Toronto Y&S Condos | 130.77m | 38s | Tribute | Graziani + Corazza

Wild that they're going into sales here without an SPA application even submitted. That could add another year from submission, then you've got permits...

It's incredible how poorly pre-construction buyers can be treated. The difference between residential condo occupancy and commercial tenant handover is pretty staggering.
 
It takes a few minutes for buyers to google and find out the status of the proposal with the city. That is entirely on their shoulders when they sign a purchase agreement. There's plenty of information and people to explain how one sided the contracts are. You're signing away minimum 300k now. A lawyer's fees are cheap .

It's the same with PDIs. It costs a few hundred bucks to bring your own representation. Everyone else there serves the developer's interests.
 
maestro said:
It takes a few minutes for buyers to google and find out the status of the proposal with the city. That is entirely on their shoulders when they sign a purchase agreement. There's plenty of information and people to explain how one sided the contracts are. You're signing away minimum 300k now. A lawyer's fees are cheap .

It's the same with PDIs. It costs a few hundred bucks to bring your own representation. Everyone else there serves the developer's interests.
Click to expand...
Actually this one is starting at "high 400s" according to the marketing email I received.
 
ProjectEnd said:
Wild that they're going into sales here without an SPA application even submitted. That could add another year from submission, then you've got permits...

It's incredible how poorly pre-construction buyers can be treated. The difference between residential condo occupancy and commercial tenant handover is pretty staggering.
Click to expand...

And they have no idea. Go into the sales center and it's all this nonsense about "It'll be built by 2021. You're covered by Tarion, nothing to worry about". There's a reason I stopped buying pre-con. You were treated like crap but at least you were buying cheap and the price doubled by the time you closed....before. Now, it is a giant scam.
 
You definitely have to do your research - buying from the right builder on projects you know are going to move forward quickly is best. If I was in the market, I'd likely be looking at something from Daniels, Tridel, or maybe even Centrecourt - their builds always happen and happen relatively quickly (especially Centrecourt - though I've heard their final quality is lacking).

the problem of course is that the vast majority of buyers have no idea about these things - and buildings that are far from even getting zoning sometimes sell out when it's a solid 3 years before it'll even be able to start construction.
 
ProjectEnd said:
Wild that they're going into sales here without an SPA application even submitted. That could add another year from submission, then you've got permits...

It's incredible how poorly pre-construction buyers can be treated. The difference between residential condo occupancy and commercial tenant handover is pretty staggering.
Click to expand...

It sounds as if Tribute is concerned about the sales and is trying to grab what they can now before the market starts to slow even further.

This is a tremendous location though. They shouldn’t have any issue selling. It’s a question of price and relative value.
 
Looking forward to this being part of the urban fabric in a few years time:

Toronto Model 02-07-19 Y&E.png
 
Koops65 said:
Looking forward to this being part of the urban fabric in a few years time:

View attachment 173281
Click to expand...
I was walking around Mt Pleasant and Soudan yesterday and it was pretty amazing to be able to see The Eglinton (finally topped off), both Redpath towers (the second close to topping off), and Art Shoppe clearly from the street.

No doubt, this one will make a similar impression.
 
ProjectEnd said:
Wild that they're going into sales here without an SPA application even submitted. That could add another year from submission, then you've got permits...

It's incredible how poorly pre-construction buyers can be treated. The difference between residential condo occupancy and commercial tenant handover is pretty staggering.
Click to expand...
Miles Gilbert Horton said:
It sounds as if Tribute is concerned about the sales and is trying to grab what they can now before the market starts to slow even further.

This is a tremendous location though. They shouldn’t have any issue selling. It’s a question of price and relative value.
Click to expand...
Tribute isn't doing anything here that isn't done all the time across the city: lots of developers start selling before there's an SPA in. As long as the units are priced right, they'll sell: there's still tons of pent-up demand in the market.

42
 
I guess what I'm getting at is what I spoke about before. Sure, it's what most developers do, but it really does show a certain level of contempt for purchasers.

Again, I'll compare commercial tenant handover to residential PDIs / occupancy: with the former, developers can incur millions of dollars in penalties and legal fees, the latter, you get a letter and a ¯\_(ツ)_/¯ .
 
Sure, but when you write something in a way that identifies the issue as a one-building problem, you mischaracterize it, leading other members to think that this is tied to a slowing market. It's not, it's tied to a sloppy Toronto development industry practice that has been going on for years.

42
 
interesting movement at the base, but overall looks and feels like an office building, not a home.
 
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