Thanks WanderLust for the deets - Pace's neighbour sure doesn't look like a dump. A badly managed reserve fund situation is a nightmere: pay attention all you new condo owners to be - those big 20-30% jumps in condo fees in the first two-three years post-registration are not raised to line board director pockets... The future directors of Pace need only point next door for reserve fund justifications. I'd be SICK if my pad sold for 130K.
Hey there. 192 really isn't a dump considering the cards they were dealt. But, they did not have a reserve fund established from their condo corp's birth and had to play catch-up, and then to deal with the lawsuits with the city of Toronto re: rubber stamping shoddy construction that contravened established building codes, whatnot.
PACE is going to freak out a lot of people at 192 whose apartments face north, bascially, the 01 and 02 units, since there's only 4 units per floor in the building (not considering the commercial/office spaces on the 2nd floor).
But it's nice to know that some owners at 192, essentially a couple of owners facing south-west who renovated their units and have now sold for more than 400k, which is by par quite a bargain still for such large apartments downtown. They caught wind of PACE and decided to capitalise and exit and good for them.
But you know what ... I'm really going to pursue buying a unit at PACE, south or south west exposure, higher floor, because it's going to be a magnificent exposure, with little chance of the park due south/west being developed ever.
I never thought such a tower could fit on such a small parcel of land. When I lived at 192, that stripmall that now's going to give birth to PACE used to be half-boarded up at the best of times, people used to take dumps there and pee all over the place, or get shot there. Wow. I love that this little parcel of land is going to move people into the neighbourhood who aren't interested in where their next fix or loonie is coming from.