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+--- Thread: Station Park | 18, 28, 36, 40, 50 fl | U/C (/showthread.php?tid=38)
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RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - Momo26 - 09-12-2019
(09-11-2019, 05:24 PM)Tony_Plow Wrote: Does anyone know how sales are going? I assume it will take a while longer to sell out this project, compared to Circa, 100 Vic and Charlie West, all of which I believe sold out within a few days (with Charlie West, I believe they held back some units at the initial launch).
Apparently going well per the brokers, but they are selling on their terms and developer wants to hold back quite a bit from what I gather as they can then factor in price increases, unlike Circa.
I will also not be surprised if we see an application for 2 to 4 'additional floors' a nice new little technique these high rises are using to up the price for more units for 'those who missed out!'
I asked about the pricing as it seems there is the risk for little price growth given how expensive they are and one of the brokers told me 155 Caroline St was selling for $400/sqft 4 years ago to put it in perspective.
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - taylortbb - 09-12-2019
(09-10-2019, 05:45 PM)tomh009 Wrote:(09-10-2019, 05:04 PM)taylortbb Wrote: Charlie West never bundled parking into any of their units, but $450/sq ft sounds about right for their pricing without parking.
The price list I have says that they were included in most of the units. See below:
That's super interesting. When is that price list from? Mine from December 2017 has way more units on it, but parking isn't bundled with any of them, not even the penthouses. Maybe toward the end they started bundling parking. Would be very interesting if it was because they weren't selling enough parking spots.
Edit: Originally said December 2018 by accident, corrected to 2017.
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - tomh009 - 09-12-2019
(09-12-2019, 12:10 PM)taylortbb Wrote:(09-10-2019, 05:45 PM)tomh009 Wrote: The price list I have says that they were included in most of the units. See below:That's super interesting. When is that price list from? Mine from December 2018 has was more units on it, but parking isn't bundled with any of them, not even the penthouses. Maybe toward the end they started bundling parking. Would be very interesting if it was because they weren't selling enough parking spots.
July 2017. It could also have been a stealth price increase by unbundling the parking spaces.
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - taylortbb - 09-12-2019
(09-12-2019, 02:12 PM)tomh009 Wrote:(09-12-2019, 12:10 PM)taylortbb Wrote: That's super interesting. When is that price list from? Mine from December 2018 has was more units on it, but parking isn't bundled with any of them, not even the penthouses. Maybe toward the end they started bundling parking. Would be very interesting if it was because they weren't selling enough parking spots.
July 2017. It could also have been a stealth price increase by unbundling the parking spaces.
Yep, the without parking prices dropped by about $30k compared to your list, so with a $40k parking spot that's a $10k increase.
Interesting that they decided to unbundle parking for the second stage of sales. Maybe they realized there was demand for larger units without parking, or smaller units with.
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - tomh009 - 09-20-2019
(09-12-2019, 08:20 AM)Momo26 Wrote:(09-11-2019, 05:24 PM)Tony_Plow Wrote: Does anyone know how sales are going? I assume it will take a while longer to sell out this project, compared to Circa, 100 Vic and Charlie West, all of which I believe sold out within a few days (with Charlie West, I believe they held back some units at the initial launch).
Apparently going well per the brokers, but they are selling on their terms and developer wants to hold back quite a bit from what I gather as they can then factor in price increases, unlike Circa.
I will also not be surprised if we see an application for 2 to 4 'additional floors' a nice new little technique these high rises are using to up the price for more units for 'those who missed out!'
I asked about the pricing as it seems there is the risk for little price growth given how expensive they are and one of the brokers told me 155 Caroline St was selling for $400/sqft 4 years ago to put it in perspective.
Interesting tidbit I heard today -- apparently they will allow up to 25% of the units to be short-term rentals (AirBNB or similar), provided that the owner of the unit will pay for a "short-term rental licence" at $5000.
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - panamaniac - 09-20-2019
(09-20-2019, 11:22 AM)tomh009 Wrote:(09-12-2019, 08:20 AM)Momo26 Wrote: Apparently going well per the brokers, but they are selling on their terms and developer wants to hold back quite a bit from what I gather as they can then factor in price increases, unlike Circa.
I will also not be surprised if we see an application for 2 to 4 'additional floors' a nice new little technique these high rises are using to up the price for more units for 'those who missed out!'
I asked about the pricing as it seems there is the risk for little price growth given how expensive they are and one of the brokers told me 155 Caroline St was selling for $400/sqft 4 years ago to put it in perspective.
Interesting tidbit I heard today -- apparently they will allow up to 25% of the units to be short-term rentals (AirBNB or similar), provided that the owner of the unit will pay for a "short-term rental licence" at $5000.
That must be a first for K-W. I assume that the licence fee is intended to address things like the condo corp's increased insurance, administration, and maintenance costs? In the unlikely event that 25% of owners opted to do this, they'd pretty much flood the short-term rental market, no?
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - tomh009 - 09-20-2019
(09-20-2019, 11:40 AM)panamaniac Wrote:(09-20-2019, 11:22 AM)tomh009 Wrote: Interesting tidbit I heard today -- apparently they will allow up to 25% of the units to be short-term rentals (AirBNB or similar), provided that the owner of the unit will pay for a "short-term rental licence" at $5000.
That must be a first for K-W. I assume that the licence fee is intended to address things like the condo corp's increased insurance, administration, and maintenance costs? In the unlikely event that 25% of owners opted to do this, they'd pretty much flood the short-term rental market, no?
I do believe it's the first for K-W. Need to build this into the condo corporation's declaration so it's very, very difficult to add later on.
I'm curious as to whether this is happening elsewhere ...
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - taylortbb - 09-20-2019
I know the condos at the Kitchener market have some units that are rented as executive suites. They're minimum 30 days so not quite the same as Airbnb, but definitely used for shorter term tenancy than most condos.
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - Momo26 - 09-30-2019
Does anyone recall how much the downtown development exemption was? I think it ended like earlier this year or last year?
One of the sales reps said this played a role in the (bigger) price jump for this development.
Apparently developer is increasing the price by +5% as of today whilst they blast out more inventory :\
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - taylortbb - 09-30-2019
(09-30-2019, 05:03 PM)Momo26 Wrote: Does anyone recall how much the downtown development exemption was? I think it ended like earlier this year or last year?
One of the sales reps said this played a role in the (bigger) price jump for this development.
Apparently developer is increasing the price by +5% as of today whilst they blast out more inventory :\
Development fees are about $30k-ish/unit I believe. Station Park was never in the area that had the fee exemption though.
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - tomh009 - 09-30-2019
(09-30-2019, 08:08 PM)taylortbb Wrote:(09-30-2019, 05:03 PM)Momo26 Wrote: Does anyone recall how much the downtown development exemption was? I think it ended like earlier this year or last year?
One of the sales reps said this played a role in the (bigger) price jump for this development.
Apparently developer is increasing the price by +5% as of today whilst they blast out more inventory :\
Development fees are about $30k-ish/unit I believe. Station Park was never in the area that had the fee exemption though.
Exactly. Of course they can use it as an excuse, but the development fee works out to only $25-50/sqft, and their price delta is much more than that (and they were never exempt anyway, as taylorbb says).
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - Momo26 - 10-01-2019
For sure they wouldn't have received the exception? Perhaps in another roundabout way, it could be argued they had to factor this in for all their projects in total - including potentially those within the (now formally) fee-exemption borders - and put the price up. But yah, why am I making excuses for them? Ha.
Well, $50/sqft on a modest 500sqft unit is $25k. $30k on a 600sqft unit. The jump was yes still a bit higher than this (or at least what I expected) but not by much. If the units were less $50/sqft, I don't think I would lean towards complaining/being surprised.
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - Square - 10-11-2019
According to the link, the funeral home is going to be torn down October 28ish.
https://www.eventbrite.ca/e/nightmare-on-king-st-a-plugin-happening-tickets-74042074839
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - panamaniac - 10-11-2019
Only the chapel addition is coming down, not the original mansion.
RE: Station Park (née SIXO) | 28 + 20? + 12? + ? fl | Proposed - Square - 10-12-2019
(10-11-2019, 03:39 AM)panamaniac Wrote: Only the chapel addition is coming down, not the original mansion.
Ya, I keep thinking that the mansion was not being used for the funeral home. I wonder if they will demolish the office structure at 637-641 King St. West at the same time?