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Vogue Residences (née District Condos) | 21 + 14 fl | U/C
#76
This is apparently sold out.

"He finishes his speech. Then all hell breaks loose. Prospective real-estate investors surge to the back of the room, submitting paperwork for offers on one or more units as agents in suits shout and gesture to clients, who anxiously pace the aisles. Three hours later, the 250-unit, $85 million District Condos project is sold out and 170 people are added to a waiting list."

http://www.thestar.com/business/2016/01/...es-in.html
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#77
In what way should someone be able to expect to see a 40% ROI on a pre-completion sale? These expectations, and the way governments fuel and encourage them, are beyond insane, and the results plenty awful.
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#78
If someone expects that, they're foolish, I'm sorry. As is expecting $1900+ in rent.
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#79
(01-27-2016, 03:13 PM)Spokes Wrote: If someone expects that, they're foolish, I'm sorry. As is expecting $1900+ in rent.

Agreed. But the salesperson who promises it should nevertheless lose his license to sell anything ever again.
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#80
(01-27-2016, 03:23 PM)MidTowner Wrote:
(01-27-2016, 03:13 PM)Spokes Wrote: If someone expects that, they're foolish, I'm sorry.  As is expecting $1900+ in rent.

Agreed. But the salesperson who promises it should nevertheless lose his license to sell anything ever again.

HAHAHAHAHAHA... "license to sell" HAHAHAHAHAHA

That would imply Regulation, the enemy of Sales.
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#81
(01-27-2016, 03:06 PM)Viewfromthe42 Wrote: In what way should someone be able to expect to see a 40% ROI on a pre-completion sale? These expectations, and the way governments fuel and encourage them, are beyond insane, and the results plenty awful.

I found this quote rather sad and rather amusing, at the same time:

Quote:“I don’t want to invest in stocks because they’re crazy and real estate is a solid, safe investment.”
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#82
(01-27-2016, 03:35 PM)chutten Wrote: HAHAHAHAHAHA... "license to sell" HAHAHAHAHAHA

That would imply Regulation, the enemy of Sales.

That was my point. I don't mean to sound like a broken record, but someone selling securities is subject to strict regulation, and promising certain returns or improperly characterizing an investment's risk can land that person is deep trouble.

Why it's different when selling real estate to someone and portraying it as an investment is beyond me.
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#83
Perspective on the boom is developing, albeit hesitantly.

This project is so brazenly exploitative that it it can be called out. Yet very little is said about projects which are in trouble. Very little is said about high turnover in developments which generated great enthusiasm, but not, apparently, great loyalty. We all know where these are.

It has to this point been acceptable to pump development with few questions asked, and to promote and protect its equity potential. Ironically, those who attempt to protect equity which has been built over time and with persistent loyalty are derided as NIMBYs. Perhaps perspective on this will evolve as well.
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#84
Condo buying frenzy in Waterloo as Google moves in 
Quote:He finishes his speech. Then all hell breaks loose. Prospective real-estate investors surge to the back of the room, submitting paperwork for offers on one or more units as agents in suits shout and gesture to clients, who anxiously pace the aisles. Three hours later, the 250-unit, $85 million District Condos project is sold out and 170 people are added to a waiting list...

The fervent demand for property in Waterloo highlights the city’s coming-of-age as an investment destination: first by technology companies and now real estate firms looking to gain from the city’s metamorphosis. Real estate investors at the event, including families, seasoned individuals and couples, were looking for higher returns than in Toronto, where homes are sold for almost double what they are in Waterloo.
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#85
(01-27-2016, 03:13 PM)Spokes Wrote: If someone expects that, they're foolish, I'm sorry.  As is expecting $1900+ in rent.

It's not unreasonable to expect it if the property management company guarantees it - see the sales site. Now what happens after those two years of guarantee are up is another question. I think some of those investors are in for some unpleasant surprises.
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#86
This is one of my favorite lines from the article :


“It’s a land grab,” Wekerle, 52, dressed in a light grey three-piece suit and trademark sunglasses, tells the rapt crowd last weekend. “There were zero cranes when I first showed up there and there are 15 cranes in the sky now.”
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#87
(01-27-2016, 05:09 PM)eizenstriet Wrote: Perspective on the boom is developing, albeit hesitantly.

This project is so brazenly exploitative that it it can be called out. Yet very little is said about projects which are in trouble. Very little is said about high turnover in developments which generated great enthusiasm, but not, apparently, great loyalty. We all know where these are.

It has to this point been acceptable to pump development with few questions asked, and to promote and protect its equity potential. Ironically, those who attempt to protect equity which has been built over time and with persistent loyalty are derided as NIMBYs. Perhaps perspective on this will evolve as well.

Equity protection is not something we should try to ensure, no more by guaranteeing property values, nor by sheltering people against stock market losses. If something has value, if your home is a good one, that is equity it has earned. Trying to keep equity up by preventing other people from living in an area, that is not appropriate, nor is it real value. NIMBYs earn their name because they are trying to preserve illusionary equity, value that has nothing to do with the property they own, only perceived based upon worries about any changes in a community, hence their desire to prevent anything different than currently exists from being built within view of their property.
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#88
What happens if this project is ultimately rejected, or otherwise delayed, if the plan proposed to the City isn't the final plan approved by the City?
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#89
Quote:It’s his first condo investment, which he intends to flip to another buyer before it’s completed, taking advantage of the advertised 40 per cent return. “I don’t want to invest in stocks because they’re crazy and real estate is a solid, safe investment.”

Oh là là.
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#90
The final zoning change approval for this is going to Waterloo City Council tomorrow (Monday) the 27th. (agenda, a lots of information in the council packet)

Some notes:
  • Apparently the zone MR-25 requires at least 10% of parking be at grade!
  • Parking for the building will be approved at 0.8 spaces/unit. They have to change many 1-bedrooms to 2-bedrooms at staff's request to get that number up from the requested 0.71 spaces/unit, even though its the same number of bedrooms per parking space.
  • The ground floor commercial was supposed to be 500 square metres, but to reduce parking requirements, that was changed to 300 square metres, and 200 square metres of "amenity" space.

At KW multicultural fest, members of St. Sophia's Church were calling for people to attend the Waterloo City Council meeting to oppose this development, as it is across the street. Something along the lines of "Save the church". They are none-too-pleased with being surrounded by apartment towers.
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