09-20-2019, 11:40 AM
(This post was last modified: 09-20-2019, 11:46 AM by panamaniac.)
(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?