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Circa 1877 - Brick Brewery Redevelopment | ?m | 20fl | U/C
Priced too low might actually be a reaction to how unnecessary parking is for a far greater number of units than the market currently provides. All the two spots I currently have are good for is renting out, and if the parking rental market shifts, then this is just a big albatross on the value of the place, to me at least. The prices I saw were the closest I've come to making a move in a long time.
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Interested to see what their next local offering will bring. I am looking forward to the Brick Brewery brew pub.
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(10-31-2017, 12:40 PM)Viewfromthe42 Wrote: The prices I saw were the closest I've come to making a move in a long time.

And us lowly peons still don't know what those prices were :'(
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(10-31-2017, 12:40 PM)Viewfromthe42 Wrote: Priced too low might actually be a reaction to how unnecessary parking is for a far greater number of units than the market currently provides. All the two spots I currently have are good for is renting out, and if the parking rental market shifts, then this is just a big albatross on the value of the place, to me at least. The prices I saw were the closest I've come to making a move in a long time.

Parking spots were priced at $$40-45,000 each. My understanding is they were not hot sellers at that price. I've been told around 90 (of the 188) sold without parking. Not sure how that compares against how many spots were made available.

There were no digital versions of pricing provided, someone would need to scan that. All I'll say is it was in line with the local market with the cheapest VIP priced at $279,900 for a 638 sq ft 1 bed and the most expensive at $624,900 for a 1248 sq ft 2 bed + floor premiums. Penthouse pricing was not provided because you could basically choose your side of the building and do with it as you pleased.
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(10-31-2017, 12:36 PM)tomh009 Wrote:
(10-31-2017, 12:27 PM)danbrotherston Wrote: That is really shocking, although it seems to suggest that in fact the units were priced too low.  

I wonder what portion of the units were purchased by investors/prospectors.

They do say majority local buyers, so if it's investors, it's mostly local ones.

PR wise it sounds nicer to say that, doesn't mean it is true though, we'll never know one way or the other.
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Article from Exchange Magazine on the developments impressive sell out.


http://www.exchangemagazine.com/2017/wee...htm#anchor
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(10-31-2017, 05:45 PM)darts Wrote:
(10-31-2017, 12:36 PM)tomh009 Wrote: They do say majority local buyers, so if it's investors, it's mostly local ones.

PR wise it sounds nicer to say that, doesn't mean it is true though, we'll never know one way or the other.

Prices "starting" at 279,900 and no mention of condo fees. We are talking about 188 units here. I'm skeptical, otherwise I'm pretty sure we will see a flood of rentals in the coming years, but nevertheless I am happy to see this development moving forward. I will probably drop a few dollars into the brew pub!
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(11-02-2017, 09:47 AM)Watdot Wrote:
(10-31-2017, 05:45 PM)darts Wrote: PR wise it sounds nicer to say that, doesn't mean it is true though, we'll never know one way or the other.

Prices "starting" at 279,900 and no mention of condo fees.


$279,900 was for a 630, 633 or 638 sq ft one-bedroom unit (three different floorplans at the same price).

This is what the price list says about condo fees.  $0.43 seems pretty realistic, especially as water is not included and there is an extra $55/month for HVAC.

Quote:Maintenance Fees
$0.43/sq.ft. of interior area. Includes heating, central air, and common area maintenance. Additional maintenance fees for parking $35.00 and HVAC $54.99 respectively. Hydro and water will be metered separately.

Storage locker $5,000 extra, parking $40,000+ extra.
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(11-02-2017, 04:24 PM)tomh009 Wrote:
(11-02-2017, 09:47 AM)Watdot Wrote: Prices "starting" at 279,900 and no mention of condo fees.


$279,900 was for a 630, 633 or 638 sq ft one-bedroom unit (three different floorplans at the same price).

This is what the price list says about condo fees.  $0.43 seems pretty realistic, especially as water is not included and there is an extra $55/month for HVAC.

Quote:Maintenance Fees
$0.43/sq.ft. of interior area. Includes heating, central air, and common area maintenance. Additional maintenance fees for parking $35.00 and HVAC $54.99 respectively. Hydro and water will be metered separately.

Storage locker $5,000 extra, parking $40,000+ extra.

I think that last bit is an important distinction.  That 279,900 turns into $324,900 when compared against anything else local (all with one parking unit at minimum). 1 bed units in that square footage are selling in the $330-$340 K range at some existing newer condos in the region today. Move in ready always commands a premium though and had this building gone to general sales prices would have have $20K-$30K higher. This was market priced.
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(11-06-2017, 12:11 PM)dubya Wrote:
(11-02-2017, 04:24 PM)tomh009 Wrote: $279,900 was for a 630, 633 or 638 sq ft one-bedroom unit (three different floorplans at the same price).

Storage locker $5,000 extra, parking $40,000+ extra.

I think that last bit is an important distinction.  That 279,900 turns into $324,900 when compared against anything else local (all with one parking unit at minimum). 1 bed units in that square footage are selling in the $330-$340 K range at some existing newer condos in the region today. Move in ready always commands a premium though and had this building gone to general sales prices would have have $20K-$30K higher. This was market priced.

Charlie West is $288,900 for maybe 100 sq ft more (792 sq ft including balcony) -- and parking is extra cost for that, too.
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(11-06-2017, 02:12 PM)tomh009 Wrote:
(11-06-2017, 12:11 PM)dubya Wrote: I think that last bit is an important distinction.  That 279,900 turns into $324,900 when compared against anything else local (all with one parking unit at minimum). 1 bed units in that square footage are selling in the $330-$340 K range at some existing newer condos in the region today. Move in ready always commands a premium though and had this building gone to general sales prices would have have $20K-$30K higher. This was market priced.

Charlie West is $288,900 for maybe 100 sq ft more (792 sq ft including balcony) -- and parking is extra cost for that, too.

So roughly $364 per square foot at C West and $438 per square foot at Circa. That's about 20% premium.
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There was a lot of work going on at the site today. Dump truck after dump truck being loaded up by excavators. Perhaps beginning to shore the site walls up?
Everyone move to the back of the bus and we all get home faster.
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Everyone move to the back of the bus and we all get home faster.
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Most of the building is now gone.

[Image: tHlPEFR.jpg]
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The structural steel looks new - supporting what remains of the brick facade during construction, I presume.
My Twitter: @KevinLMaps
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