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Charlie West (Charles & Gaukel Redevelopment) | 31 fl | Proposed
#61
I'm less interested in how fast it's selling compared to whether it's selling to local owners who want to move in, local owners who want to rent it out, non-local owners who want to rent it out (I notice they tend to charge more for rent when I peruse listings), or anyone looking to buy and flip it when occupancy starts.
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#62
In all likelihood, buyers in all categories, although the split of "buying to live" vs "buying to invest" would be interesting to know.
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#63
(06-16-2017, 10:11 AM)Viewfromthe42 Wrote: I'm less interested in how fast it's selling compared to whether it's selling to local owners who want to move in, local owners who want to rent it out, non-local owners who want to rent it out (I notice they tend to charge more for rent when I peruse listings), or anyone looking to buy and flip it when occupancy starts.

Not sure why that matters. I'm interested in them selling the unit quickly so that this place can be built quickly. The more units going live in DT Kitchener the better.

Off topic, but not quite, I wonder if they will negotiate with the city for the Charles and Benton garage for some parking.
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#64
We've had this discussion before - for some buyers planning to live in their apartment, the number of units that are going to be occupied by renters is a relevant consideration. (Whether it should be is another issue). From the "get this thing built" perspective, of course, the pace of/total sales is the main consideration.

Since the building will sit on a parking podium and they are offering apartments without parking, it would seem strange to me if they were seeking alternative parking arrangements, but I don't know.
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#65
Coming soon to Airbnb? Has anyone noticed whether other downtown condos have seen much activity from owners who sell their unit before the building opens?
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#66
(06-16-2017, 10:16 AM)panamaniac Wrote: In all likelihood, buyers in all categories, although the split of "buying to live" vs "buying to invest" would be interesting to know.

Yes.  I don't think there is really much difference between a local investor buyer and an out-of-town investor buyer.
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#67
OH and another fun fact I found out, occupancy is 2020!!! ... a bit disappointing that it will take 3 years to get built.
And replying to someone's question, 40% of the units are being sold with no parking spot. Unsure if you can buy extra spots, but I am assuming that based on this location and ION right at the doorstep, parking rates were heavily reduced.
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#68
(06-16-2017, 01:02 PM)nms Wrote: Coming soon to Airbnb?  Has anyone noticed whether other downtown condos have seen much activity from owners who sell their unit before the building opens?

Not many of the investor units end up on AirBNB: there are only a handful of DTK condos listed on AirBNB at the moment.  Most condo buildings' condo rules prohibit short-term rentals anyway (though enforcement is not so easy).

Most such units will be rented to "regular" tenants.
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#69
(06-16-2017, 01:45 PM)urbd Wrote: OH and another fun fact I found out, occupancy is 2020!!! ... a bit disappointing that it will take 3 years to get built.
And replying to someone's question, 40% of the units are being sold with no parking spot. Unsure if you can buy extra spots, but I am assuming that based on this location and ION right at the doorstep, parking rates were heavily reduced.

Realistically it's a 2018 construction start: they need to get full engineering work done, site plan approvals and building permits -- and city council approvals for the variances they will surely need.  From there, two years to complete a building like this is pretty much the minimum of what you need.
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#70
AirBnB occupancy is not a problem here, unlike in Toronto.
My Twitter: @KevinLMaps
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#71
(06-16-2017, 01:02 PM)nms Wrote: Coming soon to Airbnb?  Has anyone noticed whether other downtown condos have seen much activity from owners who sell their unit before the building opens?
 
There were a couple of units advertised in Arrow Lofts in the early days of that condo, but it was pretty quickly shut down as contrary to the building's rule prohibiting units being used for commercial purposes.   I thought all condos had that as kind of a standard rule, but I gather that is not the case.
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#72
(06-16-2017, 05:32 PM)panamaniac Wrote:
(06-16-2017, 01:02 PM)nms Wrote: Coming soon to Airbnb?  Has anyone noticed whether other downtown condos have seen much activity from owners who sell their unit before the building opens?
 
There were a couple of units advertised in Arrow Lofts in the early days of that condo, but it was pretty quickly shut down as contrary to the building's rule prohibiting units being used for commercial purposes.   I thought all condos had that as kind of a standard rule, but I gather that is not the case.

More likely it's a lack of effective enforcement -- which is not easy.  As far as I can tell, most condos (in Ontario) disallow short-term rentals.
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#73
(06-16-2017, 01:37 PM)tomh009 Wrote:
(06-16-2017, 10:16 AM)panamaniac Wrote: In all likelihood, buyers in all categories, although the split of "buying to live" vs "buying to invest" would be interesting to know.

Yes.  I don't think there is really much difference between a local investor buyer and an out-of-town investor buyer.

From the standpoint of people in the building, sure.  But out of town investors speak to the strength and confidence in the market/region
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#74
Because locals in the know don't believe the market is strong, so the developers have to find rubes from elsewhere? (Just kidding.)

I think there is a difference between a local unit-owner and one who lives elsewhere, but that's obviously a generalization and there would be plenty of exceptions to it on both sides. Viewfromthe42 observes that owners from other markets seem to charge more for rent. I've never heard that before, but I think the common sense idea that unit-owners in other cities will be less proactive managers (even when they have local property management) is based in fact, though again not true in all cases.

None of these are big issues. They are kind of interesting, though.
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#75
According to their website, the building will be 26 stories, unless that's a typo.
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