Toronto Wellesley on the Park | 194.15m | 60s | Lanterra | KPMB

interchange42 said:
Actually, as per the first post in this thread, the full length of Wellesley on this site was planned to have a 9-storey slab along it. There were one or two more point towers (but not particularly tall) planned for the south end of the project along Bredalbane.
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jje1000 & I were referring to the original Goldlist Opera Place multi-phase condo plan, which dates back to about 1995. If I'm not mistaken this (11 Wellesley) is the forth plan for redeveloping this land, if one includes the original, wretched, 1980's Opera House that was finally shut down in the early 90's.
 
Ramako said:
Garth Turner seems to be under the impression that this one is selling poorly, though his proof seems rather flimsy: http://www.greaterfool.ca/2014/06/02/hot-not/
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Let's put it this way- both sides have their completely distorted vested interests. Garth 'Your House's Value Will Crash Tomorrow' Turner and Barry 'Condo Prices Will rise 30 or 40 percent in the next 3 or 4 years' Fenton.

I trust neither of them.
 
This is the worst floorplan I've ever seen... You're literally sleeping on a pull out couch right up to your TV, with your kitchen right behind your head.

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And yet rental vacancy rates in this city remain very low.

There's a thirst for rental suites in this city, and the only way to make some suites available cheaply is to keep some of them small. These units sell to investors who rent to students, etc, and those suckers do just fine.

42
 
interchange42 said:
These units sell to investors who rent to students, etc, and those suckers do just fine.

42
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Not so fast. Once all costs are factored in anyone paying that much money for that condo unit will not achieve a net rental yield more than a govt bond, and quite likely much less. For the risks involved such an 'investor' would be acting more recklessly than our politicians do with our hard earned tax dollars. And need I remind you what comparable units are selling for in completed buildings in the area? Do a search yourself.

Put bluntly, how can you possibly make any money when you buy something for $750 per square foot that rents for $42 per square foot GROSS? How many wealthy students are there? How many years can Toronto go seeing rental increases with ballooning completions of shadow rental stock? How deep is the pool of upscale condo renters? How long will foreign (or at the very least non local) buyers continue to prop up this fragile system?

I will enjoy watching this movie from the sidelines.
 
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I find it interesting that the website says that ceiling heights in this building will only be 8.5'. I wonder how many people have purchased units automatically assuming the now-normal-for-condos 9' ceiling heights.
 
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