St. East of Spadina, very few units are for sale, and the ones that are, sell for a high price.

This builder has performed well and likely has the ability to obtain financing from a lender, given their long history of strong performance.

From what I know, they can extend the viability date 18 months from this June (permitted to extend 3 times for 6 months). I could see them not beginning construction until next April or so....

Just my thoughts..... But could be completely wrong!
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Phase 1 of my prediction has occurred :) I believe they will extend out the viability until the 18 months allowed as per contract.....
 
Bubba said:
Phase 1 of my prediction has occurred :) I believe they will extend out the viability until the 18 months allowed as per contract.....
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For the King/Spadina area, we now have the following developments in the "economic viability" condition which are all close to year-end 2009:
- Charlie (GG)
- Fashion House (Freed)
- 400 Wellington (Sorbara)

Next on the list IMO to come is:
500 Wellington (Freed)
650 King West (Freed)
399 Adelaide (Cresford)

S'Bus
 
I was in the sales centre this weekend and they said they sold over 70% and expect to start construction in September.
 
everyone seems to quote that 70% sold number nowadays ... I'll believe it when I see construction equipment on site and that parking lot being shut down ~
 
They must have sold 10% in 2 weeks, does that sound realistic?

They told me they just hit 60% when I was in there for my X Condo design apt.
 
It could be true. June was not only a very good month for the resale market, it was also good for preconstruction. someone told me yesterday that Freed developments sold 35 units in June.
 
They told me the same thing (70%) sold- except that construction would start at the end of fall closer to nov/dec.

I wonder if they could build in time for a 2012 move in date if they break ground this year.
 
I heard they're breaking ground in the next couple of weeks. Is the sales centre still up and running?
 
Fencing has been erected around the site!!

The parking attendant booth and signs are gone, so I'm pretty sure they aren't just closing it to paint yellow stripes in the dirt again...
 
grey said:
Fencing has been erected around the site!!

The parking attendant booth and signs are gone, so I'm pretty sure they aren't just closing it to paint yellow stripes in the dirt again...
Click to expand...


excitedkid.gif
 
Where did you hear that construction was beginning a couple of weeks? Did sales pick up above the 60% levels over the summer?

Assuming that construction does begin by the end of the month, when will the building be complete?
 
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